The Czech government has announced it will end the second pillar pension on 1 January 2016.
The decision was made at a coalition meeting on 27 October by the three political parties in government.
Prime Minister Bohuslav Sobotka told the Czech News Agency on Wednesday the scheme was disadvantageous for the vast majority of people and there was very little interest in it.
The second pillar state pension was introduced by the former centre right government of Petr Nečas and came into effect early in 2013. It allows people to put part of their pension fund into private insurance companies and is funded by diverting 3 per cent of the 28 per cent first-pillar social security contribution, with an additional 2 per cent of members’ gross wages.
Those enrolled in the scheme will be able to keep their money however the companies which established the funds will not be compensated
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