EMPLOYEE CAPITAL PLANS (PPK)

Autosave in the PPK in 2023

 The employer is obliged to resume making contributions to the Employee Capital Plan (PPK: Pracowniczy Plan Kapitałowy) every 4 years from 1 April (the first time in 2023),  for each person employed who has made a declaration to opt out  from making contributions to the PPK, unless that person again resigns, by submitting a new declaration to the employer to opt out of making contributions to the PPK.

By the end of February 2023, employees who have made a declaration to opt out of making PPK contributions,  will be provided with and required to sign the “Information on resumption of PPK contributions”;  -it is the responsibility of the employing entity to provide this information to the PPK participant.

Every four years, the employer will be required to repeat the autosave procedure in the PPK. The first, repeated autosave to this programme will take place in 2023,  and then in the following years: 2027, 2031, etc.

The autosave in the PPK in 2023 means that from 1 April 2023, the employer will make payments to the PPK on behalf of the employees.

If the employee has previously submitted a declaration to the employer to opt out of the PPK contributions, this declaration will expire on 28 February 2023 (even if submitted in February 2023)

The repeated autosave refers to persons who have made a declaration of opting out from making contributions to the PPK.

The repeated autosave in the PPK shall not refer to a person who:

• turned 55 before 1 April 2023 and has not applied to her/his employer to enter into a PPK agreement on her/his behalf;
• turned 70 before 1 April 2023 (even if she/he submits an application to her/his employer to enter into a PPK agreement on her/his behalf);
• since 1 March 2023,  has submitted again a declaration to the employer to opt out of the PPK contributions,

Important! The earliest that an employee can declare that he or she is no longer making contributions to the PPK is 1 March 2023.

Additional information on the autosave is available at https://www.mojeppk.pl/

PPK in practice: Autosave

• Training – inPZU service Check the amount of funds in PPK! Invitation to training 09.12.2021 – document pdf.
• Settlement of welcome payments – document pdf.

Employee Capital Plans (PPK) are a voluntary long-term savings programme, created and co-financed by employees, employers and the State. The PPK’s private and personal accounts will be credited with employee and employer contributions, as well as a welcome payment and annual surcharges from the State. The payments of the employee and the employing entity will be calculated as a percentage of the employee’s remuneration. An employee may at any time either resign from saving in this program, as well as returning to it.

Moreover, we also inform that:

• an employed person, who is the PPK participant, should ─ within 7 days, after the lapse of 10 days of the month following the month in which the 3-month period of employment expires ─ submit to the employing entity a statement on agreements concluded on its behalf to run the PPK. The statement should identify the financial institutions, with whom these agreements were concluded;
• a person employed, who has reached the age of 55 and has not yet reached the age of 70, should submit an application to the employing entity to conclude an agreement to run the PPK for and on his/her behalf to become the PPK participant;
• The PPK participant, in addition to the obligatory basic payment, may declare an additional payment to the PPK of up to 2% of his/her remuneration;
• The PPK participant whose remuneration obtained from various sources in a given month does not exceed an amount corresponding to 1.2 times the minimum remuneration, may submit to the employing entity a declaration of reduction of the basic payment to the PPK. The reduced basic payment may be less than 2% but not less than 0.5% of his/her remuneration.

PPK AND THE CHANGE OF THE PLACE OF WORK

The PPK participant may be, at the same time, a party to more than one PPK maintenance agreement concluded by other employers, where the PPK participant was or is still employed.

The PPK participant should inform his/her new employer about his/her PPK accounts if the participant changes his/her place of work.

For this purpose, he should submit to the employer:

“Declaration on the concluded agreements for operating Employee Capital Plans (PPK)” (download file in pdf format).

This will allow the employer to take action so that the employee’s existing savings accumulated in the PPK are credited to the employee’s new PPK account – the employer applies on behalf of the employee for a transfer disbursement of funds.

The PPK Participant shall submit the “Declaration on the concluded agreements for operating Employee Capital Plans (PPK)” within 7 days after the expiration of the period of three months of employment, no later than by the 10th day of the month following the month in which the period of three months of employment passed, unless the employee declares, before the end of that period, not making payments to the PPK, based on “Declaration on resignation from making payments into Employee Capital Plans (PPK)” (download file in pdf format) or ceases to be an employee (termination of employment contact).

The employer informs the PPK participant about the obligation to submit on its behalf an application for a transfer disbursement of funds accumulated in its PPK accounts, maintained by other financial institutions.

The PPK participant can leave the accumulated funds in the old financial institution or transfer them for a new one to accumulate all funds on one account.

In case the participant decides to leave the funds in the old institution the participant should submit in writing “Statement on lack of consent for transfer disbursement” (download file in pdf format) within 7 days of receiving information from the employer about the obligation to submit an application for transfer disbursement.

In case the employer does not receive the “Statement on lack of consent for transfer disbursement ”,on behalf of the PPK participant, it submits a request for transfer payment of funds kept on the PPK accounts indicated in the “Declaration on the concluded agreements for operating Employee Capital Plans (PPK)”.

We publish the information on Employee Capital Plans (ECP; in Polish: Pracownicze Plany Kapitałowe, PPK), a voluntary long-term saving programme, developed and co-financed by employees (employees and contractors subject to obligatory social insurance), employers and the state. Payments financed by the employees, the employer, a welcome payment and an annual surcharge from the state will be transferred to individual private ECP accounts.

On 26th March, the University of Warsaw signed an agreement with the PZU SA Investment Fund Management Company (Towarzystwo Funduszy Inwestycyjnych PZU SA) on the management of PPK.

The fund will be managing assets of UW employees who decided to join PPK (aged 55-70) and those who had not resigned from participation in PPK (aged 18-54). The contract with PZU will be concluded no later than 10th April. The first contributions to Employee Capital Plans will be calculated on the remuneration paid after 10th April 2021.

To learn more about Employee Capital Plans, watch this webinar.

After signing the contract, each PPK participant will receive a welcome letter (with access to the inPZU website). The letter will be sent to the correspondence address included in SAP (check your address of correspondence in ESS, if there are changes, please report them to the UW Human Resources Office).

A PPK participant may, in certain circumstances, reduce the basic payment or resign from a previously declared lower basic payment.

The obligatory basic contribution financed by a PPK participant may be less than 2% of their remuneration, but not less than 0.5% if the remuneration of a PPK participant obtained from various sources in a given month does not exceed the amount corresponding to 120% of the minimum remuneration.

View the “Declaration on financing the basic payments into employee capital plans (PPK)”.

Each PPK participant can declare a voluntary additional payment – up to 2% of gross remuneration.

View the “Declaration on financing the additional payments into employee capital plans (PPK)”.

1. Terms and conditions of maintenance of PPK by PZU – document pdf.

1. Declaration on resignation from making payments into PPK – document pdf.
2. Application for conclusion of an agreement for operating PPK (for employees between 55 and 70 years old) – document pdf.
3. Application for making payments to PPK (or persons who submitted a declaration of resignation from payments to the PPK) – document pdf.
4. Declaration on financing the basic payments into employee capital plans (PPK) – document pdf.
5. Declaration on financing the additional payments into employee capital plans (PPK) – document pdf.
6. Declaration on the concluded agreements for operating employee capital plans (PPK) – document pdf.
7. Statement on lack of consent for transfer disbursement – document pdf.