The PEPP is a product aimed at complementing the third pillar of the Polish pension system, i.e. voluntary saving for old age. Parliament passed the law allowing it to operate in mid-August.
It is exempt from the so-called Belka tax, has lower fees and relies on global ETF portfolios managed by Finax.
There will be a “European retirement” in Poland You can pay three times the average monthly salary, i.e. a maximum of PLN 21,312 in 2023. The limit relates to the exemption of investments under the PEPP from capital gains tax. Of course, as long as the investor does not withdraw funds prematurely, this is also mentioned.
The new product is subject to ongoing supervision from national regulators and the European Insurance and Occupational Pensions Authority (EIOPA). The maximum fee is set at 1%. Value of assets managed annually. In the case of the product offered by Finax, it is 0.72%. (0.6% for FINAX + VAT).
See also: Poles will be able to receive pensions in euros. The government is preparing a new law
The portfolio automatically invests in global ETFs denominated in euros, but deposits and withdrawals to PEPP are also possible in PLN.
– About one million Poles save in individual retirement products in Poland. This is still certainly not enough. The introduction of PEPP may change this. We hope that this product will not only complement the existing retirement products in Poland, but will also become an ideal product to start the investment adventure in Kowalski and Kowalska.. It combines the features of Finax’s global passive portfolios, based on increasingly popular ETFs, with exceptionally low and transparent fees and no Belka tax, said Przemyslaw Barankiewicz, head of Finax’s Polish branch.
Roboradca Finax was founded in Bratislava in 2017, and since 2018 it has been operating on the Slovak market as a brokerage house regulated by the Slovak National Bank. Since April 2022, Finax has been operating in Poland as a subsidiary, under the supervision of the Polish Financial Supervision Authority. In October 2023, assets 10,000 PLN. Polish customers exceeded PLN 330 million.
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