Second Pension Pillar will Weaken and Open

BRATISLAVA, July 6, (WEBNOVINY )- As of early October savers in the second pension pillar will face downsizing their contribution from the current nine to four percent of gross wage, an increase in fees paid to pension assets management companies and the opening of the capitalization pillar in the period from October 1 to December 31 of this year. It ensues from the draft amendment to the old-age pension saving law approved by the Cabinet on Friday. In the same period people who have not been yet clients of pension companies will be able to enter the capitalization pillar.

The current fees for administration of a pension fund at 0.3 percent annually of the net value of assets will remain only in guaranteed funds while in non-guaranteed funds this fee will double to 0.6 percent of the net value of a saver’s assets. Also the fee for appreciation of assets will surge from the current 5.6 percent of the appreciation to 10 percent of the appreciation of pension savings. The Cabinet however plans to offset the higher fees by a cut in fees for pension companies for administration of a pension account from the current 1 percent to 0.75 percent of the sum of the monthly fee. The social security provider Socialna Poistovna should charge less from funds destined for pension saving. It currently keeps 0.5 percent as a contribution for its own administration. According to the draft tabled by the Labor Ministry, Socialna Poistovna should create its administrative fund only from 0.25 percent of the sum of a contribution for pension saving.

SITA

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