Vladimír Urbánek (Kurzy.cz)
Pension insurance  |  November 05, 2012 14:34:19

ING Pension Fund shall not participate in the second pillar pension reform

After a thorough analysis, the Pension Fund ING (ING PF) decided to engage in the second pillar of the reformed pension system. The reason for this decision is that it could not be retrieved for this fundamental change in broader social and political consensus, which in the case of the reform of this scale is a necessity. Political uncertainty along with the deteriorating outlook for the public finances significantly increased risk of this investment for both ING as an investor and for its client y.

"If we get involved in the second pillar, we would be subject to too much risk in terms of loss of confidence client s, shareholder and investor's reputation ING, and such a risk we are not able or willing to do, "said George Rusnok decision, chairman of ING PF.

ING Pension Fund is a major player on the Czech market and wants to remain so, so transformed supplementary pension savings (pension successor, the so-called third pillar) to their client s offer will be. 17th ING PF September it received from the Czech National Bank the necessary license for the operation of pension companies and pension transformed the pension fund. The third pillar is in contrast to the proposed second pillars of the subject of political struggle and all relevant political forces declare interest in his support in the future. ING PF can provide its client s perspective and stable environment for their long-term savings for retirement.

ING operates on PF pension market since 1995, manages funds roughly 390,000 client s and for 2011 they scored above average appreciation of deposits of 2.14%. That ranked him among the top three funds in the market. Since 1995, PF reviewed ING funds nearly a million client s an average of 5.21% pa, and is thus historically the second most successful pension fund.

Lucie Neubergová
Senior Account Manager
Native PR Ltd.

Adding editorial, expressing Tomas Matousek Director General Pension Fund of the Czech insurance company:
"Abandoning ING of 2 pillar is exaggerated in my opinion, as if it were a major problem, as if it were any significant signal. Of course, this is not so. It is an internal decision ING, which must be related to the fact that the company in the Czech Republic is very small.

We're clear that the 2nd pillars go. It is an important and necessary change, which brings customers another option (except the 3rd pillar) reduce undesirable degree of dependence on the state. It is in the interest of the state, ie future taxpayers, our children, to stand alone to reduce the dependence of citizens.

The political situation is complicated by political squabbles and distracts from the essence of things, the economic need to reduce dependency of citizens on the state pension. I think it begins to reform, it is time for citizens to explain everything and get back to the point, and 2 pillar will be successful and beneficial to the citizens. "

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