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Kanik: Gov't Intervention in 2nd Pension Pillar Has Cost Each Saver €90

Bratislava, December 23 (TASR) - A civil association called Saver (Sporitel) accused the Robert Fico-led government on Wednesday of hampering pension management companies (DSSs) in doing business with via a legislative amendment and thus having deprived savers of their private retirement accounts of some €90 apiece so far.

"The Government is depriving workers in this country of real money that they could have on their accounts," said Ludovit Kanik, the former labour and social affairs minister (2002-2005), who heads up Saver.

Kanik is the architect of the pension reform scheme under the second government of Mikulas Dzurinda. It introduced the second pension (capitalisation) pillar with private retirement accounts as its centrepiece on January 1, 2006. He founded the association to defend public savings on the accounts not long after the new government took office and almost immediately targeted DSS.

According to Kanik, introducing a six-month period for review of the profitability of pension funds - and imposing out-of-pocket compensation on managers for possible underperformance - torqued up the risk of investing in shares and triggered equity sell-offs by pension companies at a most inopportune time (in the throes of the economic crisis).

In reaction, the Ministry of Labour, Social Affairs and Family said that the adopted amendment to the law on old-age retirement saving was one of Government measures to counter the global economic crisis. "In no way has the bill restricted investment strategy of the pension companies themselves. Shares in individual pension funds continue to be fully under their control," said spokesperson for the ministry Michal Stuska.

The amendment, according to Stuska, is intended to guarantee savings, that is, provide more protection for them from the companies riding with the ups and downs of the investment world.

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