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ADSS: Fico doesn't know how the pension system works

Prime Minister Robert Fico's claim that the losses of private pension-savings companies (DSSs) represent a threat to their clients' savings only prove his lack of understanding of the pension system, the Association of Pension-savings Companies (ADSS) said on August 7.

ADSS was responding to comments made by Fico at a news conference earlier in the day, in which he said that in 2005 and 2006 alone, DSSs had posted losses exceeding Sk1.5 billion (€44.82 million) put together, and claimed that the trend is continuing to worsen.

According to ADSS, pension savers’ money isn't under threat, as these sums are kept completely separate from the DSS's own assets.

"The fact the DSSs have been posting losses is absolutely logical, given that the system has only just been launched and it's the DSSs that de facto financed the set up of the whole system," ADSS chairman Peter Socha said.

Compiled by Zuzana Vilikovská from press reports
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