Czech pension funds profit up 1.6% in Jan-Sep 2012, clients up.

By bne IntelliNews November 23, 2012
The aggregate profit of Czech pension funds was by 1.6% higher on the year at CZK 3.24bn (EUR 127.3mn) in the first nine months of 2012, data from the Association of Pension Funds (APF) showed. The number of the funds clients increased by 76,000 since the beginning of the year to 4.68mn as of end-Sep 2012, indicating that more than 70% of the economically-active Czechs have private pension accounts. Clients had CZK 243.4bn in their accounts in Jan-Sep 2012, or by CZK 11bn more than at end-2011. The Czech private pension scheme with state subsidies was introduced in 1994 - from the original 44 pension funds currently only 10 are operational. The lower house of the Parliament approved a pension system reform that will enable workers to transfer 3pps of their mandatory pension insurance payments to private funds as of 2013 if they add 2pps from their own money.

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