351,164 people have joined the funded pension system

10.11.2003 TLN

According to Estonian CSD, 351,164 people joined the funded pension system by October 31. 143,931 of them will start making contributions to funded pension as of January 1, 2004.

Over two-thirds – 51,201 – of the newly joined subscribed in October. Half of these people subscribed in the last week of October.

“This year, the subscribing activity spread more evenly throughout the whole period,” said Kaidi Oone, the Managing Director of ECSD.

In October 2002 over 100,000 people subscribed to the funded pension system, and more than 22,000 of them joined on the last day. Altogether 207,233 people joined the funded pension system by October 31, 2002 – the end date of the second subscribing period.

“The stability of subscription activity is a positive sign, it shows that more and more people think carefully before they decide, and won’t leave the decision to the last minute,” added Oone.

For the first time since the launch of the reform in 2002, the majority of the joiners were mandatory subscribers (born 1983 and later), accounting for 16.2% of the total. They were followed closely by people born in 1957-61 (16.1%), for whom this year was the last possibility to join.

55% of all subscribers are women.

Over two-thirds (67.5%) of the subscribed have chosen a fund with an aggressive investment strategy. Balanced strategy has been chosen by 20% and conservative funds by 12.5%.

The Estonian pension system information web page (www.pensionikeskus.ee) received an average of 9,407 pageviews per day in October. On the last day of subscribing period, the page was visited over 13,000 times.

The Estonian CSD (ECSD) is part of the HEX Tallinn group and administers the electronic Estonian central securities register and pension fund register.

Additional information:
Kristel Raesaar
Public Relations Adviser
Tallinn Stock Exchange / Estonian CSD 
Tel: +372 640 8800
e-mail: kristel.raesaar@hex.ee