Pensiones complementarias (voluntarias)
Types of plans
Supplementary pension plans: Supplementary pension management companies are stock companies with the sole objective of establishing and managing supplementary pension plans.
The establishment of a supplementary pension management company is subject to a licence issued by the National Bank of Slovakia (NBS). In order to obtain a licence, supplementary pension management companies must comply with legal requirements and submit financial plan details concerning their investment policy. After obtaining a licence, the supplementary pension management company is registered with the NBS.
Complementary pension insurance companies operating when the reform law came into effect in 2005 had until June 2007 to transform into supplementary pension management companies. They must also be licensed by the NBS.
Each supplementary pension management company must have a board of directors to manage, and a supervisory board to control its business activities. They must also have an authorized representative, an employee responsible for investment management and employees responsible for key functions (internal control, internal audit and risk management). Members of the board of directors and of the supervisory board, authorized representatives and other employees laid by law must not have any conflict of interest.
Supplementary pension management companies manage the contribution and benefit administration.
Slovakia has implemented Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (IORP Directive) and Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs). Institutions for occupational retirement provision can operate in Slovakia under the same conditions as supplementary pension management companies, except that they are not subject to licensing by the NBS.
Supplementary pension plans: Participation in the Supplementary Pension Savings Scheme is mandatory for employees working as performing artists such as dancers and for employees working in occupations harmful to health. They must sign a contract to participate in a supplementary pension plan and their employer must sign an employer's contract with a supplementary pension management company.
All other employees and natural persons over age 18 may participate in supplementary pension plans on a voluntary basis.
Occupational arrangements for the participation of employers and employees in a plan are usually based on company collective agreements.
Self-employed persons, employees whose employers do not contribute to a plan on their behalf, and all other natural persons, may join a plan on an individual basis.
There is a general prohibition of any discrimination based on gender, age, categories of workers and working hours.
Sources of funds
Other sources of funds
Methods of financing
Acquisition and maintenance of rights
Preservation, portability, transferability
Benefit qualifying conditions
Benefit structure / formula
The protection of rights is mainly secured through the supervision of supplementary pension management companies by the National Bank of Slovakia. The National Bank of Slovakia is responsible for the supervision of compliance with legal requirements and the protection of rights of members and beneficiaries and for supervision of compliance with financial plans, asset management and the operations of the custodian.
Supplementary pension management companies must have sufficient financial liquidity (see section Financial and technical requirements / reporting).
Supplementary pension management companies must annually submit the following documents to the supervisory bodies:
- An annual report (on the own management and the portfolio management of pension funds);
- A report on the financial and economic situation of the company;
- A statement of assets and liabilities;
- A balance sheet.
Upon request from the National Bank of Slovakia, supplementary pension management companies must provide all necessary information and explanations concerning their activities.
The scheme members must at least annually be provided with information about the state of their personal account (with effect from 2018 the members will be provided with the pension benefit statement including pension projections).
Sponsoring employers and scheme members must upon request be provided with the annual report on the financial and economic situation of the supplementary pension management company.
Protection of Assets
Financial and Technical Requirements / Reporting
Standards for service providers
Winding up / Merger and acquisition
Bankruptcy: Insolvency Insurance / Compensation Fund
Disclosure of information / Individual action
Taxation of employee contributions
Taxation of employer contributions
Taxation of investment income
Taxation of benefits
National Bank of Slovakia: Supervises compliance of supplementary pension management companies with plan rules and with financial plans and asset management regulations, the operations of custodians and ensures the protection of rights of plan members and beneficiaries.
Authorized employees of the National Bank of Slovakia (NBS) may, with regard to supplementary pension management companies:
- enter their offices;
- attend the meetings of their internal bodies; and
- request any information necessary for assessing their activities.
The NBS may, after transferring the plan assets to another supplementary pension management company, revoke the licence of a supplementary pension management company if it significantly violates legal requirements and does not comply with measures imposed by the supervisory authority.
The Financial Market Authority merged with the National Bank of Slovakia on 1 January 2006 to create an independent, fully integrated financial market watchdog.
Narodna banka Slovenska
Imricha Karvasa 1
813 25 Bratislava
Tel.: (+421 2) 5787 1111
Fax: (+421 2) 5787 1100
Derechos de autor
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