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After an extensive
pension scheme reform introduced in
2003
[1], the
Slovak pension system is comprised of three independent systems (i.e. three pillars)
[2]:
The system of pension insurance (the so-called "1st pillar") is a benefit-defined system funded on an ongoing ( PAYGO) basis. [5] The essence of the 1st pillar lies in the fact that it is closely interconnected with economic activity and income of citizens.
The positive link between the amount of payments to the system and the amount of benefits received is a clear manifestation of the merit principle of this system - the amount of benefits the ensured person is entitled to hinges on the paid insurance premium, which is the main source of financing for the system of pension insurance. [5]
Pension insurance comprises two independent, separately financed subsystems, which are managed by the Social Insurance Agency [6]:
Pension insurance is mandatory insurance and participation in this system is prescribed by law for eligible persons. The law, however, also allows for a voluntary pension insurance. [7]
The old-age pension scheme (the so-called "2nd pillar") is a contribution-defined system financed by capitalization, which is administered by pension fund management companies (PFMCs) (Slovak: dôchodkové správcovské spoločnosti (DSS)) [8].
Old-age pension scheme, together with pension insurance (1st pillar), form the fundamental system of pension security and hand-in-hand guarantee a stream of income for the beneficiary after reaching retirement age and for their family in the event of death of the beneficiary.
Upon entrance to the 2nd pillar, the mandatory contributions to the pension insurance, whose magnitude is 18% in total, get split into two parts in a way that is prescribed by law. [9]
The beneficiaries , therefore, receive their pension from two sources - with the first one being the adequately reduced pension from the 1st pillar, which is paid by the Social Insurance Agency, and the second one being the pension coming from the 2nd pillar, the size of which depends on the extent of contribution payments, their appreciation, and on the selected method of drawing the pension from the old-age pension scheme.
Old-age pension scheme consists of two main phases [9]:
According to the financial register of the National Bank of Slovakia (NBS), as of April 2024, there are five pension fund management companies present in Slovakia (Allianz - Slovenská dôchodková správcovská spoločnosť, a.s., KOOPERATIVA dôchodková správcovská spoločnosť, a.s., skrátene KOOPERATIVA, d.s.s., a.s., NN dôchodková správcovská spoločnosť, a.s., UNIQA d.s.s., a.s., and VÚB Generali dôchodková správcovská spoločnosť, a.s.). [10]
The supplementary pension scheme (the so-called "3rd pillar") is a voluntary system, where the financial assets of the participants are managed by supplementary pension companies.
Supplementary pension scheme is supposed to enable the participants to gain:
Entrance to the 3rd pillar:
In the saving phase of the scheme, the participants, or, alternatively, the employers of the participants pay contributions to the supplementary pension saving, which the participants are able to invest into one or more contribution funds of the chosen supplementary pension company. Transfers among individual funds inside a single supplementary pension company are not subject to a charge.
In the payout phase, benefits are paid to the beneficiary after the end of saving - what benefits are paid to the beneficiary also depends on the period when the participation contract was signed and whether it contains a benefit plan.
According to the financial register of the National Bank of Slovakia (NBS), as of April 2024, there are four supplementary pension companies present in Slovakia (Doplnková dôchodková spoločnosť Tatra banky, a.s., NN Tatry - Sympatia, d.d.s., a.s., STABILITA, d.d.s., a.s., and UNIQA d.d.s., a.s.). [13]
Pan-European personal pension product (PEPP) is a transferable voluntary EU-wide personal investment product that has a long-term pension character and incorporates ESG factors while investing. It is primarily aimed at young people and mobile workers among the EU’s citizens. [14]
According to the financial register of the National Bank of Slovakia (NBS), as of April 2024, there is one provider of PEPP present in Slovakia (Finax, o.c.p., a. s.). [15]