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Tomanová: State to make up losses in second pillar

Labour and Social Affairs Minister Viera Tomanová restated on October 28 a warning that deposits in private second pillar accounts managed by private pension funds (DSS) are depreciating as a result of the current global financial crisis.

Labour and Social Affairs Minister Viera Tomanová restated on October 28 a warning that deposits in private second pillar accounts managed by private pension funds (DSS) are depreciating as a result of the current global financial crisis.

Speaking at a tripartite meeting among social partners, she said that, when adjusted for inflation, even conservative funds are suffering losses.

Tomanová vowed that the state will make up these losses for savers who opt out of the second pillar and return their savings to the pay-as-you-go system (first pillar) maintained by the national pension provider.

Her statement follows comments made recently by Vladimír Muňko, director general of SP. The Association of Pension Management Companies (DSSs) has responded by saying it firmly believes the financial crisis will have a minimal effect on pensions. TASR

Compiled by Zuzana Vilikovská from press reports
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