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Kaník: Government deprived second-pillar savers of €2.71 billion in H109

Savers in the second (so-called “capitalisation”) pension savings pillar lost €2.71 billion in the first six months of this year due to the Pension Act amendment, representatives of the Civic Association of Savers said on October 20.

Savers in the second (so-called “capitalisation”) pension savings pillar lost €2.71 billion in the first six months of this year due to the Pension Act amendment, representatives of the Civic Association of Savers said on October 20.

Prime Minister Robert Fico's Government made the companies (DSSs) managing the private pension funds sell their shares and risky securities at a time when this was least profitable, when their prices were low, said association chairman Ľudovít Kaník at a press conference. Each of the approximately 1.5 million savers lost €60 each on average in H109, he said. (Kaník was Labour Minister at the time that the pension reform which introduced the second, voluntary pillar managed by private companies was launched.)

According to Kaník, the only solution is a return to the previous legislation that counted on a 60-month investment period, as opposed to the amended 6-month one. "We're calling on MPs to cancel the latest amendment," said Kaník.

The Labour Ministry rejected the accusation, saying the amendment didn't influence DSSs’ behaviour in this way. Ministry spokesperson Michal Stuška said that the amendment was aimed at protecting savers' money during a period of financial crisis. TASR

Compiled by Zuzana Vilikovská from press reports
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