EnglishThe start of the period for choosing a private pension fund for the mandatory private pension has been extended from August to September 17th, according to a decision of the Private Pension System Supervisory Commission (CSSPP). The Commission decided that the four-month period allowed for making this choice will begin on September 17th. The Commission also passed the regulations on logging participants in the privately managed pension funds.
Advertising and marketing activities conducted by authorized private pension management firms (Pillar II) may also commence on September 17th. CSSPP explained the decision to extend the deadline saying they wanted to allow more time for the registration and authorization of pension fund management firms so as to offer customers more diverse choices.
Joining a privately managed pension fund is mandatory for persons aged below 35 and optional for persons aged between 35 and 45. Those who have to, but do not make the choice by the deadline will be randomly allocated to a private pension fund by CSSPP. The random allocation will consider a number of criteria including age and gender.
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