Law on the First Pension Fund Takes Effect on 13 July

A law on the first pension fund and the reorganisation of the authorised investment companies (PID) will take effect on Tuesday. The law enables the shareholders of PIDs to exchange part of unused privatisation vouchers for pension vouchers which in turn can be sold or invested in the first pension fund. The amount is limited: an individual can exchange up to 10,000 pension vouchers for a policy. A three-year period will also start on 13 July during which the PIDs will have to reorganise in regular investment companies or joint-stock companies.

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