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Second pillar will open for three months

SAVERS in the second private pension pillar will be allowed to leave it, as it will open for three months from March 15 to June 15. This stems from the amendment to the law on pension savings passed by the government at its January 28 session.

The parliament should discuss the change in a fast-tracked proceeding at the ongoing session, with the new rules scheduled to become effective as of mid-March, the TASR newswire reported.

With the amendment the government is responding to low pension offers to be paid from the second pillar.

“It becomes apparent that regarding pensions which are offered to pensioners from the sum they saved is disadvantageous for certain groups of savers,” said the Labour Ministry, author of the amendment, as quoted by TASR.

Savers will therefore be able to decide whether they want to stay in the second pillar or leave and move all their finances to the first, pay-as-you-go pillar administered by social insurer Sociálna Poisťovňa. Everybody, except for those who have already agreed on receiving the payments, will be free to leave the second pillar.

On the other hand, the law will also allow people to enter the second pillar, TASR wrote.

The ministry said that it is not possible to predict the impact of the amendment as they cannot estimate the number of people who will leave or enter the pillar.

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