Czech Senate lifts penalties for seniors in pension savings overhaul

KB Penzijní společnost introduced a one‑time CZK 1,000 bonus for new pension‑saving customers, including children and seniors, and a monthly CZK 250 loyalty reward to compensate for the loss of state contributions.

The Senate approved a amendment to the pension‑saving law that lets roughly 150,000 seniors who opened contracts before the end of 2023 terminate their accounts without a penalty and without fulfilling the five‑year minimum period. About 16,000 of them can also claim back previously missed state contributions. The finance ministry estimates the change could cost the state up to CZK 60 million, which officials describe as a modest investment to restore confidence in state‑supported retirement savings.