BRATISLAVA, March 9, (WEBNOVINY)- Guarantees for pension savers in conservative funds of the second pillar should increase. “We propose that the volume of savers‘ assets be not lower than at the beginning of saving after deduction of administration fees,“ said Minister of Labor, Social Affairs and Family Jozef Mihal. He explained that the state of savers‘ assets in conservative funds is currently compared before deduction of fees. The period in which the state of savers‘ assets administrated in these funds is to be evaluated should be 24 months instead of the current six months. “The value of savers‘ assets cannot post a drop after deduction of fees after 24 months,“ explained Mihal.
The minister further explained that pension fund management companies will have to appreciate savers‘ assets administrated in conservative funds during the two-year assessment period by fees at least. “If pension assets administrators fail to do so, they deserve nothing else but paying the difference from their own sources,“ stressed Mihal. He said that savers should benefit on this measure since it will allow pension fund management companies to purchase guaranteed financial products with a two-year investment horizon. “These products bring an interesting yield and it would be a pity if we do not enable pension fund management companies to purchase these products,“ he concluded.
SITA