SLOVAKIA - Over 11,000 workers left private pension schemes and opted to return to the state system last year as unease over the global financial crisis grew.
Ministry of Labour, Social Affairs and Family of the Slovak Republic information officer Petrová Barbora told Global Pensions: "The reasons why people are leaving the fully-funded pillar and returning back to the state pension scheme are mainly due to the current global financial and economic crisis which has negative impact on the assets of participants in the private pension funds."
The Ministry said at the end of 2008 there were 2.4 million people in the PAYG system, comprising members of both first and second pillar schemes, and more than 1.5 million members in the private pension scheme.
Almost half (43%) of the workers who left the private scheme were aged 40 or older. Barbora said in normal circumstances, participation in the second pillar scheme was "not suitable for people older than 40 years, and in case of women the threshold is even lower, at 35 years".
About 30% of second pillar scheme members are aged 40 or over.
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