CZECH REPUBLIC - Pension funds increased their combined profit to CZK2.63bn (€93m) for the first half of 2007, from CZK1.69bn a year ago.

Pension fund assets now reached CZK154.5bn up from CZK129.1bn at the end of June 2006.

Over 60% of the Czech Republic's working population have so far signed a pension fund contract.

Combined pension fund membership is up to 3.8m Czechs compared to 3.4m at the same time last year.

While the Czech complementary pension system is comprised of third pillar funds only, employers have the possibility to contribute to their employees' pension funds. Over the last year, the number of pension fund members who receive employer contributions rose by over 18,000.

All 10 pension funds surveyed by the Czech association of pension funds APF remained heavily invested in bonds, according to APF figures, and this asset class makes up 77% of the combined assets while just 7% of assets went into shares.