Pension Reform is on the way

The Czech National Bank has published an Ordinance No. 117/2012 regulating activities of so called Pension Companies (to date Pension Funds), as well as the use and administration of pension and participant funds. The Ordinance represents a regulation implementing the 2nd pillar of the Pension Reform, as per the stipulations of the Pension Savings Act. This regulation provides a detailed definition especially of prudent administration of participant’s funds, risk management, way of investment and also pension saving participants notification and their rights protection.