OKI zmienia zasady gry – czy Twoje IKE i IKZE nadal mają sens?

Main takeaway

The video compares Poland’s regular brokerage account with IKE, IKZE and the new OKI, arguing that the choice of tax wrapper—and which assets go into each one—can materially affect long-term wealth.

Its opening illustration says that two people investing PLN 20,000 annually for 20 years in the same mix—PLN 10,000 in global stocks and PLN 10,000 in inflation-linked bonds—could finish nearly PLN 30,000 apart because they used different wrappers.

The presenters’ general order of operations is: choose an investment strategy and risk level first, then select the tax wrappers. A tax advantage is not worth taking a level of investment risk that an investor cannot tolerate.

Tax wrappers as described

• Regular account: Generally incurs 19% capital-gains tax on realized gains and dividends. Bond interest is also taxed.
• IKE: Qualifying withdrawals from age 60 are tax-free. An early withdrawal generally means paying the usual 19% tax on gains. The main benefit is deferring tax, allowing more capital to remain invested.
• IKZE: Contributions can reduce taxable income, with the benefit depending on the investor’s tax rate—illustrated at 12% or 32%. A qualifying withdrawal from age 65 is taxed at 10% of the withdrawal. An early withdrawal is taxed under the income-tax scale on the amount withdrawn, which can make it costly; the video warns that an investor may face the 32% bracket.
• OKI: Due to start on 1 January 2027. It has no age-based lock-up, so funds can be deposited and withdrawn flexibly. The described tax-free value limits are:
  • PLN 100,000 for Polish shares and other eligible Polish assets.
  • PLN 25,000 for deposits, savings accounts and retail government bonds.
  • No tax-free allowance for foreign shares or bonds.

Tax applies to the value above the applicable limit, rather than only to profits. The video gives a 0.85% rate for 2027, with the rate in later years linked to the NBP reference rate. It also cautions that the OKI charge can apply in a loss-making year and cannot be carried forward to offset a later gain. The OKI allowance is shared across multiple OKI accounts.

The subtitles appear to mix up IKE and IKZE labels in places; this summary follows the withdrawal ages and tax treatment described in the video.

Historical examples and findings

The presenter models annual contributions of PLN 10,000, using historical returns over 5, 10, 20 and 30 years. To compare today’s choices, the calculations apply current rules and limits retrospectively, even though the accounts and limits did not exist in their current form throughout those periods. These are illustrative historical comparisons, not forecasts.

Ola — inflation-linked retail bonds

The regular account generally performed worst. IKZE was the strongest option over 5, 10 and 20 years in the model, assuming Ola received a 12% tax deduction; the advantage would be larger at a 32% tax rate.

OKI ranked behind the retirement wrappers because the bond allowance is only PLN 25,000, which the example exceeded in the third year. Even so, OKI did better than the regular account in the historical comparison.

Paweł — Polish shares

The comparison uses WIG, which includes price changes and dividends. OKI was especially attractive for early access and shorter periods because Polish shares are exempt up to PLN 100,000 and OKI has no age lock-up.

Over longer periods, IKE and IKZE did better in the model as the OKI account value exceeded the allowance. IKZE’s advantage over IKE was modest at a 12% deduction and would be greater at 32%.

For a passive buy-and-hold investor, early IKE withdrawal was broadly comparable to a regular account; the presenter notes that frequent profitable trading in a taxable account could make it worse.

Jakub — global shares

The comparison uses MSCI ACWI, covering more than 2,400 large- and mid-cap companies across 23 developed and 24 emerging markets; Poland is less than 1% of the index.

IKE ranked first and IKZE second in the qualifying-withdrawal comparison, while OKI was disadvantaged because foreign shares have no tax-free OKI allowance and the charge is based on account value, even in loss years. In the 30-year historical example, OKI even underperformed the regular account.

For an early withdrawal, OKI did better over 5, 10 and 20 years in the model, partly reflecting low Polish interest rates from 2014 to 2022, but lost ground over 30 years when the historical period included higher rates.

The video also notes that global equities were below their previous levels in eight of the 30 years considered, illustrating why a tax wrapper that charges on asset value can be less suitable for volatile assets.

Suggested framework and examples

• Set the portfolio and risk level first. Decide how much to hold in safer assets, such as inflation-linked bonds, versus equities. The presenter gives illustrative allocations ranging from 100% equities to 50/50 or 100% bonds.
• Use tax shelters where they can save the most tax, but account for flexibility and withdrawal rules. Equities have historically offered higher returns, so shielding them can be valuable; however, this does not override the need for a tolerable portfolio.
• Polish and global equities, investor taxed at 12%: The presenter suggests considering OKI for Polish shares up to PLN 100,000, IKE for global shares, then IKZE once IKE is filled—provided the investor can leave IKZE money until 65. Above the Polish-share OKI allowance, the investor must weigh whether to put the next IKE contribution toward Polish or foreign shares.
• Global-equity-only investor taxed at 32%: IKZE may be the first choice because a PLN 10,000 contribution produces a stated PLN 3,200 deduction; IKE is the next option. OKI for foreign equities is described as a gamble: at the stated 2027 tax rate of 0.85%, the model says it could beat a regular account if foreign shares return an average of 6% annually over 10 years, but losses can make OKI worse.
• Half EDO bonds, half global-equity ETF, investor taxed at 12%: Put the global ETF in IKE, then IKZE if eligible. Consider OKI for bonds up to PLN 25,000; treatment of any remaining OKI allowance depends on expected rates and returns. The presenter says the available IKE/IKZE products they considered did not conveniently combine inflation-linked bonds and foreign ETFs in one account.
• Very conservative investor: Consider OKI for a financial-cushion amount up to PLN 25,000 in deposits or retail bonds. For retirement money, bonds in IKE—and potentially IKZE—may still save tax, though IKZE depends on the withdrawal horizon and the investor’s tax circumstances. The presenter suggests waiting to see whether institutions offer reasonably priced OKI-eligible funds.
• The video says IKE and IKZE limits do not roll over to the next year. It also describes using bonds in IKE or IKZE temporarily and later transferring the holdings to another account of the same type.

Risks and cautions

• Equities can fall 20%, 30% or even 60%; investors should not choose an all-equity strategy solely to maximize tax benefits.
• OKI’s annual charge on asset value can be a disadvantage for foreign shares, particularly during losses or periods of higher interest rates.
• IKZE’s tax benefit depends on the investor’s current tax rate, future withdrawal treatment and ability to wait until 65.
• Product costs matter: the presenter says she would assess whether new OKI funds and investment products are inexpensive before using them.
• The analysis relies on historical data and simplified assumptions, including retroactively applying current rules and limits. Past results do not establish future performance.
• No explicit “not financial advice” disclaimer appears in the subtitles.

Assets, indexes and instruments mentioned

• Polish shares: WIG index, including dividends.
• Global shares: MSCI ACWI and broad global-equity ETFs.
• Bonds: Polish retail inflation-linked Treasury bonds, including EDO; Polish government-bond funds and safe-bond funds.
• Cash products: Bank deposits and savings accounts.
• Other: PPK is mentioned in connection with Polish-market exposure.

Presenter/source: Katarzyna Iwuć, discussing investment arrangements with Marcin Iwuć; source: the Marcin Iwuć channel.