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100,000 Leave Third Pension Pillar due to Global Economic Crisis in 2009
Thursday 29 April 2010 Zoom in | Print page
Bratislava, April 29 (TASR) - Last year saw more than 100,000 working savers leave the third pillar of Slovakia's pension system –known as supplementary insurance – often due to redundancies arising from the global economic crisis, a manager at ING Tatry-Sympatia company told reporters on Thursday.
The third pillar, wherein most employers match their participating employees' contribution up to a set level, now includes only 800,000 savers holding a total of €1.1 billion in their accounts said Viktor Kouril, chairman of the ING Tatry-Sympatia pension management company (DSS).
Many of the new jobless had to take out their savings - for the first time in the history of this type of insurance - in order to pay different bills.
As for the investment returns, the best performers last year were growth funds managing shares and bonds with long maturity versus the conservative funds using long-maturity bonds with the lowest yields.
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