Exchange speculation in the second pillar: Advisors are asking hundreds of euros
20. May 2025 at 17:04
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In the second pillar they used the so -called arbitration.
Speculation when investing on decline or growth of financial markets is a risky discipline. Nevertheless, it is also actively involved in thousands to 1,500 savers in the second pillar, estimating pension management companies (DSS).
As part of the so -called market timing, the saver is trying to predict future development development and shifts savings between funds of the same DSS.
If the saver assumes that there will be a slump on the stock exchange, he will move savings from a more risky index fund to the Conservative Bond Fund. If, on the contrary, it expects growth, the assets will be transferred from the bond to the index fund.
Part of the savers are thus moving savings based on their own analyzes and feelings, but a large and potentially risky group is a group of those who are guided by financial intermediaries.
Advisors present transfers between funds of the same DSS as the « holy grail of investment » and charge considerable fees for their predictions of market movements.
This system stood on the « hole » in the Old -age pension savings law. As the number of speculators has grown, DSS-Ik it started to interfere. However, their internal measures complicated these methods, but they did not fully aliminate them.
How it works
Savers in DSS can move money between pension funds free of charge and in any interval, even every day.
« Until recently, the so -called time window could be used. When you saw that the markets in the US had fallen in the evening, you could move money to a safer fund before midnight and avoid loss or earn, » warned Head of the Department of Legal Services in DSS VUB Generali Lenka Výbošteková.
Tactics called arbitration focused on the index and bond fund in DSS. The DSS index fund consists of several ETF funds that are listed on European exchanges such as Euronext, Deutsche Börse and London Stock Exchange.
EFT closes their daily trading every business day at 17.30. At that time, the value of the pension unit is also determined on the basis of the net value of the entire fund’s assets.
However, after the closure of the European exchanges, US stock markets continue to be open until 10pm, so they are traded for another four and a half hours. Their development can affect the value of assets in index funds that copy US indices such as S&P 500 and NDSAQ.
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