60,000 people have joined funded pension system
On August 23, precisely a month after the 50,000th person had joined the funded pension system the number exceeded 60,000. 69% have chosen equity funds, continuously the most popular alternative, whereas 20% have chosen balanced funds.
Up to 334,808 fund units for EEK 3.395 Mio (EUR 0.217 Mio) had been issued by August 23. Issue of fund units for payments withheld in July continues as the Tax Office has 15 workdays from the date payments have been received on the Tax Office account, to verify funded pension payments withheld in July and transferred by August 10, and to transfer the payments to Estonian CSD. As well, the issue of fund units for erroneously forwarded funded pension payments withheld in July continues.
Persons, who wish to start making contributions to funded pension as of January 1, 2003, have time to join until October 31, 2002. October 31, 2002 is also the last date when people born from 1942 to 1956 can join the funded pension system.
Estonian CSD, part of HEX Tallinn, maintains Estonian central securities registry and pension registry.