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Radicova: Second Pension Pillar Has Proven Stable
Wednesday 24 February 2010 Zoom in | Print page
Bratislava, February 24 (TASR) - The Second Pension Pillar provides its savers with stable financial resources despite Premier Robert Fico's claims that the pension management companies (DSSs) will go bankrupt due to the global crisis, SDKU-DS vice-chair Iveta Radicova said at a press conference on Wednesday.
"The Government has used this scare as a pretext to open up the second pension pillar again," said Radicova. She added that ordering DSSs how to earn profits could take place only in communist regimes but is unacceptable in an economy that is functioning normally.
In late January, the European Commission criticised the restrictions imposed on DSSs by the state. The Commission took exception to investment restraints on DSSs in the Second Pension Pillar, and the Slovak Central Bank's power to allow the pension fund to invest as much as half its property into commercial instruments in a Eurozone member state.
In the wake of Brussels' critique, the Slovak Labour Ministry lifted this restriction.
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