The Polish Development Fund (PFR) has registered financial institutions as a PPK operators. Thanks to this companies can offer their PPK products to entrepreneurs. The PFR granted consent to: TFI PZU, Axa TFI and Aegon PTE.
On 1 January 2019 the Act on Employee Capital Pension Plan (PPK) entered into force. The new program will be another pension assistance saving plan launched to ensure financial security.
Under the new system, employers will contribute the equivalent of at least 1.5 percent of employees’ gross wages to individual retirement savings accounts every month. Employees will in most cases be required to contribute no less than 2 percent of their gross monthly wages, and the government will make a supplementary contribution of PLN 240 every year, in addition to a one-off welcome payment of PLN 250.
The Act has a six-month vacatio legis, then roll-out implementation will take place across the corporate sector and be fully up and running nationwide by 1 January 2021. PPK will encompass up to 11.5 mln employees.
