OREANDA-NEWS. On November 01, 2007 Parex Open Pension Fund has registered a new pension plan - Supplementary Pension – Active Euro. “The decision to introduce a new pension plan was made basing on evaluation of the market situation and great customer interest in accumulating their third-tier pension capital in EUR currency”, informed Andris Balodis, Chairman of the Board at Parex Open Pension Fund, reported the press-centre of Parex.

Pension plan Supplementary Pension – Active Euro was registered in the Latvian Financial and Capital Markets Commission on 12 October 2007.

“One of the pro arguments in choosing this plan is a higher profitability of euro plans. Interest in euro plans is also received from the people who currently work in other states of the European Union, receive their income in EUR currency, and who plan to return to Latvia in the future. Quite recently this issue was not relevant, because it was planned to adopt Euro in Latvia very soon. Though, due to several reasons, the date of joining the euro zone has been postponed several times. Meanwhile accumulation of savings in Euro becomes more and more topical”, commented A. Balodis.

It will be possible to conclude agreements on participation in the new pension plan starting November 1, 2007. Existing clients who will choose to switch to the new euro plan will have to conclude a new agreement and write the application on the transition from one pension plan to another.

The pension plan has a EUR mono currency account. In case the participant chooses to make payments in another currency, the amount of contribution will be converted to EUR at the moment of payment, in line with the exchange rate of Parex banka.