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.
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