1. What are the current developments in the regulatory field and the multi-pillar pensions system?
Slovenia is now in the process of implementing what was put into law several years ago – life cycles. Practically all the pension providers managed to get their pension plans approved and we’ll start the life cycle from 1st January 2016 onwards.
2. What is Slovenia doing differently when it comes to EU regulatory compliance?
Due to the legal framework in Slovenia, pension providers can either be pension or insurance companies or banks. However, from 1st January 2016 onwards there will be a big difference between them – pension companies will still be able to follow the Solvency I system, whereas insurance companies that also offer pension will have to follow Solvency II. And capital requirements are significantly different between them – and this will have a large impact on business.
3. If you could improve one thing about Slovenian pension funds by a wave of a magic wand, what would it be?
To unify the system – we currently have different types of pension funds providers that are supervised by different regulators with differing views – hence this adds confusion into the system.