PKO/Handlowy lowers commission; No fee in 1st year

Instead of a 12.9% starting fee, customers will pay 9.9% in their first year with the fund. The commission will then gradually decrease, down to 8.4% after 4 years, 7.4% after 10 years and 0% after 25 years. Unlike other pension funds, which will charge the maximum asset management fee allowed, 0.6% of asset value, PKO/Handlowy will not charge anything for this service during the customer's first year with the fund. The pension's founders, Powszechna Kasa Oszczednosci BP (PKO BP) and Bank Handlowy S.A. plan to include Chilean pension fund Provida as the third shareholder in the fund. (Parkiet, page 7)