There is still CZK 8.4m left unclaimed in the abolished second pension pillar in the Czech Republic, according to The Association of Pension Companies of the Czech Republic (APS).

Tax authorities in the country have said that a total of 1,296 second pillar participants have still not collected their savings from the defunct pillar.

The second pillar in the Czech Republic was abolished five years ago.

The APS urged savers not to delay retrieving their money, as the right to claim it will expire as early as 2023.

The unsettled funds of affected members were transferred by the pension companies to the tax authorities four years ago.

Around 85,000 people were saving into the second pillar and they were informed of the money transferring to the tax authorities, with any unclaimed savings due to be added to the state budget in 2023.

The second pillar was introduced by the Nečas government as part of its pension reform, although it was subsequently abolished by Sobotka's succeeding government.

The finance department will pay out uncollected funds from the second pillar of pension savings through a submitted application for a refund of the overpayment by members to their local tax office.

The tax administrator will return the overpayment to the taxpayer within 30 days of submitting the application.

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