ke stažení - Pojistný obzor

Insurance Digest
hood of higher appreciation, this change will
not bring any new financing source. For this
reason I think that the third phase should
precede the second phase and should define
a new increased influx of funds, as well
as higher motivation for savings. I do not
think there are major technical reasons for
which priorities in both phases could not be
changed.
What, in your opinion, is the optimal percentage
of opt-out from the state pillar
and why
I consider the correctly set amount for optout
as one of the most crucial features of
the entire pension system reform. Of course,
the percentage must not endanger the
present system, but it has to motivate people
and allow them to save sufficient financial
means for old age. With our experts we
agree on a real optimal amount of opt-out of
about five percent.
Do you think that the potential pillar II
could also be served by the existing
operators on the market
In terms of the technical side, yes. The pension
funds, and namely commercial insurance
companies can, as the only financial
institutions, accept deposits as well as pay
out annuities for the rest of life. But in case
of implementation of phase II in the form of
separation of property from administrators
of the pension funds, the pension funds will
lose their ability to pay life-long annuities.
They will, in principle, substitute for activities
of investment companies. In their case,
the saved amounts would have to be transferred
to insurance companies in the phase
of pension payments, that are the only institution
entitled and able to pay life-long annuities.
There is of course another way, too: to
establish new institutions for this purpose.
The question is, are they inevitable
What role should commercial insurance
companies play in the pension reform
Commercial insurance companies are key
players today, and will undoubtedly be even
more so – on the financial market they are
very stable, they are subject to strict supervision
of the Czech National Bank and also
meet other international rules, in particular
in the area of creation of reserves. As they
are mostly international companies, they
can also offer low costs, and know-how.
As I said, their potential, i.e. the ability to
pay out life-long pensions which other institutions
do not have, is also crucial for the
reform.
At present, people are saving very small
amounts for pensions. The Ministry of
Finance wants to motivate citizens by increasing
tax deductions. Is this a correct
method by which people could achieve
adequate savings for old age
Unfortunately, the tax deductions for citizens
haven’t changed since 2001 and the system
has lost its original motivational strength.
The state should definitely increase the tax
deductions to at least 24,000 crowns. As for
employers’ tax deductions: contributions for
supplementary pension insurance and life
insurance were merged from the beginning
of this year, but even in this case the amount
is not sufficient. I would consider double of
the amount as optimal, i.e. 48,000 crowns
per year. The clients would certainly welcome
the same direct contribution of the state
for life insurance products, as in the case of
supplementary pension insurance.
Today, most people do not even earn the
average wage in the Czech Republic. Is
there a solution for them to maintain
their existing standard of living
Up until the present, i.e. for the past almost
fifty years, the majority of our population
relied exclusively on the state for providing
for their old age. Without change of the system,
the financial abyss between our wages
and pensions will grow even deeper. It is
related to the increasing standard of living,
higher demands of people, prolongation of
life and to the change in the society’s attitude
to old age. If the present middle age
and young generation will want to preserve
their basic standard of living, there is no
other way for them than to begin preparing,
in time, additional financial resources for the
future. Without responsible saving, nobody
can ensure today’s relatively high consumption
and decent standard of living.
Not all citizens are able to do their jobs
until the age of 65. What early retirement
options will they have
Commercial insurance companies are able
to respond also to these situations. In the
framework of the corresponding product
for pillar II they can also offer payment of
a so-called service pension that can be used
by clients in cases where they can no longer
do their job. The insurance companies
The government must find a suitable source for pension
financing. I consider the correctly set amount for opt-out
as one of the most crucial features of the entire pension
system reform.
are also able to solve disability pensions by
offering payments of disability pensions.
However, the issue of other variants does
not depend solely on new incentives.
46 Pojistný obzor 3/2008 Insurance Digest