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BUSINESS BRIEFS

One seventh of pension savers changed DSS

FROM the beginning of 2006, social security provider Sociálna Poisťovňa (SP) recorded more than 146,000 contracts of clients moving to another pension fund management company (DSS).

More than 1 million savers had the option to move to another management company as of January, 2006. The law enables policyholders to move to another DSS one year after registering a pension savings contract with SP. Thus 14.6 percent of savers able to change DSS made use of this opportunity.

As of August 2006 savers are only able to move to another DSS once every two years. The total number of savers in the pension capitalisation pillar, set up as part of pension reforms by the previous government, stood at 1.47 million people as of July 25.

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