Bratislava-based wealthtech Finax has become the first company to receive a license to offer a pan-European Personal Pension Product (PEPP) to clients in Slovakia.
The PEPP is a portable, voluntary personal pension scheme regulated by the European Insurance and Occupational Pensions Authority (EIOPA) that is open to all European Union (EU) residents.
PEPPs are not tied to employment or place of work and clients can transfer their pension to other EU countries. The maximum fee is 1% of the assets under management per annum.
Finax, a Slovak investment management platform, became the first licensed by the EIOPA to provide this product in September 2022 after the country adopted the necessary legislation earlier in the year.
Founded in 2018, Finax also operates in the Polish, Croatian, Czech and Hungarian markets and claims to manage €350 million in assets for 40,000 clients.
“Starting today, Slovaks are the first in Europe who can increase their pension savings through the new European pension product. We have something to be proud of – a promising Slovak company that succeeded in bringing PEPP into practice and appreciating citizens’ money in a safe way,”
said Milan Krajniak, Minister of Labour, Social Affairs and Family of the Slovak Republic.
“We seek to offer PEPP primarily to multinational companies and young people with job mobility across the EU. Thanks to the associated tax and levy incentives, PEPP will become our key product in several countries, also helping us to settle in new markets”,
said Juraj Hrbatý, CEO of Finax.
