Pension FAQs
All about pension
Pillar II pension
Savings in the second pillar are additional to the standard pension insurance. If you have contributed during your working life, either directly through your contributions or through your employer’s contributions, you will receive an additional pension. This pension does not come under the remit of the Social Insurance Institution.
General partner
When am I entitled to a pension from the second pillar?
Your second pillar pension will be paid if:
- Have you saved in a second pillar during your working life: Saving into the second pillar was not compulsory, but from 1 May 2023 it is compulsory for all people over 40.
- You have reached retirement age, are entitled to an early retirement pension, or are receiving a widow’s/widower’s or orphan’s pension: for each of these pensions, saving in the second pillar pays a part of the amount saved each month in addition to the standard pension (Pillar I).
How much will my pension be and how long will I receive it?
The amount of your Pillar II pension will depend both on the amount you have contributed and the method of payment you have chosen. You can calculate your average monthly pension in the pension calculator.
The Social Insurance Office will inform you about your options and the amount of your pension in the form of an offer letterfrom which you can choose the option that suits you best.
There are 3 options to choose from:
- Lifetime pension: it is paid until your death, and any remaining savings can be inherited by your survivors after your death. It is often possible to take a progressive increase in your pension, which helps cover rising costs.
- Temporary pension: The amount saved is paid to the pensioner over a pre-agreed period (5, 7 or 10 years).
- Program selection: With this option, you choose how much you want to receive each month from Pillar II. The only condition is that you have to be pensionable for the rest of your life – so you can choose a maximum amount so that your monthly pension is above the so-called “reference amount”, the average monthly pension in Slovakia.
How do I apply for a Pillar II pension?
1
Apply for a pension from the Social Insurance Institution.
It’s best to book your application in advance, ideally a month before you reach retirement age, using an online booking system.
The status of the claim can be monitored in the Central Information Quotation System (CIPS) by logging into the Social Insurance eServices.
2
The pension management company will issue a certificate of contributions saved.
The Social Security Administration will send a certificate to life insurance companies to submit their pension offers.
3
The social insurance company will send you an offer letter containing pension offers from individual life insurance companies and pension management companies (the offer is valid for 30 days and the amount saved is not valued).
4
You choose from a range of pensions and get in touch with the institution whose offer you have chosen.
5
You sign a Pension Insurance Contract with a life insurance company or a Pension Payment Agreement with a pension management company.
If you don’t choose from the pension offer within 30 days, you can choose at any time later – just start the process again and get the current offer.
Attention!
Use of the scheme through a social insurance company or pension management company is compulsory and free of charge for each saver applying for a Pillar II pension.
For more information please visit:
Information and Advisory Centre of the Social Insurance Institution – https://www.socpoist.sk/kontakty/
https://www.socpoist.sk/zivotne-situacie/dochodok/ako-poziadat-o-dochodok-z-ii-piliera
