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ADSS: Ready for talks on beefing up guarantees

A commitment from private pension-management companies (DSSs) to add several guarantees for savers in the second pillar of the pension system is a new topic that must be discussed, the Association of Pension Saving Companies (ADSS) said at a briefing on September 12.

Such guarantees are currently being demanded by the finance ministry in order for negotiations on the future of the pension system between the two sides to continue. The ADSS chairman Peter Socha noted that, besides other measures, there is a system of benchmarks in the private second pillar that guarantees payments at a certain market level for savers.

According to Finance Minister Ján Počiatek, the basic condition set for negotiations to continue is the aforementioned commitment from the DSSes. If this is not forthcoming, negotiations won't continue and the capitalisation pillar will have to be made into a voluntary one. [At the moment, those who begin work for the first time are obliged to pay part of their pension contributions to a private insurer.]

Socha says that a guaranteed pension level would not benefit the system. The ADSS says that it is in no way demanding any changes to the level of administration fees (paid to DSSes by clients) in exchange for changes to the second pillar. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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