Dekáda poistenia v starobe na Slovensku ako členskej krajine Európskej únie
Ten years of pension insurance in Slovakia as an EU member state

Summary/Abstract: The author describes the inception, development and prospects of the pension system in Slovakia. It goes on to analyse in greater detail the design and changes to the parameters of the pay-as-you-go pillar and capitalfunded pillar in the period following Slovakia's accession to the EU in 2004. It was in that year that Act No. 461/2003, on social insurance, took effect. This act was fully based on the insurance premiums principle, with defined insurance premium tariffs and the related benefits. From the following year onwards, Act No. 43/2004, on old-age pension saving, gave part of the population the chance to participate in the capital-funded system of saving for retirement. After the entitlement to pension benefits is established, mandatory payments of insurance premiums (in a portion of the population - i.e. 1.5 million people - divided into the pay-as-you-go and capital-funded pillars) are factored into old-age pensions. Participants in the capital-funded pillar have lower benefits from the pay-as-you-go pillar proportionate to the reduced payments of premiums into this pillar. If private management companies pursue a good investment policy, the amount of the pension may be higher than if the pension was derived solely from the pay-as-you-go pillar. Fine-tuning of the system over the past ten years has brought a lot of changes, both minor and more fundamental. The most significant changes - the definition of the mechanism for increasing the retirement age and the reduction of the importance of the capital-funded pillar - were effected in 2012

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