The Finance Ministry is calling on pension fund management companies to ensure
guaranteed returns for savers in the second (capitalisation) pension pillar.
Finance Minister Ján Počiatek said at a news conference that pension companies currently guarantee no returns, "not even the fact that savers will save at least a principal."
The Smer party says this was insufficiently communicated during the advertising campaign when the second pillar was launched.
"If the system does not guarantee a yield, even one where savers accumulate at least what they deposited in the system, then this system cannot be compulsory and the only solution is to change it to a voluntary system," Počiatek said.
The ministry also wants pension fund managers’ parent companies to guarantee they will step in if the fund managers are in an unfavourable financial situation.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
12. Sep 2007 at 14:00