All articles by Krystyna Krzyzak – Page 12
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Features
Conservative in approach
Private pensions are still a young industry in central and east European (CEE) countries, but differing legislation has produced a range of investment strategies, reports a survey* produced by FI-AD Financial Advisory of Budapest. The survey, sponsored by East-West Management Institute of Vienna, used its own and the standard Organisation ...
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Features
Balancing benefits and contributions
Since 2002, when the Federal Republic of Yugoslavia was replaced by the union of Serbia and Montenegro, the two republics are replacing federal law such as pensions with republican legislation. With the two republics using different currencies – Serbia retains the dinar while Montenegro adopted the euro – a unified ...
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Features
Starting on ten years of reform
In March 2002 the Federal Republic of Yugoslavia disappeared as its two remaining republics, Serbia and Montenegro, opted for a looser union with their own currencies, economic policies and customs procedures. While the union retains some federal structures such as foreign and defence ministries and a joint president, other institutions ...
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Features
Private pensions' two-pronged approach
After lagging behind its neighbours in private pensions and investment funds provisions, Lithuania has passed a comprehensive set of financial laws allowing for second-pillar pensions and clearing the way for third-pillar pensions and investment funds to operate on a level footing with life insurance. The significant legal changes took place ...
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Features
Latvia and Estonia streak ahead
Lithuania’s private pensions system differs in some technical respects from its Latvian and Estonian counterparts, including the completely voluntary nature of the second pillar and its use of a system of individualised accounts. Its compatriots are nevertheless some years ahead in establishing private provision. Latvia has had third-pillar funds in ...
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News
Polish parliament approves pension reform
POLAND – In the face of a mixed response from the industry, the Polish parliament has approved a package of reforms that includes capping fees.
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Features
Strengthening the second pillar
Slovakia is set to overhaul its entire pensions system, introducing a second-pillar privately funded plan alongside changes to its existing first and third pillar systems. The new proposal is a more radical version of the previous government’s attempts at pensions reforms, which in any case fell by the wayside after ...
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Features
Key points of Macedonia's fully funded pension rules
Pension companies Pension companies are established exclusively to manage pension funds. For the first 10 years following the law’s implementation, on January 1, 2004, a company can only manage one fund. The minimum share capital is the Macedonian denar equivalent of E1.5m. Once the assets reach E100m equivalent, the share ...
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Features
Going down the private road
Macedonia is one of Europe’s most impoverished countries, with deep-seated political problems stemming from the aftermath of Yugoslavia’s bloody disintegration. Nevertheless, it has prioritised the reform of its pensions system. “Macedonia has certainly been brave in implementing its pensions reforms,” observes Iain Batty, partner at CMS Cameron McKenna, the legal ...
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Features
Croatia's model system
After a year of operations, Croatia’s compulsory pension system has been judged a success. As of the end of 2002 the seven compulsory pension funds accumulated 938,310 members and net assets of HRK2.04bn (E285m). More than that, virtually all contributions are in the correct place and most of the future ...
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Features
Legal changes ahead
The compulsory pensions system, which started collections at the beginning of 2002, is open to workers up to 50 years and compulsory for those aged 40 and under. It is funded by 19.5% contribution of gross wages, of which a 5% portion is diverted into the compulsory second-pillar. There are ...
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Features
Gearing up for pensions
Asset management in the Baltic states is a mixed scene, ranging from investment funds and private pensions in Estonia and Latvia to negligible retail activity in Lithuania. In Lithuania, tax complications have so far prevented the establishment of local investment funds. Meanwhile the private pensions market will only start operating ...
