It is administered by pension fund management companies (PFMCs) (Slovak: dôchodkové správcovské spoločnosti, DSS).
Upon entering the 2nd pillar, the mandatory pension insurance contributions, which total 18%, are split into two parts as prescribed by law.
The old-age pension scheme consists of two main phases:[9] According to the financial register of the National Bank of Slovakia (NBS), as of April 2024, five pension fund management companies operate in Slovakia: Allianz - Slovenská dôchodková správcovská spoločnosť, a.s.; KOOPERATIVA dôchodková správcovská spoločnosť, a.s. (abbreviated as KOOPERATIVA, d.s.s., a.s.); NN dôchodková správcovská spoločnosť, a.s.; UNIQA d.s.s., a.s.; and VÚB Generali dôchodková správcovská spoločnosť, a.s.[10] The supplementary pension scheme, known as the "3rd pillar," is a voluntary system in which the financial assets of participants are managed by supplementary pension companies.
Participants can invest these contributions into one or more funds offered by the chosen supplementary pension company.
According to the financial register of the National Bank of Slovakia (NBS), as of April 2024, four supplementary pension companies operate in Slovakia: Doplnková dôchodková spoločnosť Tatra banky, a.s.; NN Tatry - Sympatia, d.d.s., a.s.; STABILITA, d.d.s., a.s.; and UNIQA d.d.s., a.s.[13] The Pan-European Personal Pension Product (PEPP) is a transferable, voluntary, EU-wide personal investment product with a long-term pension focus that incorporates ESG factors in its investments.