Lithuania should carry out an audit of its pension reform launched five years ago and evaluate the results before considering any changes to the system, President Gitanas Nauseda said.
The president’s comment comes amid public outrage over the automatic inclusion of people into the additional pension accumulation system. Nauseda noted that the Lithuanian pension system had been reformed repeatedly, but the result was not good.
Figures from the Lithuanian Investment and Pension Funds Association (LIPFA) showed that the weighted average return on the assets of Lithuania’s second-pillar pension funds was negative at minus 13.8% last year. Around 1.4 million working people participate in the second pillar pension system. (BNN/Business World Magazine)