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Supplementary pension scheme (third pillar)

In the Slovak pension system, the supplementary pension scheme (third pillar) is:

  • a voluntary scheme (although enrolment is compulsory for people working in certain hazardous occupations);
  • a defined contribution scheme based on the collection of contributions from participants and employers;
  • a funded scheme whose purpose is to earn returns on the contributions paid into the scheme and then pay participants supplementary pension benefits in old age.

The supplementary pension scheme’s organisation, funding and supervision is governed by the Supplementary Pension Scheme Act.

Supervision – aims, main functions and activities

The third pillar of the Slovak pension system is supervised by Národná banka Slovenska (NBS) in accordance with the Supplementary Pension Scheme Act and the Financial Market Supervision Act.

The purpose of financial market supervision is to contribute to the stability of the financial market as a whole and to the secure and sound functioning of the financial market, with the aim of ensuring financial market credibility, the protection of financial consumers and other financial market customers, and compliance with competition rules.

The main purpose of third-pillar supervision is to monitor the compliance of supplementary pension management companies (SPMCs) with prudential rules and capital adequacy rules, and to monitor the SPMC-managed third-pillar pension funds guaranteeing primarily the safety of the savings of participants and beneficiaries and the protection of participants’ rights and legally protected interests. Národná banka Slovenska supports the sound development of the third pillar, including a competitive environment within it. At the same time, NBS helps to strengthen public confidence in the pension system and seeks to prevent risks arising in the system.

Off-site supervision One way in which NBS collects and evaluates information and documentation concerning supervised entities, their activities, and other natural or legal persons whose position, transactions or other activity are related to the entities is through off-site supervision, involving mainly the collection and evaluation of information and documentation submitted to NBS at its written request and information reported to NBS by the entities in compliance with their reporting obligations.

On-site supervision NBS also collects information and documentation concerning supervised entities, their activities, and other persons whose position, transactions or other activity are related to the entities through on-site supervision, involving the collection of information and documentation from on-site inspections and directly from employees of the entities, as well as the evaluation of the information and documentation so acquired.

Národná banka Slovenska cooperates in the development of financial market regulation and maintains regular dialogue with the different interested parties.

Summaries of the results of NBS on-site inspections conducted at supervised entities can be found here.

Cross-border activities

Information and notices


Last updated on 20 Jan 2023