BALTIC REGION - The number of people joining Estonia's second pillar pension system has reached just over 300,000, according to the Baltic News Service.
This is 100,000 more on the same time last year.
The present subscription period ends October 31.
Separately, the news service reported that the Latvian government has also approved a draft of the country’s 2004 Budget.
Finance Minister Vladis Dombrokskis submitted the draft to parliament and was reported as saying that it will pay more attention to the “social sphere”, earmarking funds for higher pensions and the minimum wage.
Latvia’s budget is based on an estimated 6.1% gross domestic product and a 3% inflation rate.
In Lithuania, VB Investiciju Valdymas, a unit of Lithuania's biggest commercial bank, Vilniaus Bankas, has entered into an agreement with the VP Market retail chain to distribute its pension products.
VB Investiciju Valdymas has two pension schemes.
Saulius Racevicius, the bank’s chief executive officer, was reported as saying that VB had now finalised 7,000 pension agreements and predicted rapid growth as a result of the agreement.
According to the country’s pension reform law, private individuals can voluntarily arrange for part of the state social insurance contributions to be accumulated in private funds, starting January 2004.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.