Spectator on facebook

Spectator on facebook

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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

EU roaming fees to end on June 15 – in theory

Slovak customers still waiting to find out how mobile operators will implement change.

Archaeologist pieces together early history of what is now western Slovakia Photo

For an archaeologist, the most important thing is his most recent rare discovery, says Július Vavák.

Students visited Svätý Jur as part of their European Wanderer project

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár