New second pension pillar rules sail through cabinet

MOST people saving for pensions in the second pension pillar will have to buy their pension for life from a life insurance provider.

MOST people saving for pensions in the second pension pillar will have to buy their pension for life from a life insurance provider.

The so-called programme drawing, which allows the saver to gradually draw the saved amount after retiring will only be possible for those savers whose first-pillar pension or the combined first and second-pillar pension is more than four times the sum of the living wage, which currently makes up about €800. This stems from a draft amendment to the pension law that the cabinet passed on February 26, the SITA newswire reported.

The programme drawing will also be available to savers whose savings in the second pillar are too low to get an offer from life insurers.

Those who will be part of the programme drawing will receive their pensions from their respective supplementary pensions saving companies. In the event of death, the bereaved will receive the remaining sum that the saver had saved.

Similar conditions will apply to those who want to make use of the temporary pension, which is paid by life insurers. Temporary pension can be paid for five, seven, or 10 years, SITA wrote.

The Labour Ministry also wants to cancel the current condition of minimum 10 years of saving in the second pension pillar as of next year. The only condition that should remain will be reaching pension age.

Source: SITA

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

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