questions from employers
Employee Capital Plan (PPK) – questions from employers
All employees aged 18 or over but under 55 are automatically enrolled in PPK, unless they submit an opt-out declaration to their employer. The employer concludes a PPK administration agreement on the employee’s behalf no sooner than 14 days after the start of employment and no later than the 10th day of the month following the completion of 3 months of employment*.
For employees aged 55 or over but under 70, participation in PPK is voluntary and the agreement is concluded only upon their request (the enrolment is voluntary). The employer is required to inform them of this option. Employees who are 70 or older cannot be enrolled in PPK.
* In accordance with the amended PPK Act, effective from 4 June 2022.
The employer concludes a PPK administration agreement for and on behalf of the employee aged 55 years or older but under 70 upon the employee’s request. The employer is obliged to inform the employee of this possibility. Since 4 June 2022, following an amendment to the PPK Act, the requirement of three months of service with the employer has been removed. The PPK administration agreement can be concluded on behalf of the employee after 14 days of employment.
The employer selects the PPK managing institution in consultation with the company's trade union. If no union operates at the company, the decision is made in consultation with employee representatives selected according to the employer’s internal procedures (Article 7(3)-(4) of the PPK Act).
In practice, this role may be fulfilled by an employee or group of employees appointed according to the procedure adopted by the given employer. If, one month before the legal deadline for concluding the PPK management agreement, no agreement has been reached on the choice of institution, the employer may make the final decision at its own discretion.
The institution should be selected in the best interests of employees, based in particular on:
- the conditions proposed by the institution for managing PPK funds;
- the institution’s performance in asset management;
- the institution’s experience in managing investment or pension funds.
An employer who fails to meet the deadline for concluding the PPK management agreement may face a fine of up to 1.5% of its total wage fund from the previous financial year. The Social Insurance Institution (ZUS) provides the Polish Development Fund (PFR S.A.) with information on employers who pay mandatory pension and disability insurance contributions. If, upon review, an employer is found not to have concluded the required agreement, PFR will issue a written notice directing the employer to: either conclude the agreement with a designated financial institution (an investment fund company in which PFR holds more than 50% of the share capital), or submit confirmation of an agreement signed with another authorised institution, within 30 days of receiving the notice.
First contributions are calculated and deducted from the employee’s first salary paid after the PPK administration agreement is signed. These contributions must be transferred by the 15th day of the month following the month in which they were calculated and deducted.
This means the employer can transfer the contributions immediately after calculating and deducting them, but no later than the 15th day of the following month.
Contributions to PPK come from three sources:
- the employer
- the employee
- the state (Labour Fund).
Contributions (funded by the employer and the employee) are made by the employer by transferring the appropriate amount to the PPK account. Contributions are calculated based on the employee’s gross salary. The amount of the basic (mandatory) contribution and the additional (voluntary) contribution is:
Contribution* Employer Employee Basic – mandatory 1,5% 2%** Additional – voluntary up to 2,5% up to 2%
Additional contributions from public funds (Labour Fund):- PLN 250 welcome contribution – granted if the employee has been enrolled in PPK for at least 3 months and has received regular contributions during that time.
- PLN 240 annual contribution – if certain conditions are met.
* Contributions are calculated based on remuneration that constitutes the basis for calculating pension and disability insurance contributions, as defined in the Act of 13 October 1998 on the Social Insurance System. This excludes the contribution base for individuals on parental leave or receiving maternity benefits. The contribution base is not subject to the earnings cap mentioned in Article 19(1) of the Act.
** Employees whose total monthly income from all sources does not exceed 1.2 times the minimum wage (PLN 4,666.00 gross in 2025) may reduce their basic contribution to as little as 0.5%. This does not affect the amount of the contribution made by the employer (basic contribution – 1.5%).
From the moment the PPK administration agreement is concluded, both the employer and the employee are required to make PPK contributions. In practice, the employer is responsible for calculating, deducting, and transferring both contributions to the employee’s PPK account. If the employee submits an opt-out declaration, no contributions will be made to his/her PPK account – neither from the employer nor from the employee.
Employers may also choose to make an additional voluntary contribution of up to 2.5% of the employee’s gross salary. This is entirely at the employer’s discretion.
Please remember that contributions to the PPK funded by the employer will constitute the employee's income, therefore income tax (PIT) will be deducted from his/her remuneration on these contributions.
The employee will finance the mandatory contribution from his/her own funds, which is 2% of his/her gross salary.
Each employee will also have the opportunity to declare an additional voluntary contribution of up to 2% of remuneration. The maximum employee contribution can therefore total 4% of his/her salary. Contributions funded by the PPK participant are deducted from salary after taxation. Contributions funded by the employer are not included in the remuneration that forms the base for determining the amount of mandatory contributions to pension and disability insurance.The first contributions to the PPK should be calculated and deducted by the employer on the date of payment of the first remuneration after concluding the PPK administration agreement. The funds should be transferred by the employer to the participant’s PPK account by the 15th day of the month following the month in which they were calculated and deducted. The transferred funds will be used to acquire units in the Santander PPK SFIO fund within a maximum of seven days after receipt of the funds.
Funds paid into PPK will be invested in target-date funds matching the age of the employee (PPK participant).
A target-date fund is a fund which, within the PPK framework, is intended to facilitate long-term investing to accumulate and increase capital to meet the financial needs of the participant after reaching the age of 60. The key feature of such funds is the determination of their target date, which, according to the general assumption, is the date when the PPK participant can begin withdrawing funds from the fund and stop making contributions. During the period of accumulating funds in PPK, the target-date fund’s investment policy changes, adjusting the risk level to the PPK participant’s age.
For example: assuming that the PPK participant will reach 60 years of age in 2050, the funds accumulated in his/her account are invested in the target-date fund: “Fund YXZ 2050”; during the fund’s operation, the equity portion is gradually reduced in favour of the debt portion of the portfolio. Knowing exactly the investment horizon (the employee’s 60th birthday), it is possible to initially allocate a larger portion of assets to equities and then, as the employee approaches the age of 60, invest an increasing share of the assets in debt instruments, which are characterised by lower investment risk.
No, the employer does not need to conclude individual administration agreements for each employee. The list of employees enrolled in PPK is attached to the administration agreement, and updates to this list do not constitute an amendment to the PPK administration agreement, as the agreement is concluded by the employer with the financial institution for and on behalf of the employee.
Yes. Santander TFI provides the employer with access to a dedicated online portal – PPK Serwis. When signing the PPK management agreement with Santander PPK SFIO, the employer must specify the individuals who will be authorised to administer the PPK platform, submit instructions, and conclude administration agreements. After verifying the correctness of the data contained in the application to sign the PPK management agreement with Santander PPK SFIO, within five business days a welcome package enabling the activation of the PPK administrator profile in the dedicated online platform will be sent to the provided email address of the PPK administrator.
PPK is voluntary for the employee, which means he/she can opt out of contributing to PPK at any time. The employer is obliged to accept the employee’s written declaration of opting out of contributing to PPK and must inform the financial institution managing PPK in the company within no later than 7 days from the date of submission of the declaration.
The employer does not make contributions for the employee (neither those funded by the employee nor by the employer) who has opted out of PPK, starting from the month in which such a declaration was submitted.
An employee who opts out of contributing to PPK will be re-enrolled in the system every four years, starting from 1 April 2023 (the next re-enrolment date will therefore fall on 1 April 2027, then 1 April 2031, etc.). This means that, after prior notification to employees of the upcoming re-enrolment date, the employer will be obliged to resume its contributions unless the employee again opts out, and to inform the entity managing the selected financial institution about this fact, i.e., about resuming the contributions for the PPK participant.
Yes, the employer will be able to make such a change. The change will be made by terminating the PPK management agreement with the financial institution, provided that a new PPK management agreement is first signed with another financial institution. The detailed conditions and procedure for changing the financial institution, including the notice period for the PPK management agreement, should be specified in the PPK management agreement between the employer and the financial institution.
Pursuant to Article 23(1) of the PPK Act, participation in PPK is voluntary. This means, among other things, that the employee can opt out of contributing to PPK at any time, both at the plan creation stage and at any future time. It is sufficient for the employee to submit to the employer a written opt-out declaration, containing, besides his/her data and the employer’s data, his/her statement of awareness of the consequences of submitting it. Importantly, opting out of contributing to PPK does not require a change to the PPK administration agreement.
The employer is obligated to promptly inform the selected financial institution about the participant’s opt-out declaration – no later than seven days from the date the declaration was submitted. Therefore, the deadline for notifying the financial institution is calculated individually for each participant submitting such a declaration. Submission of an opt-out declaration obliges the employer to cease transferring contributions starting from the month in which the employee submitted the declaration. Any contributions deducted in that month are subject to refund.
Source: Polski Fundusz Rozwoju S.A. (publication of 20.09.2019; link: https://www.mojeppk.pl/dam/jcr:9da660c8-9859-429b-b23b-481d68fe6a47/Niezbednik_pracodawcy_v.1.1.pdf and https://www.mojeppk.pl/dla-pracodawcy.html
Participant identifying data are the data that should be specified in the PPK administration agreement both to identify the participant on whose behalf the agreement is concluded and to streamline communication between the financial institution and the PPK participant.
According to the opinion issued by the President of the Personal Data Protection Office on 8 November 2019, “the employer, due to the obligation to conclude a PPK administration agreement with the selected financial institution, must provide the employee’s phone number and email address to it – if it has these data. The employer has a legal obligation to obtain the PPK participant’s personal data, such as email address and phone number, and to provide these data to the selected financial institution. Such data constitute an appendix to the PPK administration agreement and, under the Act, are considered identifying data of the PPK participant. […] Therefore, the employer is legally required to provide personal data – including the email address and phone number – to the selected financial institution, without the employee’s consent, provided the employee has made such data available.”
Source: Personal Data Protection Office, link to the publication of 8 November 2019: https://uodo.gov.pl/pl/138/1251
According to Article 2(1)(3) of the PPK Act, the participant identifying data include: first name(s), surname, home address, correspondence address, phone number, email address, PESEL number or – if the person does not have a PESEL number – date of birth, series and number of the identity card or – for persons who do not hold Polish citizenship – passport or other identity document.
However, the email address, phone number, and for persons with a PESEL number, the type, series, and number of their identity document are not mandatory identification data that must be provided when concluding the PPK administration agreement on behalf of the participant. Nonetheless, in line with the position of the President of the Personal Data Protection Office announced on 8 November 2019: “The employer is legally required to provide personal data – including the email address and phone number – to the selected financial institution, without the employee’s consent, provided the employee has made such data available.”
Source: Polski Fundusz Rozwoju S.A., link: https://www.mojeppk.pl/dla-pracodawcy.html#dane_identyfikujace_uczestnika_PPK and the Personal Data Protection Office, link to the publication of 8 November 2019.: https://uodo.gov.pl/pl/138/1251
questions from employees
Employee Capital Plan (PPK) – questions from employees
Every employee aged 18 years or older but under 55 is automatically enrolled in PPK unless he/she submits to his/her employer a declaration to opt out of contributing to PPK. The employer concludes a PPK administration agreement on behalf of the employee no earlier than after 14 days of employment and no later than by the 10th day of the month following 3 months of employment*.
For employees aged 55 years or older but under 70, participation in PPK is voluntary and the agreement is concluded only upon their request (the enrolment is voluntary). The employer is required to inform them of this option. Employees who are 70 or older cannot be enrolled in PPK.
*Until 3 June 2022, a different deadline for concluding PPK administration agreements applied – the employer could sign a PPK administration agreement on behalf of an employee no earlier than after 3 months of employment and no later than by the 10th day of the month after 3 months of employment. This deadline was changed from 4 June 2022, by an amendment to the PPK Act.
The employee does not have to take any additional steps to become a PPK participant. PPK is the responsibility of the employer, who is legally obliged to conclude PPK management and administration agreements with a financial institution and to enrol employees in the Plan.
Employees aged 55 years or older but under 70 may join PPK only upon submitting a request to the employer. However, employees who are 70 or older cannot join PPK.
Contributions to PPK come from three sources:
- the employer
- the employee
- the state (Labour Fund).
Contributions (funded by the employer and the employee) are made by the employer by transferring the appropriate amount to the PPK account. Contributions are calculated based on the employee’s gross salary. The amount of the basic (mandatory) contribution and the additional (voluntary) contribution is as follows:
Contribution* Employer Employee Podstawowa – obowiązkowa 1,5% 2%** Additional – voluntary up to 2,5% up to 2% Additional contributions from public funds (Labour Fund):
- PLN 250 welcome contribution – granted if the employee has been enrolled in PPK for at least 3 months and has received regular contributions during that time.
- PLN 240 annual contribution – if certain conditions are met.
* Contributions are calculated based on remuneration that constitutes the basis for calculating pension and disability insurance contributions, as defined in the Act of 13 October 1998 on the Social Insurance System. This excludes the contribution base for individuals on parental leave or receiving maternity benefits. The contribution base is not subject to the earnings cap mentioned in Article 19(1) of the Act.
** Employees whose total monthly income from all sources does not exceed 1.2 times the minimum wage (PLN 4,666.00 gross in 2025) may reduce their basic contribution to as little as 0.5%.This does not affect the amount of the contribution made by the employer (basic contribution – 1.5%).
From the moment the PPK administration agreement is concluded, both the employer and the employee are required to make PPK contributions. In practice, the employer is responsible for calculating, deducting, and transferring both contributions to the employee’s PPK account. If the employee submits an opt-out declaration, no contributions will be made to his/her PPK account – neither from the employer nor from the employee.
Employers may also choose to make an additional voluntary contribution of up to 2.5% of the employee’s gross salary. This is entirely at the employer’s discretion.
Please remember that contributions to the PPK funded by the employer will constitute the employee's income, therefore income tax (PIT) will be deducted from his/her remuneration on these contributions.
The employee will finance the mandatory contribution from his/her own funds, which is 2% of his/her gross salary. Each employee will also have the opportunity to declare an additional voluntary contribution of up to 2% of remuneration. The maximum employee contribution can therefore total 4% of his/her salary. Contributions funded by the PPK participant are deducted from salary after taxation. Contributions funded by the employer are not included in the remuneration that forms the base for determining the amount of mandatory contributions to pension and disability insurance.
The first contributions to the PPK should be calculated and deducted by the employer on the date of payment of the first remuneration after concluding the PPK administration agreement. The funds should be transferred by the employer to the participant’s PPK account by the 15th day of the month following the month in which they were calculated and deducted. The transferred funds will be used to acquire units in the Santander PPK SFIO fund within a maximum of seven days after receipt of the funds and the information needed to settle the contributions.
After enrolling in PPK, every employee will receive a one-time welcome contribution of PLN 250 from the state budget (Labour Fund). The one-time contribution is made only at the first joining of PPK, does not include a re-enrolment in PPK, and is not due if the participant has other PPKs with another financial institution.
Within 30 days after the end of the quarter, the Minister for Labour transfers the welcome contribution to the PPK participant, via the Polish Development Fund, which will be credited to the PPK participant’s account within 45 days after the end of the quarter. Employees who remain in PPK for at least three full calendar months and receive monthly PPK contributions during this time are entitled to the welcome contribution.
Additionally, after meeting certain conditions, employees (PPK participants) are rewarded for participating in PPK. They are entitled to an annual contribution of PLN 240, also financed from the state budget (Labour Fund).To receive the annual contribution, the total amount of all basic and additional contributions (from the employer and the employee) in a given calendar year must be equal to or higher than the amount of basic contributions due from six times the minimum wage applicable in a given year. For a PPK participant whose monthly income from various sources does not exceed 1.2 times the minimum wage, it is sufficient that 25% of the amount referred to in the previous sentence is paid into the account.
In a given calendar year, a PPK participant may be entitled to only one annual contribution, regardless of the number of PPK accounts managed for him/her.- If the employee is a party to more than one PPK administration agreement, the annual contribution is credited to the PPK account established under the latest agreement concluded on his/her behalf.
- If, on the same day, more than one PPK administration agreement is concluded for and on behalf of the PPK participant, the contribution is credited to the account with the highest value of accumulated funds.
The Polish Development Fund determines to which PPK account the employee’s annual contribution should be credited.
Funds paid into the PPK will be invested in target-date funds matching the age of the employee (PPK participant).
A target-date fund is a fund which, within the PPK framework, is intended to facilitate long-term investing to accumulate and increase capital to meet the financial needs of the participant after reaching the age of 60. The key feature of such funds is the determination of their target date, which, according to the general assumption, is the date when the PPK participant can begin withdrawing funds from the fund and stop making contributions. During the period of accumulating funds in PPK, the target-date fund’s investment policy changes, adjusting the risk level to the PPK participant’s age.
For example: assuming that the PPK participant will reach 60 years of age in 2050, the funds accumulated in his/her account are invested in the target-date fund: “Fund YXZ 2050”; during the fund’s operation, the equity portion is gradually reduced in favour of the debt portion of the portfolio. Knowing exactly the investment horizon (the employee’s 60th birthday), it is possible to initially allocate a larger portion of assets to equities and then, as the employee approaches the age of 60, invest an increasing share of the assets in debt instruments, which are characterised by lower investment risk.Investing in investment funds – even money market, cash, or bond funds – involves investment risk. Funds do not guarantee achievement of the intended investment objective or specific returns. Participants must be aware of the possibility of losing at least part of the contributed funds. The investment policy of target-date funds, in accordance with the PPK Act, is designed to reduce investment risk as the participant approaches the age of 60. During the accumulation phase, the fund's investment policy is automatically changed to match the participant’s age and the related acceptable level of risk.
Knowing exactly the investment horizon (the employee’s 60th birthday), it is possible to initially allocate a larger portion of assets to equities and then, as the employee approaches the age of 60, invest an increasing share of the assets in debt instruments, which are characterised by lower investment risk.
It is important to note that the operation of PPK – in terms of the activities of investment fund companies, general pension fund companies, employee pension fund companies, insurance companies, as well as investment and pension funds – is supervised by the Polish Financial Supervision Authority (KNF). The supervision covers compliance with the law and the protection of the interests of PPK participants (Article 51(1)-(2) of the PPK Act).
Yes – by using the STI24 online platform, which is free of charge, you can manage your PPK account independently.
In STI24, you can submit the following instructions:
- Change of investment allocation – reallocation of funds already accumulated in the programme. The share of any single subfund must not be less than 10% of the total accumulated funds, and all subfund allocations must add up to 100%.
- Change of contribution allocation – allocation of your future contributions among selected subfunds. At least 10% of the contribution must be directed to any chosen subfund, and the total allocation must equal 100%.
This applies to:- basic and additional contributions
- the welcome contribution
- annual state contributions
- incoming Transfer Payments
- Refund – you may claim funds from your PPK account at any time. The amount paid out will be reduced by:
- 30% of the value of redeemed units acquired from employer contributions – this portion is transferred to ZUS as your pension insurance contribution;
- the personal income tax (PIT);
- the value of units acquired using the welcome contribution and annual state contributions.
- Withdrawal after the age of 60 – once you reach the age of 60, you may withdraw the funds accumulated in your PPK account.
No fees are charged for the above instructions.
Additionally, via the online platform you can:
- check your PPK account balance;
- view transaction history;
- submit other instructions and declarations related to PPK.
Funds accumulated in PPK are the private property of the participant and are subject to inheritance. Withdrawals are made upon request by the PPK participant to the financial institution managing his/her account under the PPK administration agreement. Funds may be withdrawn after reaching the age of 60 (retirement does not affect the form of withdrawal from the PPK), and – in exceptional cases – before 60.
Withdrawing funds before 60 years of age:
- In the event of a serious illness – of the PPK participant, spouse or child – withdrawal of up to 25% of funds, without having to return them.
- When purchasing an apartment or building a house on credit – withdrawal of up to 100% of funds to cover the deposit, with an obligation to return the money – applies to participants aged under 45.
- The funds can be withdrawn (claimed) at any time, but this will involve reduction of the amount paid out by:
- An amount transferred to ZUS equal to 30% of the cash proceeds from the redemption of the units purchased from contributions made by the employer;
- The personal income tax; and
- Proceeds from redemption of the units purchased for the welcome contribution and annual state contributions.
Withdrawing funds after 60 years of age
After reaching the age of 60, the PPK participant is free to claim the funds regardless of whether he/she still works or not. Once the participant decides to start withdrawals, the employer will no longer make contributions to the PPK for the employee. In addition, the participant will not receive any annual contribution from the state:- A one-off withdrawal of 25% of the funds gathered in the PPK, and then 75% of the funds in at least 120 monthly instalments (for 10 years or more). In that case, no capital gains tax applies.
- Withdrawal of all funds (at once) or in fewer than 120 instalments – which involves the obligation to pay the capital gains tax. The payment of all the gathered funds also takes place when the amount of the first instalment – calculated by dividing the total value of units registered in the PPK account on the date of submitting the request by 120 instalments, or if the PPK participant submits a request for payment in fewer instalments – by the number of instalments corresponding to the number of instalments indicated in the request is less than PLN 50 (in that case, the capital gains tax is also charged).
- Withdrawals of funds in the form of a matrimonial benefit in at least 120 monthly instalments – provided that the spouse is also aged 60 or more and the PPK administration agreement has been concluded for him/her with the same financial institution that maintains your PPK.
- Transfer of funds to a savings deposit account or a deposit account maintained at a SKOK credit union that meets the requirements of the PPK Act or – in the case of an agreement with an insurance company, whereby the participant acquires the right to a periodic or lifetime benefit – to the insurance company.
No, the current provisions of the Act of 4 October 2018 on Employee Capital Plans (PPK) and the Act of 20 April 2004 on Employee Pension Programmes (PPE) do not provide for the possibility of transferring funds accumulated in PPE to the account where funds under the PPK are collected. This also applies in the case of a change of the employer – the funds accumulated in PPE still cannot be transferred to PPK.
Source: Polski Fundusz Rozwoju S.A. (publication of 20 September 2019, link: https://www.mojeppk.pl/pliki/repozytorium-plikow/materialy-do-pobrania/pdf/Niezbednik_Pracodawcy_Jak_wprowadzic_PPK_w_firmie_v2.0.1.pdf)
Yes, after claiming a refund of the money accumulated in the PPK account, the participant can continue saving. A refund before the age of 60 involves the loss of tax reliefs and state contributions for the period prior to the refund. The employer will continue to finance the basic and, where applicable, additional contributions to PPK unless the participant submits a declaration to opt out of contributing to PPK.
Funds accumulated in individual PPK accounts are the private property of the PPK participant and are subject to inheritance. A PPK participant may designate, by writing to the selected financial institution, one or more persons who, upon the participant’s death, will receive the funds accumulated in his/her account.**
If at the time of death the PPK participant was married, half of the funds accumulated in the PPK account (insofar as they were subject to marital joint property) will be transferred to the spouse of the deceased participant as a transfer payment to his/her PPK, IKE, or PPE account or as a cash refund. The remaining funds will be paid to persons indicated in the written instruction submitted to the financial institution managing the PPK. If the PPK participant did not designate such persons, the funds accumulated in his/her PPK account are inherited under general rules. The form of payment of funds from the deceased PPK participant's account depends on the will of the entitled person who is to receive the funds (or a part thereof). Depending on the application submitted by the entitled person, the funds accumulated by the deceased PPK participant may be transferred to that person's PPK, IKE, or PPE account or returned in cash.
Cash refunds received by the spouse of the deceased PPK participant or other entitled persons are exempt from income tax and the obligation to transfer 30% of the funds to ZUS. They are also not subject to inheritance and donation tax.
** If a PPK participant indicates several entitled persons in the written instruction without specifying their shares, it is assumed that their shares are equal.
Yes. According to Article 86(1) of the PPK Act, funds accumulated in the PPK account of a deceased PPK participant that are not transferred under Article 85 of the PPK Act (to the spouse of the deceased participant) are transferred to entitled persons.
According to Article 21(1) of the PPK Act, a PPK participant may designate, by writing, to the selected financial institution, one or more persons by name who, as entitled persons, are to receive the funds accumulated in his/her PPK account after his/her death, in accordance with the provisions of Chapter 13 of the Act. In accordance with Article 2(17) of the PPK Act, an entitled person is understood to be a natural person designated by the PPK participant, a person referred to in Article 832 §2 of the Civil Code of 23 April 1964, or the PPK participant’s heir, who will receive the funds accumulated in the PPK account upon the participant’s death, in accordance with the provisions of the Act. If the PPK participant did not designate such persons, the funds accumulated in his/her PPK account are inherited under general rules.
Source: Polski Fundusz Rozwoju S.A.
The employer selects the PPK managing institution in consultation with the company's trade union. If no union operates at the company, the decision is made in consultation with employee representatives selected according to the employer’s internal procedures (Article 7(3)-(4) of the PPK Act).
In practice, this role may be fulfilled by an employee or group of employees appointed according to the procedure adopted by the given employer. If, one month before the legal deadline for concluding the PPK management agreement, no agreement has been reached on the choice of institution, the employer may make the final decision at its own discretion.
The institution should be selected in the best interests of employees, based in particular on:- the conditions proposed by the institution for managing PPK funds;
- the institution’s performance in asset management;
- the institution’s experience in managing investment or pension funds.
Yes. Every PPK participant for whom PPK registers have been opened in the Santander PPK SFIO fund receives a welcome package from Santander TFI:
- by e-mail, to the e-mail address provided by the employer,
- by traditional mail, to the correspondence address provided by the employer.
The welcome package will contain, in addition to detailed information about PPK and the principles of participation in the programme, instructions on how to access the STI24 online service, through which employees (PPK participants) will be able to manage their respective PPK accounts.
The above information does not constitute legal, financial, or tax advice, does not replace applicable legal provisions and should always be interpreted and applied in accordance with currently applicable law. The information has been prepared on the basis of the Act of 4 October 2018 on Employee Capital Plans and is for information purposes only. The rules of PPK offered by Santander TFI S.A. are specified in the information prospectus of the Santander PPK SFIO fund and in its attached by-laws.
This document is presented for marketing purposes and does not constitute an agreement or an information document required by law.
It should not be relied upon as the sole basis for making investment decisions.
The contents of this subpage have been prepared on the basis of the Act of 4 October 2018 on Employee Capital Plans (PPK) and are up-to-date as at the date of their publication on the website. These contents do not constitute legal, financial or tax advice, nor do they replace the applicable provisions of law and should be each time interpreted and used in compliance with applicable legal regulations.
The net asset value of some sub-funds may exhibit high volatility, which results from the composition of the portfolio or the portfolio management technique employed. Some sub-funds may invest more than 35% of their assets in securities issued, guaranteed or underwritten by the State Treasury or the National Bank of Poland.
The rewards of investing in shares are also accompanied by risks. A description of the risk factors, financial data and information about fees and charges can be found in the prospectuses, key information documents (KIDs) and schedules of fees and charges available in Polish at Santander.pl/TFI/documents. For a summary of investors' rights, see the prospectus (Chapter III, sec. 4).
The Funds do not guarantee the achievement of a stated investment objective or a specific investment performance and future returns are subject to taxation, which depends on the personal situation of each investor and which may change over time. Before making an investment decision, the participant should consider the fees associated with the sub-fund and take into account the possible taxation of the investment return. The participant must also take into account the possibility of losing at least part of the invested funds.
When investing in mutual funds, the participant purchases the units of those funds and not the underlying assets that the fund itself invests in.
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