KB Penzijní společnost obtains the required licences from the CNB and is about to start to offer savings for retirement in the second and third pillars on 1 January 2013

Press release

12/21/2012
8:00 AM

As of today, KB Penzijní společnost, a.s. has obtained all the required licences, including approvals for the statutes of its funds in the second and third pillar of the pension system, from the Czech National Bank. On 1 January 2013, it will start to offer citizens all products of provisions for retirement in both pillars.

KB Penzijní společnost and Komerční banka are therefore fully prepared to begin providing citizens with comprehensive financial advice on provisions for retirement, including a complete offer of the products in the second and third pillars, as early as the very beginning of 2013. KB’s distribution network is ready and has been trained for serving clients and those who are interested in saving; at the beginning of 2013, a new website will be launched at www.kbps.cz to offer detailed information about the products and services in the second and third pillars and information for members of the transformed fund. Since as early as June, a free telephone line at 800 111 124 has been in operation to provide advice on savings for retirement.

We are entering the new system of savings for retirement completely ready. Both for our current clients and for newcomers interested in saving, we will continue to be a reliable partner in providing for their old age. We will benefit from our long experience and help our clients prepare for their old age so that their standard of living is as high as possible following retirement,” Pavel Jirák, KB Penzijní společnost’s Chairman, comments on the grant of the required licences.

In both pillars, KB Penzijní společnost will offer a strategy of savings based on the life cycle. 

This strategy is based on a suitable combination of dynamic, balanced and conservative funds; in the client’s portfolio,  as the member’s retirement approaches, the Dynamic Fund’s proportion automatically decreases for the benefit of the Balanced Fund and, in particular, the Conservative Fund, which at the end of the life cycle ensures the maximum security of the invested money. We are convinced that this way of saving is the best, and the least risky, in terms of provisions for the old age,” adds Pavel Jirák.

KB Penzijní společnost has emerged from the transformation of Penzijní fond Komerční banky; with its more than 520,000 members, it was one of the largest pension funds on the Czech market at the end of the third quarter of 2012. Its expert team’s quality and experience are borne out by, among others, the award of The Best Pension Fund in the Czech Republic title for 2011 a 2012 by the World Finance international magazine and by the UK-based Global Banking & Finance Review financial portal.