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Fico takes on pension fund managers

Prime Minister Robert Fico said there is a growing risk that pension savers in the capitalisation pillar will not even receive the sum they first contributed to their accounts, but the group that represents pension fund management companies says that's completely untrue.

Fico held a press conference on August 7 to discuss the financial results of pension fund management companies in Slovakia. He expressed his concern that the companies' cumulative losses totalled Sk1.45 billion in 2005, and Sk1.73 billion in 2006.

The current law says the government is not a guarantor if pension fund management companies' investments do not achieve their expected growth, Fico said, "and people will not get the pensions promised by bombastic advertisements, or they will get absolutely nothing."

According to the chairman of the Pension Fund Management Companies Association (ADSS), Peter Socha, the losses of pension fund management companies cannot harm pension savers. Pension savers' money is deposited in pension fund accounts and the economic performance of the companies has absolutely no effect on their clients' savings.

Compiled by Zuzana Vilikovská from press reports
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