Clients of Czech private pension funds rise to 4.55mn in H1 2011.

By bne IntelliNews August 15, 2011
The number of clients of private pension funds in the country reached 4.55mn as of end-June 2011, up by 0.5% compared to end-2010, the finance ministry said in a statement. A total of 234,000 new contracts were signed in the first half of the year, down by 52.8% from a year earlier. The growth in the number of clients was slower than in the previous years mainly due to the fact that about 90% of the economically active people already have private pension insurance accounts. The state contribution to private pension schemes stood at CZK 2.79bn (EUR 115.3mn) in the first half, up by CZK 56mn y/y. The private pension scheme with state subsidies was introduced in 1994 - from the original 44 pension funds currently only 10 are operational. According to the pension fund association APF, the aggregate profit of local pension funds increased by 5.5% y/y to CZK 2.44bn in the second quarter of 2011.

Related Articles

Czech CSSD proposes 2014 general and European elections to be held together.

Social Democrats (CDDS), the major Czech opposition party, proposed next year's general and European elections to be held on the same day, CTK news agency reported. CSSD leader Bohuslav Sobotka ... more

Tesco Czech faces fine for selling products containing undeclared horsemeat

The Czech unit of UK retailer Tesco faces a fine of up to CZK 3mn (EUR 116,000) for selling beef lasagne containing undeclared horsemeat, Radio Prague reported. The state-run Agricultural and Food ... more

Czech Senate votes to limit immunity of lawmakers, judges.

The upper house of the Czech parliament, the Senate, voted on March 20 a constitutional amendment to limit the immunity of lawmakers and constitutional judges, Radio Prague reported. Out of the ... more