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Major pension fund reform in the Czech Republic: Creating a three-pillar system

Authors
  • Batty, Iain1
  • Hailichova, Helena
  • 1 Warsaw Financial Center, Emilii Plater 53, 00-113, Warsaw, Poland , Warsaw (Poland)
Type
Published Article
Journal
Pensions: An International Journal
Publisher
Palgrave Macmillan UK
Publication Date
Nov 01, 2012
Volume
17
Issue
4
Pages
225–228
Identifiers
DOI: 10.1057/pm.2012.25
Source
Springer Nature
Keywords
License
Yellow

Abstract

This article examines forthcoming pension fund reform in the Czech Republic. It does so in the context of the reforms that have happened in other Central and Eastern European countries. It analyses the new mandatory funded pillar and, in particular, the choices that different sections of the Czech population will have to make regarding the pillar, the contributions that will be paid to this pillar and the different types of account that will be made available. The article also analyses the changes to the voluntary pillar and, in particular, who can participate in such arrangements. The article further evaluates how funds will be established and administered, the bodies that will undertake this, the capitalisation of such bodies and where they will be entitled to invest fund assets. Finally, it examines the tax treatment of funds and the opportunities that will arise for financial institutions in relation to this sector.

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