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Parliament approves opening the second pillar

THE SECOND private pension pillar will open from March 15 to June 15 this year, after the parliament passed the amendment to the law on pension savings in a fast-tracked proceeding on February 4.

(Source: SME)

They also adopted the amending proposal based on which every pensioner claiming the payments from the second pillar will receive information on the percentage of guaranteed income from the technical reserves, which the insurance company used when calculating his or her pension, the SITA newswire reported.

The aim of the provision is to make the calculation of the pension more transparent and allow comparing the offers prepared by the individual insurance companies which should pay the pensioners their money.

Except for the possibility to leave the second pillar, people will also be allowed to enter the second private pension pillar during the three months it will be open. The possibility to leave will be offered to every client, except for those who have already agreed on the conditions of payments.

Those who will decide to leave the pillar and move their finances to the first, pay-as-you-go pillar will have to deliver a written statement to its administrator, the state-run social insurer Sociálna Sporiteľňa, where they will express their will to end savings in the second pillar. Sociálna Poisťovňa will subsequently inform the company which manages the pension funds. It will then move the saved sum, including yields, to the account of Sociálna Posťovňa.

“In case the client paid voluntary contributions, the saved sum from these contributions, including yields, will be given to him or her,” the Labour Ministry said, as quoted by SITA.

Moreover, those who used the voluntary contributions to decrease their tax base will, after leaving the second pillar, have to increase it.

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