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Savings and Pension in Slovakia

There is a three-pillar pension system in Slovakia. The first pillar –  the solidarity system of compulsory pension insurance, the second – a funded system of compulsory pension insurance, and the third level – the voluntary private pension insurance.

Countries without the three-pillar system use most often simple one-pillar system that was used in Slovakia as well till the reforms in 2002-2006. According to one-pillar system, pensions are paid to current retirees from the deductions of current employees. Nevertheless, all developed countries face the demographic challenge: nowadays one retiree is provided by approximately 2-3 employees, but in near future it would change to 1 employee for 2 retirees, which performs instability of such system.

Three-pillar system operates in Slovakia in a following way: the total amount of deductions (18% of salary) 9% goes into the general fund from which deductions are paid to current retirees. The same amount (9% from salary) is accumulated on the employee fund that he will receive after retirement. It is important to note that employee is already the owner of his/her accumulated money and in case of premature death the funds of the second pension pillar will be the subject of inheritance.

It is considered that the person who started saving money in a three-pillar system will receive only fixed minimum pension from the first pillar, while pension from the second pillar will depend on the amounts that were paid while being employed.

The third pillar – voluntary insurance became less attractive after the changes in late 2010. Previously it was possible to include voluntary deductions up to a certain level to the costs, which reduces taxable income.

There is a fourth level of pension insurance as well, which is widely distributed and well-known throughout the world and is used especially by people planning to receive a high pension in future: monthly fees to the insurance company, which invests these money and over some time returns back with earned income.

We are happy to assist you with choosing the most suitable insurance system in Slovakia to achieve adequate pension. E-mail us to (at) and we will advise what is the most suitable for you.

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