(source: Sme)
Slovakia has become the first EU country to launch a new pan-European pension product, Labour Minister Milan Krajniak (Sme Rodina) has announced.
Speaking about the implementation of the pan-European personal pension product (PEPP), legislation for which was approved in parliament this spring, the minister said: "We have the first, second and third pillar of pension savings in Slovakia. Today we are announcing a product especially for younger people who expect to work in EU countries, but not only for them.. This is like a fourth pillar of saving for retirement."
The labour minister announced the implementation of PEPP in Slovakia at a press conference with the Finax financial institution, which provides PEPP.
PEPP is a new EU-wide voluntary personal pension scheme offering an additional option to save for retirement, according to the National Bank of Slovakia (NBS), and is a complementary product to state-based and occupational pensions.
