Abstract:

Pension system reforms in Central and Eastern Europe started at the end of 90s, at the beginning of new millennium. These changes transformed one-pillar scheme - pension system with set PAYG contributions managed by state - into more-pillar scheme with an individual pension saving.  In majority of countries, this scheme has been undergoing continuous changes influenced by financial and economic crisis, which in several countries (e.g. Czech Republic) led to its abolition or to its nationalization (e.g. Hungary).  The research in the underlying article is focused on the second pillar in the Slovak pension system and on the influence of reforms intended to protect savings during the financial crisis.