Profils de pays

Slovaquie

Profils de pays

Slovaquie

Pensions complémentaires (volontaires)

Updated: 31 décembre 2018
2004: Act No. 650 Coll. on the supplementary pension scheme; transforms the Complementary Pension Insurance Scheme into the Supplementary Pension Savings Scheme; regulates the establishment of supplementary pension schemes and the establishment, licensing and operation of supplementary pension management companies (SPMCs).

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Plan sponsors

Supplementary pension management companies establish and manage supplementary pension plans/funds and are free to offer them to employers, employees and every natural person over age 18.

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 require a licence from the National Bank of Slovakia (Národná banka Slovenska - NBS) to manage supplementary pension plans.

Occupational arrangements for the participation of employers and employees in a plan and for defining the amount of employer contributions are usually based on company collective agreements.

Employees and all natural persons over age 18 may become members of a supplementary pension plan offered by a supplementary pension management company on an individual basis without the participation of their employers.

Types of plans

Supplementary pension management companies offer open supplementary pension plans, the membership of which must not be restricted to any specific category of employees.

Employers and employees are required to sign a contract with a supplementary pension management company in order to participate in an open pension plan (employers and employees must conclude separate contracts with the company). The pension plan's characteristics form part of the contract.

No licence or authorization is required for the establishment of a pension plan, but supplementary pension insurance companies must be licensed (see section on Institutional framework).

All supplementary pension plans are defined contribution plans.

Participation is voluntary for those covered.

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.

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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

Employee contributions

Supplementary pension plans: Plans are contributory.

Employees' contributions are usually equal to the maximum tax-deductible contribution (see section on Taxation of employee contributions).

Employer contributions

Supplementary pension plans: The contribution rate is agreed in a contract between the employer and the supplementary pension management company.

The minimum contribution rate on behalf of compulsorily covered employees (See section Coverage) is 2 per cent of the employees' assessment base.

Other sources of funds

Supplementary pension plans: None.

Methods of financing

Supplementary pension plans: Funded in individual accounts.

Asset management

Supplementary pension plans: Plan assets must be managed by the supplementary pension management company.

The investment strategy must not endanger the rights of plan members and beneficiaries (i.e. principle of minimum risk).

Supplementary pension management companies must establish and manage at least two supplementary pension funds (at least one contributory supplementary pension fund and one distribution supplementary pension fund).

Plan assets may be mainly invested in:

- state bonds;
- treasury bills;
- bank deposits;
- bonds; and
- equities traded on regulated markets.

Certain legal investment limits apply, the most important of which are that, of total plan assets invested:


- a maximum of 40 per cent may be in shares/units of standard investment funds, securities of standard European funds, shares/units of special investment funds, or securities of other collective investment undertakings;
- a maximum of 35 per cent may be in securities issued or guaranteed by a single EU member state;
- a maximum of 35 per cent may be in transferable securities and money market instruments issued by a bank incorporated in the Slovak Republic or in another EU/EEA/OECD Member state;
- a maximum of 30 per cent may be in transferable securities and money market instruments from the same issue;
- a maximum of 25 per cent may be in mortgage bonds issued by one bank or foreign bank;
- a maximum of 10 per cent may be in transferable securities and money market instruments not admitted to trading on a regulated market; and
- a maximum of 5 per cent may be in securities or money market instruments issued by a single issuer.

Furthermore:


- the supplementary pension management company may not acquire for itself or supplementary pension funds shares with voting rights that would allow the SPMC to exercise significant influence over the issuer's management; and
- plan assets may not be used to provide loans or other credit of any kind, nor may plan assets be used to obtain financial loans or credits to the supplementary pension management company responsible for managing those plan assets.

Supplementary pension management companies must have sufficient financial liquidity (see section on Protection of rights, Financial and technical requirements / reporting).

Plan assets must be kept by a custodian.

Acquisition and maintenance of rights

Waiting period

Supplementary pension plans: There is no waiting period for membership.

Vesting rules

Supplementary pension plans: Employee and employer contributions vest immediately.

Preservation, portability, transferability

Supplementary pension plans: The participants may switch from one contributory supplementary pension fund to another contributory supplementary pension fund managed by the same SPMC or to fund managed by a different SPMC (on the basis of a written application). The participant´s contract may terminate only for reasons provided by law (e.g. when a lump-sum settlement under the law is paid, the value of the personal account is zero for a period of two years). There is also a possibility to request an early withdrawal (see section on Retirement benefits, Benefit structure/formula).

Retirement benefits

Benefit qualifying conditions

Supplementary pension plans: Benefits are payable from retirement age or age 55 in the case of employees working as performing artists such as dancers and for employees working in occupations harmful to health (supplementary service pension).

With regards to the supplementary retirement pension there is no condition of minimum contribution period. To be eligible for a supplementary service pension the members are required to have at least ten years of contributions.

Benefit structure / formula

Supplementary pension plans: Defined contribution (unprotected) pension scheme.

The supplementary pension management companies must provide at least the following kinds of benefits:

- a supplementary retirement pension (in the form of annuity or temporary pension);
- a supplementary service pension for employees who worked as performing artists such as dancers or those working in occupations harmful to health (in the form of annuity or temporary pension);
- a lump sum of a part of the accumulated capital upon written request of the retiree or in a limited number of special circumstances;
- an early withdrawal (upon written request and under the condition that the participants are not eligible for the payment of supplementary pension).

There are no legal requirements to purchase an annuity, but the law allows annuitization of individual pension savings.

Benefit adjustment

Supplementary pension plans: There are no legal requirements.

Benefits are not usually indexed.

Survivors

Supplementary pension plans: There are no legal requirements except that a lump sum equal to 100 per cent of the balance of the deceased member's or beneficiary's account is paid to persons nominated by the member or beneficiary.

Disability

Supplementary pension plans: There are no legal requirements concerning disability benefits except that plan members who become disabled receive 100 per cent of their accumulated capital as a lump sum if they made a request.
Pension plans: Plan assets are managed by the supplementary pension management company which is completely separate from the sponsoring employer. The assets are furthermore held by a custodian separately from the assets of both the employer and the pension management company.


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

Supplementary pension plans: Supplementary pension management companies must hold fund assets separate from their own assets.

Fund assets must be kept by a custodian.

Financial and Technical Requirements / Reporting

Supplementary pension plans: Supplementary pension management companies must have sufficient financial liquidity. The initial capital shall be at least EUR 1,650,000. The supplementary pension management companies are required to maintain capital adequacy. The own funds are adequate if they are not lower than:

- the sum of €1,650,000 and 0.05% of the asset value of its supplementary pension funds exceeding €165,000,000; this sum shall not be increased above €16,500,000; and

- 25% of the general operating expenses of the supplementary pension management company for the previous calendar year or, if the company has been part of the supplementary pension scheme for less than one year, 25% of the general operating expenses stated in its business-financial plan.

Supplementary pension management companies must publish on their websites a key information document for the supplementary pension fund, the rules of supplementary pension funds, the statutes of the company, up-to-date information about the shareholders, the net asset value of supplementary pension funds, annual financial statements including a balance sheet and other information concerning the financial and economic situation of the company, the reports on developments in the investment of the assets of the pension funds, a remuneration policy, information about outsourcing of functions and a statement of investment policy.

The supplementary pension management companies must submit the following documents to the National Bank of Slovakia (NBS):

- a detailed report on the purchase and sale of assets;
- information about expenses and fees;
- information about the remuneration of members of the management board and members of the supervisory board and
- a list of members and beneficiaries.

Financial statements must be audited by an independent auditor.

In addition, supplementary pension management companies must provide all necessary information and explanations concerning their activities at the request of the supervisory authority.

Whistleblowing

Supplementary pension plans: With effect from January 2018, an employee responsible for the performance of key function is obliged to inform the Board of Directors and the Board of Supervisors without undue delay if he or she finds a risk of non-compliance or a breach of legal requirements. He or she is obliged to inform the supervisory authority if there is no action from the Board of Directors or the Board of Supervisors.

Standards for service providers

Supplementary pension plans: Custodians must be a bank or a foreign bank branch authorised to perform non-core investment services involving the safe custody or management of financial instruments and which is not in receivership.

Auditors must be members of the Slovak Chamber of Auditors.

Fees

Supplementary pension plans: Supplementary pension management companies may charge the following types of fees:

- a management fee;
- a switching fee for switching between supplementary pension management companies;
- payment performance fee.

The switching fee may be charged to a participant for switching to another supplementary pension management company within one year after entering into the participant agreement and must not exceed 5 per cent of the member's account. Thereafter, the supplementary pension management company may not charge any fee for switching.

The performance fee may be charged up to 10% of the yield if the amount of pension fund calculated on each working day is positive.

For managing a supplementary pension fund, in 2018 the maximum fee is 1,40% of the average annual net value of assets in the contributory supplementary pension fund and 0,70% in the distribution supplementary pension fund (the maximum fees will decrease in next years to reach 1,20% and 0,60% in 2020).

Winding up / Merger and acquisition

Supplementary pension plans: Dissolution of a supplementary pension management company without liquidation is only allowed for the purpose of merging with another supplementary pension management company.

A supplementary pension management company is wound up by a decision of the shareholders (i.e. at a general meeting), subject to the approval of the National Bank of Slovakia (NBS), or after a decision of the NBS to revoke the licence of the company.

Before revoking the licence of a supplementary pension management company, the NBS must transfer the fund assets to another supplementary pension management company.

Bankruptcy: Insolvency Insurance / Compensation Fund

Supplementary pension plans: There are no legal requirements for supplementary pension management companies to be insured against losses and no compensation fund exists.

Disclosure of information / Individual action

Supplementary pension plans: Scheme members must be provided with information about their accumulated capital at least once a year (with effect from January 2018 the members will be provided with the pension benefit statement including pension projections). Supplementary pension management companies must publish on their websites a key information document for the supplementary pension fund, the rules of supplementary pension funds, the statutes of the company, up-to-date information about the shareholders, the net asset value of supplementary pension funds, annual financial statements including a balance sheet and other information concerning the financial and economic situation of the company, the reports on developments in the investment of the assets of the pension funds, a remuneration policy, information about outsourcing of functions and a statement of investment policy.

Scheme members must, upon request, be provided with the annual report on the financial and economic situation of the supplementary pension management company, including the balance sheet.

The National Bank of Slovakia (NBS) receives complaints and makes efforts to resolve disputes.

Other measures

Supplementary pension plans: There are no legal requirements.

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Taxation of employee contributions

Supplementary pension plans: Contributions are tax-deductible up to EUR 180 a year.

Taxation of employer contributions

Supplementary pension plans: Contributions are tax-deductible up to 6 per cent of the member's salary.

Taxation of investment income

Supplementary pension plans: Returns on investment are taxed upon withdrawal for supplementary pension plans.

Taxation of benefits

Supplementary pension plans:
Upon withdrawals from supplementary pension plans, only the part of the assets originated from returns on investment is taxed at 19%. The other part (originated from contributions) is tax-free.

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
Slovak Republic

Tel.: (+421 2) 5787 1111
Fax: (+421 2) 5787 1100

Internet: http://www.nbs.sk

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