LITHUANIA - A large number of Lithuanians have opted for the private pensions scheme from 2004, the Baltic News Service has reported.
The state-run social insurance fund SoDra has registered 420,446 agreements between pension fund managers and people who have decided to join private pension schemes.
The number of agreements registered by the fund exceeded the expectations of the ministry of social welfare and labour, and the companies running private pension funds, the news report added.
In the first year of the reform, employees would contribute 2.5% of their income to cumulative pension funds, which amounts to employees' mandatory insurance contribution under the current system. This percentage rate will be increased by 1 point annually until it reaches 5.5% in 2007.
The Royal Society of Arts (RSA) has reignited the debate on the introduction of flat-rate pensions tax relief - saying a 30% flat rate would be progressive, cost-neutral and leave three-quarters of earners better off.
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