Bank SNORAS begins distributing “Finasta Asset Management” II level pension funds

From 16 November 2009, AB Bank SNORAS network starts providing new products – one can sign agreements of “Finasta Asset Management” II level pension accumulation funds in all subdivisions of the bank.

“It is the first general project of the companies’ group of Bank SNORAS and ”Finasta“ which all working residents of Lithuania will be able to use directly. ”Finasta Asset Management“, having accumulated experience since the very beginning of the pension system reform, presently offers some of the most profitable II level pension funds; therefore, since now Bank SNORAS can also provide an opportunity to its clients to ensure safer and richer life during retirement,” states, Deimantė Bareikienė, the director of AB Bank SNORAS Sales Department.

Assessing according to the funds yields since the beginning of this year, the funds “Average shares part” (shares part 30-70 per cent), “Shares pension funds” (shares part up to 100 per cent) and “Small shares part” (shares part up to 30 per cent) managed by “Finasta Asset Management” were some of the most successful according to the yield in the Lithuanian market, “Conservative investment” funds – on the fifth place. Nine companies participate in the Lithuanian pension funds market.

Presently (the so-called I level) pension paid by the state social insurance ensures from 25 up to 40 per cent of the former income of the employee, while the accumulated II level pension can increase the gained income from pension up to 20 per cent.

Statistics show that presently only every second working citizen of Lithuania participates in II level pension system. In the meantime 90 per cent of the Dutch, more than half of the Germans and Englishmen accumulate additional pensions.