Pension Savings in Pillar 2 with Allianz SDSS

• You do not have to pay any extra money – a portion of the pension insurance contributions that you pay anyway as a social security contribution to the Social Security Agency is allocated to your personal pension account. Therefore, Pillar 2 is the only saving for which you do not have to pay anything from your own pocket.
• Pension savings are your private property and the whole sum saved is subject to intestate succession. Thus, your savings will never forfeit but, instead, will be used by you or your relatives.
• The sum saved may be paid out in cash as well – if you meet certain conditions upon reaching the retirement age, you can have the whole sum saved to be paid out in cash as a one-off payment.
• The state makes saving payments on your behalf while you are on maternity leave, so money flows to your personal pension account at all times.

• A portion of the pension insurance contributions, which you otherwise pay to the state (the Social Security Agency), is allocated to Pillar 2.
• 4 % of the pension insurance, which forms 18 % of the gross salary, is allocated to Pillar 2.

• Each saver has their own personal pension account in the pension management company that registers their savings.
• The savings in Pillar 2 increase in value in pension funds.
• Allianz SDSS manages two funds: PROGRES (a non-guaranteed index fund) and GARANT (a guaranteed bond fund).

After the saver reaches the retirement age they shall agree the method of payment of their lifetime or temporary pension with the pension management company or the commercial insurer.

The pension is paid from two sources (Pillar 1 and Pillar 2) and may be higher than the pension paid from Pillar 1 only. You do not have to rely on the state pension only, the future value of which is disputable.

If the pension from Pillar 1 reaches a certain value prescribed by law, the whole amount saved in Pillar 2 may be paid out in cash as a one-off payment.

Pillar 2 may be used by anyone who has not reached 40 years of age yet, already worked and paid supplementary pension contributions to the Social Insurance Agency. They can include:

• employees on behalf of whom pension insurance contributions were paid by their employer,
• part-time job students on behalf of whom pension insurance contributions were paid,
• private payers who pay pension insurance contributions voluntarily by themselves (voluntarily unemployed, etc.).

There are special professions that do not participate in the pension system through the Social Insurance Agency (policemen, firemen, soldiers). These clients can join Pillar 2 if they register with the Social Insurance Agency as private payers and voluntarily paid pension contributions at least once.

You can conclude a subscription contract for Pillar 2 with Allianz SDSS at any Tatra banka branch.