Today in the Central and Eastern European (CEE) countries there are barely 30
pensioners for every 100 persons of working age. By 2050, the number could rise
to almost 80 pensioners. So far Poland has responded the most rigorously to the
challenge, establishing a modern three-pillar pension system. The new second
pillar forms the core of the bulwark against future demographic strain, with
private savings being accumulated in personal accounts kept at private pension
funds. Hungary has also established a second pillar of private pension funds, but
the necessary restructuring of the state pension scheme is not proceeding fast
enough. In the Czech Republic, a three-pillar system thus far exists only on
paper.