FAQ

An investment fund is a form of collective investment that consists of money from different investors. When you invest money into an investment fund, you become a participant, and your contributions are added to those of other participants. A pool of money (fund portfolio) is created, which managers invest in different categories of financial instruments.

Unlike fixed-rate bank deposits, the return in a mutual fund is not known or guaranteed in advance. It comes not from interest, but from the change in the value of securities and other assets in which the funds invest. The more the value of the securities increases, the higher the profit. The value of an investment can be checked on an ongoing basis by tracking the value of a particular subfund's units.

Each sub-fund has an objective and an investment policy, which define the rules for investing its assets. Thanks to these rules, you know in which asset classes your money will be invested and what criteria the managers will follow when acquiring particular financial instruments for the subfund's portfolio. As a participant, you have no influence over which financial instruments the manager will invest in (e.g., shares of specific companies).

If you accept a high level of risk, you can consider investments that can yield higher returns at the price of higher fluctuations in the value of the investment - such as equity subfunds. With a low risk tolerance, it is better to invest in subfunds with low fluctuations, even if they are expected to yield lower returns.

The basic rule which operates on capital market is that growths are followed by slumps, the bull market is followed by the bear market and vice versa.

Many people want to invest on a short-term basis to take advantage of upmarket trends and avoid downmarket. But it is not possible to predict and avoid all market corrections. When we try to do it, we actually increase the investment risk.

The main task of the investor at the beginning of the investment process is to define their risk appetite and the time horizon of the investment and then to stick to the original plan.

In the case of long-term investment e.g. in equity funds periods of growths and declines occur invariably. The emotions which occur at such times are a bad advisor.

Sub-register and confirmation

Following the order placement and making the payment a sub-register will be opened for you in the selected sub-fund. The Participant’s sub-register is an electronic record of your personal data and of the information about the number of participation units held and executed transactions. Payments made to the selected sub-fund are converted into a corresponding number of participation units of the respective sub-fund.

When your purchase is executed by the sub-fund, you will receive a confirmation of participation which is a certificate of the transaction execution (unless you agreed to receive transaction confirmations at other times). The document contains information about the amount of payment made and the number of purchased participation units.

Subsequently, you can purchase more participation units for the abovementioned sub-register through direct payments.

Other orders which can be placed for the sub-register include:

• conversion orders,
• redemption orders.

You may open a sub-register in Santander FIO and Santander Prestiż SFIO:

1. online via Santander internet - information about placing orders are available in Santander Bank Polska S.A.
2. w placówkach dystrybutorów funduszu (listę dystrybutorów i adresy placówek znajdziesz na naszej stronie internetowej).

Funds do not offer joint marital sub-registers.

Each Participant is an individual natural person or an organisation without a corporate status.

A person below the age of 18 can purchase participation units of both funds exclusively through a statutory representative.

Payments to Santander FIO and Santander Prestiż SFIO can be made only in PLN.

You may buy additional participation units by:

1. direct payment - each sub-register has an assigned individual bank account number (you will find it on the confirmation of participation). Each payment to the account we will settle as the next purchase.
2. placement of a new purchase order - placed by remote access channels offered by the distributor or in person at the distributor’s outlet. Payment must be made to an account indicated by the distributor. The list of distributors is available on our website It will open in a new window.

After the settlement of the first order you will receive confirmation of participation with the settlement of the initial transaction. On the confirmation you will see a number of a bank account maintained in PLN, intended for direct payments.

Each sub-register has an assigned individual bank account number for making direct payments. Each payment to that account will be settled as the next purchase of units for the sub-register.

The direct payment form should include, apart from the amount of money , data of the person making the transfer (in the case of natural persons, first and last name and PESEL number of the Participant, and in the case of corporate entities – company name and REGON number), the Participant’s sub-register number and the bank account number.

The entry fee is charges upon the execution of a purchase order.

Detailed information about current rates of entry fee:

Detailed information about maximum rates of entry fee:

The exit fee is charged upon the execution of a redemption order. Its value depends on the time of holding the participation units.

Detailed information about current rates of exit fee:

Detailed information about maximum rates of exit fee:

Conversion fee is charged at the time of conversion of participation units, exclusively on the units which were recorded in the source sub-register (from which conversion is made) up to and including one month. If the participation units which you want to transfer to another sub-fund were recorded in your sub-register longer than one month, additional fee will not be charged.

Detailed information about current rates of conversion fee:

Detailed information about maximum rates of conversion fee:

The fee for the management of the sub-fund is the remuneration of the management company and may be different due to the sub-fund and participation units category.

The published valuation of the participation units includes the management fee so there is no need to add it.

The maximum rates of management fees are indicated in thestatutes and prospectuses of the funds in Chapter 3 "Data on the Fund", in the Sub-Fund Data Subsections (point 4.5).

NOTE: Management fee should not be confused with, a fee for the investment result - these are different fees. More on the subject of the fee for the investment result in next question.

More information about management fee is here.

The fee for the investment results is the remuneration of the management company for investment results.

We may charge the fee in the sub-funds:

In prospectuses of the funds in Chapter 3 “Data on the Fund”, in the Sub-Fund Data Subsections (point 4.4) and in the statutes are indicated the maximum rates of the fee for the investment result.

NOTE: Please do not confuse the fee for the investment result with the management fee. More on the subject of the management fee in previous question.

More information about the fee for the investment result is here.

From 1 January 2024, when ordering the repurchase of units, the fund does not charge and collect capital gains tax from participants, whether they are natural or legal persons.

This means that the client (fund participant):

• will receive the entire amount that results from the redemption of units, with all the profit (if earned),
• will settle the profit tax with the Tax Office himself.

If the client has a register (participation) as an individual or as a sole proprietor - he will receive a PIT-8C from the fund by the end of February of the following year, which will contain the information needed to settle the investment income or loss.

The client will have the option to reduce the gains by the amount of losses incurred (between different types of investments). In this way, he can reduce the amount of capital gains tax due.

The client will receive the PIT-8C:

• electronically - to the e-mail address provided,
• on paper - to the mailing address - if he or she did not provide an e-mail address or requested that the PIT-8C be sent on paper.

The PIT-8C will also be visible in the Your e-PIT system.

The PIT-8C return will not present information that relates to conversion orders because they do not generate income and are not subject to tax obligations.

The above rules do not apply to IKE, IKZE, PPK and PPE. If a profit is made in these products, capital gains tax will continue to be charged, collected and paid by the fund, where provided for in the regulations.

In order to determine the tax obligations with respect to natural persons who do not have a place of residence or domicile in Poland, it is necessary to take into account the nature of the tax regime in force in their countries of residence and the content of international agreements on the prevention of double taxation concluded by Poland with the countries of residence of such persons.

In order to determine the above status, the taxpayer should present a certificate of residence, which is a certificate of the taxpayer's place of residence for tax purposes, issued by the competent tax administration authority of the country of the taxpayer's place of residence.

As tax obligations depend on the individual situation of the fund participant and the location of the investment, it is advisable to seek the advice of a tax adviser or legal advice to determine tax obligations.

Legal entities that are participants in the fund are also required to pay capital gains tax on their own for the execution of a redemption order for units.

The capital gains tax rate is 19%.

Conversion is a transaction involving simultaneous redemption of participation units of one sub-fund and using the proceeds (after deduction of the potential fees and charges, if any) to purchase participation units of another Santander FIO or Santander Prestiż SFIO sub-fund. Note: Conversion is possible between sub-funds of the same fund. It is not possible to execute conversion between Santander FIO and Santander Prestiż SFIO funds.

In other words, conversion is a transfer of assets from one sub-fund (source sub-fund) to another sub-fund (target sub-fund).

A conversion order placed on day D (where D is the order placement day) will be executed according to the valuation on day D+3.

1. Conversion fee:

• conversion fee is charged at the time of conversion of participation units, exclusively on the units which were recorded in the source sub-register (from which conversion is made) up to and including one month. If the participation units which you want to transfer to another sub-fund were recorded in your sub-register longer than one month, conversion fee will not be charged.

2. Tax:

upon the settlement of conversion of participation units 19% tax on capital gains is not charged.

Reinvestment is an option of returning to a sub-fund without paying the entry fee. Exemption from the entry fee is possible when all the requirements specified below are fulfilled:

• the repurchase transaction will be settled on the same sub-register as the one from which the participation were earlier redeemed; and
• the period between the redemption valuation day and the date of submission and payment of the purchase order may not be longer than 85 calendar days

Reinvestment applies to the first purchase settled on the sub-register from which the participation units were redeemed.

Exemption from the entry fee shall be limited to the payment amount equal to the value of the redemption proceeds.

Reinvestment is not possible in the case of conversion orders.

You may withdraw money from Santander FIO and Santander Prestiż SFIO sub-funds by redemption of participation units. The order can be placed:

1. online
   • via Santander internet - information about possibilities of placing orders are available in Santander Bank Polska S.A.
   • via service for institutional clients – the service applies only to legal persons and organizational units without legal personality; the condition to have access to this service is active agreement for the provision of online services.
2. in person - in fund distributors’ outlets (the list of distributors with the addresses of their outlets is available on Santander.pl/TFI website It will open in a new window)

Redemption of the participation units may be connected with a tax on capital gains and redemption fee, according to the Schedule of Fees and Charges:

The valuation of participation units is determined as at the closing time of foreign markets on which the sub-fund can invest, according to the prices available at 11:00 p.m. After the closing of foreign stock exchanges, the process of calculating the value of participation units begins.
Valuation days are days on which regular trading sessions are held on the Warsaw Stock Exchange.
The value of participation units from a given valuation day is published on Santander.pl/TFI, as soon as it is determined, i.e. on the following business day in the afternoon. Additionally, the valuation of participation units can be obtained from fund distributors and by calling TFI’s helpline.

The values of participation units are available in the Quotations.

Historical valuations are available either in the form of graphs or csv files It will open in a new window.

The Participant (natural person) can appoint maximum two proxies to one sub-register. The limit does not apply to Participants other than natural persons.

The power of attorney to open a sub-register or to manage an existing sub-register should be issued in writing, with a notarised signature or in the form of a notarial deed, in the Polish language or translated into Polish by a sworn translator.

Additionally, the power of attorney should be certified by a Polish diplomatic post or a Polish consular office for conformance with the law in force at the place of the PoA issue or include the Apostille clause within the meaning of the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents drawn up in Hague on 5 October 1961. (Journal of Laws of 2005, no. 112 item 938).

Permanent Power of Attorney:

1. General – authorizes the holder to execute all legal actions on behalf of the sub-register owner, with the exception of:
   • changes in the Participant’s personal data,
   • issuing further powers of attorney,
   • entering into an IKE (Individual Pension Account) agreement,
   • signing an agreement for the provision of telephone and online services * and placing orders under the agreement,
   • opening a new sub-register,
   • blocking a sub-register due to establishing a security in the form of pledge on Participation Units,
   • collecting cash from the execution of a redemption order,
2. Specific - authorizes the holder to execute actions specified in the power of attorney, other than the actions excluded from the scope of the general power of attorney.

One-off power of attorney - authorizes the holder to execute a specific action states in the power of attorney, other than the actions excluded from the scope of the general power of attorney. 

* in line with the announcement of 21 June 2017 the possibility of providing telephone and online services to natural persons was terminated as of 1 July, 2017.

The power of attorney can be revoked:

• in person – at the distributor’s outlet by filing an instruction to revoke a power of attorney
• by post - in the form of a notarial deed with a notarised signature

Santander FIO and Santander Prestiż SFIO

In order to calculate the current sub-register value, the number of participation units held should be multiplied by the current value of the participation unit in a given category.

The sub-register value calculated in this way does not take into account the potential tax imposed on the Participant and the charges payable upon the sale or repurchase of participation units by the sub-fund.

The Participant number consists of eight digits (e.g. 12345678) from the sub-register number.

From June 9, 2020, changes were made to the numbering of sub-registers.

The rules for assigning numbering for sub-registers for Santander FIO and Santander Prestiż SFIO are the same. The numbers are presented in the following format (including dashes):

Sub-registers opened before 9/062020 will be presented on the same basis as before.

Santander FIO

In Santander FIO, here are four categories of units: A, S, T and D.

Participation units of different categories may vary in terms of the manner of sale, the amount of the management fee charged and the amount of the fee for investment results charged.

Participation units of category A, S i T are sold by the fund distributors.

Depending on the value of Participant's investment* participation units of category:

• A are sold to Participants who invested a total amount of up to PLN 100,000 to all sub-funds,
• S are sold to Participants, who invested minimum PLN 100,000 in all sub-funds,
• T are sold to Participants who invested minimum PLN 1,000,000 in all sub-funds.

When the Participant's Investment Value (according to purchase prices, increased by current payments) reaches or exceeds the thresholds given above, the category is automatically changed.

Participation unit of category D may be sold directly by the fund. Santander TFI will inform about the start of the sale of category D participation units on the website Santander.pl/TFI.

* Value of the Participant's Investment – the value, according to the purchase price, of the participation units recorded on the register of the fund participant, increased by current payments.

Santander Prestiż SFIO

In Santander Prestiż SFIO fund, there are two categories of units: B and D.

Participation units of different categories may vary in terms of the manner of sale, the amount of the management fee charged and the amount of the fee for investment results charged.

Participation unit of category B is sold by the fund distributors.

Participation unit of category D may be sold directly by the fund.

Santander TFI will inform about the start of the sale of participation unit of category D on the website: Santander.pl/TFI

The maximum rates of the fee for investment results and the maximum rates of management fees are indicated in the statutes and prospectuses of the funds in Chapter 3 "Data on the Fund", in the Subsections of the sub-funds concerned (point 4.4 – fee for investment results, 4.5 – management fee).

The confirmation of participation is a document evidencing the settlement of a transaction: purchase, conversion or redemption of participation units. The document is generated and delivered by the transfer agent and sent by:

• by e-mail to the indicated e-mail address of the customer
• or at the customer's request mail shipment to the correspondence address of the customer.

How to read the Confirmation of Participation?

 Sub-register number – number of the dedicated account on which the information about the number of participation units held by you in each sub-fund is recorded.

 Number of the bank account for direct payments denominated in PLN – a special, individual account for purchases opened for your sub-register. Using the account you can easily deposit more money in your sub-register. To invest more money, simply transfer the respective amount to the account. The account for direct payments is maintained in PLN.

 Name of the sub-fund in which you have invested.

 Order date – the date and time of the order receipt by the fund (it doesn’t equal the date and time of placing the order. In the case of purchase of units through a direct payment to the fund account, the order date shall be the date on which the fund account is credited with the money.

 Trade date – the day from which the valuation of the unit was the basis for the settlement.

 Opening balance of units – number of units recorded on your sub-register prior to the transaction.

 The number of units involved in the transaction.

 Value of the participation unit at which the order was settled.

 Unit class - class of units participation in your sub-register. The units classes differ in the amount of the management fee, and what category has been recorded in your sub-register depends on the total value of payments to the Santander FIO fund (or more strictly the value of all sub-registers according to the unit purchase price).

 Closing balance of units – the number of units recorded on your sub-register after all transactions executed on the valuation date have been settled. Knowing the number of units you can easily calculate the current value of your transaction, multiplying the number of units by their current valuation published on the Santander.pl/TFI website.

If you want to receive a confirmations of participation by e-mail, place an order at Santander internet (Santander Funds tab) or in person at a branch of a Santander Bank Polska S.A. distributor.

From the moment of execution of this order confirmations of participation will be sent in the form of password protected PDF files.

It is possible to block participation units in relation to a pledge securing performance of obligations.

Some or all participation units can be blocked.

Inheritance - participation units of a deceased person form part of the estate and are inheritable. In order to execute the inheritance process, the heirs have to submit to the distributor:

• Participant’s death certificate,
• effective legally binding court decision on the acquisition of inheritance rights (or a copy of a registered certificate of inheritance),
• effective and legally binding court decision about the division of the estate, an agreement concluded by the heirs on the division of the estate or a unequivocal statement of all heirs made to the distributor regarding the allocation of the participation units.

The process is executed in distributors’ outlets by the heirs or their proxies.

Transmission by death - appointment of a person who, in the event of the Participant’s death will be entitled to receive cash proceeds from the redemption of participation units.

The disbursement is made up to the amount equal to the twenty-fold value of the average monthly salary in the enterprises sector, excluding any distribution of profit, announced by the President of the Central Statistical Office and up to the total value of the participation units recorded on the Participant’s sub-registers.

The provisions related to the Participant’s death apply to the fund. If the Participant has more than one sub-register, the transmission by death declaration shall apply to all sub-registers in the fund. If the Participant has participation units of Santander FIO and Santander Prestiż SFIO, he/she can appoint one authorised beneficiary for each fund.

The instruction on transmission by death can be filed exclusively by the Participant in distributors’ outlets or in Santander internet.

Appointment of a beneficiary by the Participant results in the exclusion of the covered assets from the inherited estate.

NOTE: On 13 May, 2011 the process of transformation of Santander funds into Santander FIO funds. If you made more than one transmission by death declaration for the funds subordinated to the umbrella fund, the transformation of the funds may affect their exercise.

Reimbursement of funeral costs - disbursement of money in order to reimburse the funeral costs without inheritance proceedings. The money will not be part of the estate inherited after the deceased Participant.

If all participation units are covered by the transmission by death declaration or the inheritance proceedings have already started, reimbursement of the funeral costs will not be possible.

Disbursement of the funeral costs reimbursement is made to a person who submits to the distributor’s outlet original invoices clearly evidencing payment of the costs of the Participant’s funeral. The invoices must be made to the name of the person/ entity who applies for the reimbursement of the funeral costs.

The funeral costs shall include:

• transport of the deceased person,
• purchase of the cemetery plot,
• purchase of the casket,
• purchase of clothes for the deceased person,
• grave opening and closing costs,
• cremation,
• purchase of flowers and wreaths,
• installation of the headstone,
• costs of a reception for persons attending the funeral (excluding alcohol).

Pursuant to Art. 111 of the Funds Act, the funeral costs should correspond to customary expenses incurred and accepted in the respective community.

Special Investment Programs "Secure Start of Your Child" and "My Future" (hereinafter: Programs) in the Santander FIO fund were conducted until November 2, 2017 inclusive.

From November 3, 2017, sub-registers carried out under the Programs have become sub-registers maintained on general principles specified in the fund's statute.

Thus, the participation agreements in the Programs and regulations, the integral part of agreements, do not apply.

The rules for submitting and settling orders under sub-registers maintained on general terms and for the operation of the fund are described in the fund's information prospectus and schedule of fees and charges, available at the website Santander.pl/TFI.

IKE is available in all Santander FIO sub-funds. The list of sub-funds within which IKE is available is given in the Regulations of maintenance of IKE published on the website Santander.pl/TFI.

The agreement on the maintenance of IKE may be executed in the branches of Santander Bank Polska It will open in a new window and Santander internet.

The initial payment to the sub-register is PLN 100 and the subsequent ones are PLN 100 as well.

The maximum amount of payments to IKE in a given calendar month cannot exceed the amount equal to the triple value of the forecasted average monthly wages in the domestic economy in the respective year, as set forth in the budget act or the provisory budget act.

If the Saver is a minor person, the payments made to IKE cannot exceed the value of his/her income generated in a given year under an employment contract.

In 2024, the maximum amount of payments to IKE is 23 472.00.

When the amount of money in a given calendar year exceeds the limit, the Fund will promptly notify the Saver about it and return excess funds.

The following fees are payable:

• exit fee – in the amount of 1% upon Refund or Transfer Disbursement up to and including 6 months. In the case of participation units recorded on the sub-register for more than 6 months, the exit fee is not charged.
• conversion fee – charged upon conversion on the participation units recorded in the register -up to and including one month. In the case of participation units recorded in the sub-register for more than 1 month, conversion fee is not charged.

In the process of saving
You can deduct contributions to IKZE from the income tax base in your annual PIT settlement. Thanks to this, you will pay less tax for a given year - you will receive a refund from the tax office or you will have a smaller underpayment. This is an almost immediate benefit that you realize every year - you don't have to wait until the end of saving.

At the end of the investment
If you wait until you turn 65 and contribute to the IKZE for at least 5 calendar years when you withdraw the money, you will only pay 10% in flat tax.
If you decide to return the funds earlier, you must include the amount paid from IKZE in your income when settling your annual PIT and pay tax at the rate applicable to you.
You won't pay capital gains tax when you withdraw funds from IKZE.

Taxes and inheritance
If your loved ones, beneficiaries and heirs inherit funds in IKZE, they will not pay inheritance and donation tax. They will be able to transfer the collected funds to their IKZE or withdraw them - but then they will have to pay a flat-rate tax of 10%.

IKZE is available in all sub-funds available within the Santander Prestiż SFIO fund.

Opening an IKZE requires concluding an IKZE agreement and depositing the first funds. You can do it at Santander Bank Polska SA branches and online - at Santander Internet.

The limits in 2024 are:

• PLN 14,083.20 for people running non-agricultural business activities,
• PLN 9,388.80 for other persons.

If you run a non-agricultural business, you can take advantage of the increased payment limit, which will allow you to achieve even greater tax benefits. We will ask you about the limit selection when concluding the IKZE agreement.

An age-appropriate investment is a ready-made portfolio of sub-funds. Managers select sub-funds depending on your age and the time remaining until retirement. As part of an individual investment, you select sub-funds for IKZE yourself.