Wealthtech Finax has become the first company to receive a license to offer a pan-European Personal Pension Product (PEPP) to clients in Slovakia.
The PEPP is a portable, voluntary personal pension scheme regulated by the European Insurance and Occupational Pensions Authority (EIOPA) that is open to all European Union (EU) residents.
PEPPs are not tied to employment or place of work and clients can transfer their pension to other EU countries. The maximum fee is 1% of the assets under management per annum.
Finax, became the first licensed by the EIOPA to provide this product in September 2022 after the country adopted the necessary legislation earlier in the year.
Founded in 2018, Finax also operates in the Polish, Croatian, Czech, and Hungarian markets and claims to manage €350 million in assets for 40,000 clients.