As of 2005, Slovakia has a system of individual accounts administered by private asset managers as a supplement to the public pay-as-you-go pension system. 

Participation is mandatory for new hires and voluntary for those people who are already in the labor force, except for workers who are within 10 years of retirement that will remain in the public pillar only. The worker may decide whether the combined employer and employee pension contributions  (amounting to 18% of earnings) be split evenly between the individual account and the public pillar or be allocated entirely to the public pillar.

Pension fund managers that manage the funds collected are required to offer three types of investment funds with varying degrees of risk - conservative, balanced, and growth-oriented.

Information with courtesy of Social Security Online
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