Document 86 - Amendment to the Act on Supplementary Pension Savings

Published date: 22.01.2026 |Processed date: 22.01.2026 |Session 10

Submitters: Olga Richterová, Ivan Bartoš, Hana Ančincová, Barbora Pipášová, Lenka Martínková Španihelová, Martin Šmída, Samuel Volpe

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Summary

The Act expands the investment options of supplementary pension savings with the aim of increasing the long-term appreciation of savings for old age. It allows compulsory conservative funds to invest on a limited basis in shares traded on regulated EU and OECD markets, and participatory funds to invest in private equity and venture capital funds. At the same time, it introduces precise definitions of these funds and sets a strict limit whereby investments in private equity and venture capital can account for no more than 10% of a participating fund’s assets. The amendments are set to take effect from 1 January 2027.

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Additional documents

Additional document 1

Government Opinion on Document 86/0

Processed date: 25.02.2026

The document summarises the government’s disapproving position on the draft amendments to the Supplementary Pension Savings Act, which are intended to expand the investment options of the funds. In particular, the government opposes allowing mandatory conservative funds to invest in equities and expanding investment in private equity and venture capital funds, as this increases risk and reduces the transparency of the system. It also criticises the vague definitions of the new types of funds and the lack of a thorough economic analysis of the impact on the Czech pension system.