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ADSS: Extension of pension-saving period unfair

The Association of Pension Savings Companies (ADSS) on October 17 slammed a proposal to extend the mandatory saving period for pensions from ten to 15 years as unfair to savers who as a result would be unable to receive a pension from the private second pillar of the system.

The extension of the compulsory-saving period is set to be introduced by a government-approved amendment to the Social Insurance Act, which is due to be voted on in Parliament. The measure is designed to head off the danger that savers won't necessarily be able to save enough money for an adequate pension.

According to ADSS's calculations, however, even savers entering the new pension scheme at the age of 50 or 52 would be able to save enough for their pension. According to the Association, the 10-year compulsory-saving period, proposed as a measure that obliquely determines an age limit for effective participation in the second pillar, is losing its worth. 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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