Act No. 426 / 2011 Coll.

Pension Savings Act

Valid Law Effective from 01.01.2013
Text versions: 01.07.2017 01.01.2016 01.07.2015 19.08.2013 01.01.2013 All versions (7)
Contents
ČÁST PRVNÍ § 1 § 2 § 3 ČÁST DRUHÁ § 4 § 5 § 6 § 7 § 8 § 9 § 9a § 10 § 11 § 12 ČÁST TŘETÍ HLAVA I § 13 § 15 § 16 HLAVA II Díl 1 § 17 § 18 § 19 § 20 § 21 § 22 Díl 2 § 23 § 24 ČÁST ČTVRTÁ § 25 § 26 § 27 § 28 § 29 § 31 § 32 § 33 § 34 § 35 § 37 ČÁST PÁTÁ § 38 § 39 § 40 § 41 ČÁST ŠESTÁ HLAVA I § 42 § 43 § 44 HLAVA II § 45 HLAVA III § 46 § 47 § 48 § 49 § 50 § 51 § 52 § 53 § 54 § 55 § 56 § 57 HLAVA IV § 58 § 59 § 60 § 61 § 62 HLAVA V § 63 § 64 § 65 § 66 § 67 HLAVA VI § 68 § 69 ČÁST SEDMÁ HLAVA I Díl 1 § 70 § 71 Díl 2 § 72 § 73 § 74 ČÁST OSMÁ HLAVA I Díl 1 § 75 Díl 2 § 76 § 77 Díl 3 § 78 HLAVA II Díl 1 § 79 § 80 § 81 Díl 2 § 82 § 83 § 84 Díl 3 § 85 § 86 HLAVA III § 87 § 88 § 89 HLAVA IV § 90 ČÁST DEVÁTÁ § 91 § 92 § 93 ČÁST DESÁTÁ HLAVA I § 94 HLAVA II § 95 § 96 § 97 § 98 § 99 ČÁST JEDENÁCTÁ § 100 § 101 § 102 § 103 § 104 § 105 ČÁST DVANÁCTÁ § 106 § 107 § 108 § 109 § 110 § 111 ČÁST TŘINÁCTÁ § 112
426
THE LAW
of 6 November 2011
on pension savings
Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

GENERAL PROVISIONS
§ 1
Basic provisions
(1) This law regulates pension savings with a pension company, rights and obligations arising from pension savings, pension savings rights, insurance of pensions with insurance companies and supervision.
(2) Pension savings are the collection and placement of the funds of the pension savings participant ("the participant ') into pension funds managed by the pension company and the transfer of funds of the participant.
(3) Rights and obligations arising from pension savings must not conflict with the principles of equal treatment (1).
§ 2
(1) The participant is only a natural person who has a pension savings agreement with the pension company registered in the Central Register of Contracts pursuant to § 6.
(2) For the purposes of pension insurance under this Act, the participant is designated by the person who has ceased to participate in the pension savings scheme pursuant to § 5 (b).
§ 3
Definition of terms
For the purposes of this Act:
(a) basic pension insurance for pension insurance provided for by the Pension Insurance Act;
(b) by an employer, a natural or legal person, an organisational body of the State, a service office and other bodies which are considered as employers for the purposes of basic pension insurance;
(c) the funds of a participant in the part of the income of the premium to the participant transferred to the account for the receipt of insurance payments, the transfer of the participant's funds and the execution of the payments referred to in Article 13 in the event of non-payment of the pension fund account and its appreciation and impairment;
(d) saving strategies for the method of allocating funds to a participant in pension funds;
(e) a leading person a member of a statutory body, a statutory body, an executive director or a person who otherwise effectively manages the activities of a pension company;
(f) a Member State of the European Union or another State which is a Contracting Party to the Agreement on the European Economic Area,
(g) another Member State, a Member State other than the Czech Republic;
(h) regulated by the Bank
1. bank located in the Czech Republic,
2. a foreign bank located in another Member State;
3. a foreign bank with its head office in a State which is not a Member State and which requires compliance with the prudential rules which the Czech National Bank considers to be equivalent to the prudential rules under European Union law;
(i) a financial derivative
1. options, futures, swaps, forwards, and other instruments the value of which relates to the rate or value of securities, foreign exchange rates, interest rates or interest rates, as well as to other derivatives, financial indices or financial quantitatively expressed indicators and which give rise to the right to settlement in cash or to the right to supply the assets to which they relate;
2. instruments enabling the transfer of credit risk;
3. financial differences,
(j) investment security on the capital market,
1. shares or similar securities representing an interest in a company or other legal person;
2. bonds or similar securities representing the right to repayment of the amount due,
3. securities authorising the acquisition or disposal of the investment securities referred to in points 1 and 2;
(k) equity capital, the difference between the value of the assets and the value of the liabilities, the value of the assets being determined as the sum of the fair value of the assets relating to the investment activity and the value of the other assets determined under the Accounting Act; the value of the liabilities is determined as the sum of the fair value of the liabilities related to the investment activity and the value of the other liabilities established under the Accounting Act;
(l) identification details of the person
1. in the case of a legal person, the name, address of the registered office and the identification number of the person, if any,
2. in the case of a natural person, the name, surname, maiden name, birth number or date of birth, if no birth number has been assigned, the address of the place of residence in the Czech Republic or residence outside the Czech Republic,
(m) authorisation to create pension funds by authorisation to create a government bond pension fund, a conservative pension fund, a balanced pension fund and a dynamic pension fund.

ČÁST DRUHÁ

INCOME AND PARTICIPATION IN PENSION
§ 4
Establishment of participation in pension savings
(1) The pension savings agreement obliges the pension company to collect and manage the funds of a participant in a pension fund or more of those funds under this Act and the agreed savings strategies and to transfer the funds of a participant under the conditions and in the manner laid down by this Act.
(2) The pension savings contract must be concluded in writing and must include participant identification data, pension company identification data and the date of conclusion of the contract.
(3) A pension savings agreement which has been registered in the Central Register of Contracts pursuant to § 6 cannot be withdrawn, terminated or terminated by the pension company or the participant, except in the case of termination of the contract with a view to the transfer of the participant's funds pursuant to § 12. In the event of termination of a participant or agreement, it shall expire on the date of registration of another pension savings contract pursuant to Paragraph 9 (5).
(4) In the event that a pension company or participant withdraws from, denounce or conclude an agreement to terminate the pension contract before the registration of the pension savings contract, the pension company shall immediately notify the administrator of the Central Register of Contracts.
(5) The pension savings agreement can be concluded with only one pension company, with the exception of the transfer of funds from a participant to another pension company under Section 12.
(6) The employer shall not influence the staff member in the selection of the pension company, nor may he accept remuneration, remuneration or non-monetary advantage in connection with the conclusion of a pension savings contract by the employee.
§ 5
Participation in pension savings is no longer possible
(a) the date of death of the participant or, on the date of legal authority, the decision of the court to declare the participant dead (hereinafter referred to as "death"); or
(b) the date of registration of the insurance contract for pension insurance concluded between the participant and the insurance undertaking pursuant to Article 17 in the Central Register of Contracts.
§ 6
Central register of contracts
(1) A Central Register of Contracts is hereby established as a public administration information system. Its administrator is the Specialised Financial Office ("Central Registry Administrator ').
(2) Data on participation are recorded in the Central Register of Contracts
(a) natural persons in pension savings;
(b) pension companies in pension savings; and
(c) pension insurance companies.
(3) The central register of contracts for the purposes of the records referred to in paragraph 2 shall keep the following information to the extent that:
(a) participant identification data;
(b) identification of the pension company;
(c) identification details of the insurance undertaking;
(d) information on the pension savings contract, which is the date of conclusion of the contract and the identification of the pension company;
(e) the date on which the participation in the pension savings takes place;
(f) information on the insurance contract for pension insurance, which is the date of conclusion of the contract, the amount of the inheritance interest insured in the funds of the participant in the case of the insurance contract for the insurance of the orphan's pension and the identification of the insurance undertaking;
(g) the date of registration of the pension insurance contract;
(h) the type of pension paid pursuant to Paragraph 18 (1);
(i) the date on which the basic pension pension is granted;
(j) the date of death of the participant or insured under the pension insurance contract;
(k) information on the termination of the registration of the pension savings agreement pursuant to § 9a.
§ 7
Provision of data from the Central Register of Contracts
(1) The Central Register administrator provides the Czech National Bank with data for the purpose of overseeing pension savings.
(2) The Central Register administrator provides data to the pension company which has concluded a pension savings contract for the performance of its activities under this Act, to the extent that:
(a) participant identification data;
(b) the date on which the participation in the pension savings takes place;
(c) the date on which the basic pension pension is granted,
(d) the date of registration of the pension insurance contract;
(e) identification details of the insurance undertaking that has concluded the insurance contract for the pension insurance and the insurance undertaking's account for the payment of the funds referred to in Article 14;
(f) the amount of the inheritance interest insured in the funds of the participant in the case of registration of an orphan's pension insurance contract;
(g) the date of death of the participant;
(h) the date of registration of another pension savings contract pursuant to Sections 9 and 12;
(i) identification of the pension company which has concluded another contract pursuant to Sections 9 and 12.
(3) The Central Register administrator provides data to the insurance undertaking that has concluded a pension insurance contract for the exercise of its powers under this law to the extent that:
(a) participant identification data;
(b) the identification data of the pension company which has concluded a pension savings contract from which the payment of the funds is to be made pursuant to Paragraph 14;
(c) the date on which the basic pension pension is granted,
(d) the date of death of the insured person under the pension insurance contract;
(e) the date of registration of the insurance contract for pension insurance.
(4) The Central Register administrator shall provide pension companies, for the purpose of fulfilling the obligation under Article 16, upon request, with information as to whether a natural person is a participant in a pension savings scheme. This request shall be submitted electronically, as specified by the Central Registry administrator.
(5) The Central Registry administrator shall provide the data referred to in paragraphs 1 to 4 in a way that allows remote access.
(6) From the data provided under paragraphs 1 to 4, only such data as are necessary to fulfil the task may be used in a particular case.
§ 8
Provision of data to the Central Registry administrator
(1) Social security authorities shall provide the Central Register administrator with the data necessary for the exercise of its competence.
(2) The data referred to in paragraph 1 shall be provided to the Central Registry administrators in a way that allows remote access or by other means upon request.
(3) The pension company shall inform the Central Registry administrator of the account number for the receipt of insurance payments, transfer of the participant's funds and make the payments pursuant to Paragraph 13 if they do not take place from the pension fund account, at the latest on the date of the first application for registration of the pension savings contract.
(4) The pension company shall immediately communicate to the Central Registry administrator the change of the account information referred to in paragraph 3.
§ 9
Registration of pension savings contract
(1) The application for registration of a pension savings contract must be submitted immediately after:
(a) the conclusion of a contract; or
(b) the expiry of the withdrawal period where this contract has been concluded at a distance.
(2) The application for registration of a pension savings contract shall be submitted electronically, as determined by the Central Registry administrator. The application is accompanied by a copy of the pension savings contract.
(3) The Central Register administrator does not notify the parties of the initiation of the proceedings and is not obliged to invite them to comment on the grounds of the decision.
(4) The Central Register administrator shall register a pension savings contract by decision if the natural person who concluded the contract,
(a) meets the conditions laid down in Article 2; and
(b) is not a participant in a pension saving under the registration of another pension saving contract.
(5) If the Central Registry administrator finds, before the registration of a pension savings agreement is granted, that the person who has concluded a pension savings agreement has already become a participant in the pension savings scheme, he shall register the contract if he receives a notification from the pension company
(a) payment of the transfer fee; or
(b) that the transfer fee is not paid.
(6) The administrator of the Central Register in the registration procedure of a pension savings contract does not review the validity of the contract.
(7) There is no appeal against the decisions to which the pension savings agreement was registered.
(8) The date on which the decision to reject the application for registration becomes final shall be the date on which the pension savings contract expires.
(9) The pension savings contract is registered with effect from the first day of the calendar month following the calendar month in which the decision to register the contract became final.
§ 9a
(1) In the event that the court finally decides on the invalidity of the registered pension savings agreement, the registration of the pension savings agreement shall cease from the outset.
(2) The pension company shall immediately inform the actuarial administrator that the court has ruled on the invalidity of the registered pension savings agreement and, at the latest, by the end of the calendar month immediately following the calendar month in which the court's decision on the invalidity of the pension savings agreement became final, shall return to the trustee the part of the premium income attributable to the taxpayer by which the closed pension savings agreement was found to be invalid. The pension company shall transmit a copy to the Central Registry administrator immediately upon receipt of the court's decision on the invalidity of the pension savings contract with the indicated legal authority.
(3) The income of the premium payable to the taxpayer returned to the policyholder is 60% of the income of the state budget and this part of the premium is credited to the taxpayer for the payment of the pension premium. The remaining part of the insurance manager shall be returned to the natural person to whom the closed pension savings agreement has been found invalid within 15 days of receiving the relevant amount from the pension company.
§ 10
Registration of a pension insurance contract
(1) An application for registration of a pension insurance contract must be submitted immediately after:
(a) the conclusion of a contract; or
(b) the expiry of the withdrawal period where this contract has been concluded at a distance.
(2) An application for registration of a pension insurance contract shall be submitted electronically as specified by the Central Registry administrator. The application is accompanied by a copy of the pension insurance contract.
(3) The Central Register administrator does not notify the parties of the initiation of the proceedings and is not obliged to invite them to comment on the grounds of the decision.
(4) The Central Register administrator shall register the old-age pension insurance contract by decision if:
(a) an old-age pension from the basic pension insurance has been granted to a participant in a pension saving scheme; and
(b) the pension savings participant is not insured on the basis of the registration of another pension insurance contract.
(5) The Central Register administrator shall, by decision, register an orphan's pension insurance contract unless the insured person is already insured by virtue of the registration of another orphan's pension insurance contract relating to the same inheritance interest in the funds of the participant who died.
(6) The administrator of the Central Register in the proceedings for registration of a pension insurance contract does not review the validity of the contract.
(7) There is no appeal against the decisions to which the pension insurance contract has been registered.
(8) The date on which the decision to reject the application for registration becomes final shall be the date on which the pension insurance contract expires.
(9) The pension insurance contract shall be registered with effect from the last day of the calendar month in which the decision by which it was registered became final.
§ 11
Savings strategy
The participant in the pension savings contract shall determine the savings strategy that it may change.
§ 12
Transfer of funds of a participant to another pension company
(1) A participant may transfer its funds to another pension company if the pension savings agreement has been terminated or if it has concluded a termination agreement with the pension company and has concluded another pension savings agreement.
(2) The transfer of funds referred to in paragraph 1 may be made conditional on the payment of a fee by the pension company under Paragraph 33.
(3) The pension company shall notify the Central Register administrator that it has been paid a transfer fee or that this fee is not paid. This notification shall be made by the pension company electronically, as determined by the Central Registry administrator, within 5 working days of the date of:
(a) payment of the transfer fee; or
(b) the notification of the termination of the pension savings contract or the conclusion of the termination agreement referred to in paragraph 1, where the transfer fee is not paid.
(4) The pension company shall transfer the funds of the participant to another pension company within 1 month of the date of registration of the next pension savings contract.

ČÁST TŘETÍ

REVENUE FROM PENSION ARRANGEMENTS

HLAVA I

PROCEEDS
§ 13
Save as otherwise provided in this law, the funds of the tenderer shall apply only to:
(a) the payment of one-off pension insurance premiums pursuant to Paragraph 14; or
(b) the reimbursement of 60% of the participant's national budget funds pursuant to Article 15;
(c) reimbursement of the participant's funds in connection with the transfer of pension rights to the pension scheme of the European Communities pursuant to Article 15.
§ 15
Reimbursement of 60% of the participant's national budget funds and reimbursement of all the participant's pension rights funds
(1) If a participant applies for an old-age pension equivalent to a third-degree invalidity pension under the Pension Insurance Act and gives consent to transfer 60% of its funds to the State Budget, the Czech Social Security Administration or the Social Security Authority of the Ministry of Interior, the Ministry of Defence or the Ministry of Justice to decide on the application, the pension company which manages the participant's funds shall invite the participant to transfer the funds to the State Budget. The Czech Social Security Administration or Social Security Authority referred to in the sentence of the first sentence shall attach the first consent of the participant to the transfer of funds in writing and shall notify the pension company of the account intended for the transfer of funds.
(2) The pension company shall transfer the funds of the participant referred to in paragraph 1 to the State budget no later than the end of the calendar month immediately following the calendar month in which the notice referred to in paragraph 1 was received.
(3) The remainder of the participant's funds is to be used in accordance with Paragraph 13 (a).
(4) If a pension savings participant requests the transfer of pension rights to the pension scheme of the European Communities or to their institutions pursuant to Section 105a of the Pension Insurance Act, the pension company is obliged to notify the Czech Social Security Administration, on the basis of its written request, within 5 working days of receipt of the participant's funds.
(5) If the Czech Social Security Administration notifies the pension company in writing that the pension savings participant agrees to the transfer of its pension rights, the pension company shall transfer the participant's funds no later than 1 month after receipt of this communication to the account the Czech Social Security Administration indicated in its written communication. More detailed conditions for the transfer of the participant's funds in connection with the transfer of pension rights shall be laid down by the Government by regulation.
§ 16
Deaths of the participant in savings period
(1) In the event of the participant's death in the life of the pension savings contract, the funds of the participant are the subject of a succession.
(2) If the heir is a natural person who, at the date of death of the participant, has not reached 18 years of age (hereinafter referred to as "the minor '), the funds of the participant corresponding to the inheritance of the minor shall be used to cover one-off insurance premiums for the orphan's pension provided for in Article 18 (1) (d). The legal representative, or the court-appointed guardian of a minor, shall be required to conclude, within 1 month of the date of the acquisition of legal power, a decision by the court on the inheritance for which it was intended to determine his or her inheritance interest in the funds of the participant and to document the registration of that contract within 15 days of the date of receipt of the decision on his or her registration by the court which decided on the succession. Paragraph 14 (3) shall apply mutatis mutandis to the transfer of the funds of a participant corresponding to the inheritance of a minor as payment of one-off insurance premiums for orphan's pension insurance.
(3) If the heir is a natural person who, on the date of death of a participant over 18 years of age and who is at that date a participant in a retirement pension scheme or at the latest on the date of the acquisition of the legal authority of a court of inheritance, whose object was to determine the inheritance interest in the pension fund of the participant, the pension company shall transfer the funds corresponding to that of the spouse in accordance with the decision of the court of succession which acquired legal authority to the personal pension account of the heir to the pensioner within 1 month of the date on which the heir has requested it in writing.
(4) If the heir is a natural person who is no more than 18 years of age on the date of death of the participant and who is not a participant in the pension scheme at that date and who is not a party to the pension scheme by the date of the acquisition of legal power by the court of the succession decision, the pension company shall, within 1 month of the date on which the heir has requested it in writing, pay the funds corresponding to that of the participant in accordance with the decision of the court of succession.
(5) A pension company shall, for the purpose of fulfilling its obligations under paragraphs 3 and 4, verify with the Central Register administrator whether the heir is a participant in the pension savings scheme.

HLAVA II

INSURANCE OF PENSION

Díl 1

Insurance contract for pension insurance
§ 17
Conclusion of the pension insurance contract
(1) The insurance contract for pension insurance can only be concluded by an insurance company which, under the Insurance Act, is entitled to carry out life insurance in the Czech Republic according to the insurance sector covering the length of life covered by the social insurance legislation, provided that the law allows its implementation by the insurance company on its own account 2).
(2) The insurance undertaking referred to in paragraph 1 may not refuse to conclude a pension insurance contract with a pension savings participant who has been entitled to cover one-off pension insurance premiums under Paragraph 14.
(3) A pension insurance contract must be concluded in writing. This contract is governed solely by Czech law.
(4) The insurance contract for pension insurance, which was registered in the Central Register of Contracts, cannot be withdrawn, terminated or terminated by the insurance undertaking or the policy holder.
(5) The insurance conditions which they contain, other than those laid down in the law governing the insurance contract, are an integral part of the pension insurance contract, as well as the rules for the calculation of the pension and the death tables used by the insurance undertaking for the calculation of the pension, and an explanation of the parameters entering into that calculation. The insurance company will, upon request, provide the Czech National Bank with an explanation of the death tables used.
(6) Insurance insurance is excluded from the insurance intermediation activity under the law governing insurance intermediation. This insurance shall be prohibited.
§ 18
Types of pensions
(1) A pension insurance contract shall give rise to entitlement to:
(a) retirement pension,
(b) an old-age pension with an agreed payment of a survivor's pension for a period of 3 years;
(c) a retirement pension for a period of 20 years; or
(d) orphan's pension for a period of 5 years.
(2) The pension referred to in paragraph 1 shall be paid in regular monthly cash instalments for life or for a specified period, within the agreed period, not earlier than the first day of the calendar month immediately following the date on which the 15 days following the date of the transfer of the funds referred to in Article 14 (3) expire. The pension paid shall be increased in the manner and under the conditions laid down in the implementing legislation, on 1 April of the calendar year for pensions whose payment began no later than 31 December of the immediately preceding calendar year in which the pension is to be increased. The change in the method or conditions referred to in the second sentence shall be valid for contracts concluded on or after the date of entry into force of the amendment.
(3) In the event that the beneficiary is entitled to a pension pursuant to § 19, where the sum of the monthly payments on a regular basis does not exceed CZK 1 000 per calendar year, the pension shall be paid in one lump sum. The amount indicated in the first sentence shall be increased by the growth rate of the aggregate consumer price index for households in total each time this index increases by more than 10 percentage points compared to the year in which the last increase in pensions took place, for the first time compared to the year in which this law takes effect. The amount thus adjusted shall be published by the Ministry of Finance in the Financial Rapporteur. In the case of a lump-sum pension as referred to in the first sentence, the insurance undertaking shall be entitled only to cover the costs incurred in payment of the service.
(4) The pension referred to in paragraph 1 shall be paid by the insurance undertaking within the time limits and in the manner laid down in the insurance contract for the pension and the insurance conditions or agreed with the beneficiary of the pension.
(5) If the pension referred to in paragraph 1 is paid abroad, the insurance undertaking may claim payment equivalent to the cost of its payment. This is not the case if it comes to the payment of a pension in another Member State or another State with which the Czech Republic has concluded a bilateral social security contract. The remuneration is deducted from the pension paid.
§ 19
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Regulation Information

CitationAct No. 426 / 2011 Coll., on Pension Savings
Regulation TypeLaw
Author-
CollectionCode of Laws
Date of Promulgation28.12.2011
Effective from01.01.2013
Effective until-
Status Valid
Legal Areas: Banking, Money Securities Taxes Social security benefits Finance Financial control Economic (State) Civil law Civil law substantive Commercial law Commercial companies Businessman, Company Social security law Proceedings in social security matters Budget Administrative offences Administrative law State (official) control Accounting Constitutional (state) law Old age insurance, Old age pension Fundamental human rights
The regulation text is for informational purposes only.

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