CZECH REPUBLIC - The number of individuals opting for private insurance has grown by 143,000 this year, according to a report by the Czech News Agency (CTK).
Figures from the Czech Finance Ministry cited in the report show that the number of individuals grew to 2.67 million during the first half of the year and was up by 187,000 during the second quarter alone. A year-on-year comparison showed the number was 178,000 higher than 2002.
The CTK said that the figures reflected the growing realisation that “state-paid pensions are very low and that they [individuals] will have to rely increasingly on their own savings”.
Overall, pension fund clients deposited over Kc64.5bn (e1.98bn) in funds over eight years, of which Kc5.6bn was in this year alone.
Together with state contributions, deposits in pension funds totalled Kc82.72bn at the end of June, up Kc7bn from the beginning of this year.
In addition, more pension funds merged this year, increasing market concentration. At the end of last year, only 12 out of the original 44 funds were operating in the market.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.