If you want to eat caviar, not buckwheat, in retirement, it is worth understanding how the pension system works now to plan for a comfortable old age in advance. In Slovakia, the pension system has three main levels – I, II, and III pilier, each with its own features. Many people start thinking about retirement too late, when there is little time left to prepare, and they have to put in much more effort to ensure a decent life for themselves. We will explain how the system is set up, how much you can receive, and what you should do today to not worry about the future.
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How does the Slovak pension system work?
In Slovakia, the pension system is built on three levels, or "pillars" (pilier), which together form your future pension. Each has its own rules, features, and opportunities. Therefore, we recommend studying this issue carefully, consulting with an accountant or insurance specialist, so as not to be left with minimal payments in old age. It is worth understanding each level and starting to plan now.
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I pilier: Mandatory Pension Insurance (Dôchodkové poistenie)
This is the foundation of the pension system, similar to the Ukrainian one. Everyone who officially works in Slovakia pays contributions to the social insurance agency (Sociálna poisťovňa) – you pay part, and your employer pays part. The amount of your pension depends on your earnings and length of service (the number of years you paid contributions). As a foreigner, you can claim a pension if you have officially worked in Slovakia for a sufficient period. For example, in 2025, the minimum guaranteed pension is:
€397.30 for those with 30 years of insurance record.
€467.20 for those who have worked for 40 years.
If your average salary was €1500 and you worked for 40 years, your pension from the I pilier will be approximately €600–€650 per month. But, believe us, this may not be enough for a comfortable life in Slovakia – you will have to save on everything. So, it is worth thinking about additional savings.
II pilier: Private Pension Savings (Starobné dôchodkové sporenie)
This is a savings system that allows you to create your own "pension piggy bank." Since May 1, 2023, participation in the II pilier has become mandatory for those under 40 who are starting their first job in Slovakia. If you are over 40, you can join voluntarily. How does it work? You decide how much to save (the law sets a certain percentage of your salary, for example, 4% in 2025, but you can increase the amount if you wish). These funds are not just kept in an account – they are transferred to private pension companies called Dôchodkové správcovské spoločnosti (DDS), for example,
