LITHUANIA - The Lithuanian Association of Pension Fund Participants is suing the country's government for reducing contributions to its private pension system.
The association claims the government failed to fulfil the requirements of pension reform legislation, which proposes a 5.5% contribution of gross salary. The initial contribution level was set at 2.5%...
LITHUANIA - Lithuanian is to to raise the pension age to 65 in a bid to improve the country's finances.
LITHUANIA - Lithuanian Prime Minister Andrius Kubilius said an opposition plan to raise retirement benefits risks undermining the country's currency.
EUROPE/CENTRAL ASIA - Pension funds in Europe and Central Asia should provide pension increases in line with cost of living indexes instead of wages to make the systems more sustainable, the World Bank said.
LITHUANIA - A large number of Lithuanians have opted for the private pensions scheme from 2004, the Baltic News Service has reported.
LITHUANIA - Sodra, the Lithuanian state-run social insurance fund has registered over 202,000 agreements between pension fund managers and individuals who have chosen to join private pension schemes so far, the Baltic News Service reports.