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Pension firms might invest in gold

PRIVATE pension fund management companies (DSS) operating in the so-called second pension pillar could get the chance to invest their clients’ money in gold.

PRIVATE pension fund management companies (DSS) operating in the so-called second pension pillar could get the chance to invest their clients’ money in gold.

Ľudovít Kaník, an MP from the Slovak Democratic and Christian Union (SDKÚ), is preparing a draft amendment to the old-age pension savings law to allow this, the Sme daily reported.

The Ministry of Labour said it agreed with the proposal, adding that allowing clients of DSS to invest in precious metals could mean “preserving the value of their money as well as interesting returns”, Sme wrote.

The suggestion has also been welcomed by the head of the Association of DSS, Peter Socha. He said that the state should define whether the investments would be compulsory and when they would start.

The ruling coalition has argued that DSS current investments are too conservative and that the returns on client's funds are too low.

It plans to change the existing law to abolish the requirement for guaranteed returns on all funds, except for the conservative fund. Moreover, it plans to establish a new index fund which will track the development of stock prices.

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