Regulatory Alerts2026-02-26
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Public Consultation on Draft General Acts under the Pension and Disability Insurance Act (ZPIZ-2)
The Securities and Markets Agency (AMF) has issued three draft general acts regarding pension fund investments, management rules for mutual and umbrella pension funds, and content for individual insurance accession declarations. Stakeholders are invited to submit comments on these drafts, which replace existing decisions and align with the Pension and Disability Insurance Act, by March 8, 2026. The new regulations introduce detailed investment permissions and management requirements while maintaining transitional provisions for specific funds until compliance adjustments are completed.
26 February 2026
Investment Funds
The Board of the Securities and Markets Agency (the Board) was informed at today's meeting of the drafts of the General Act on Investments of a Pension Fund, the General Act on Rules for the Management of a Mutual Pension Fund and an Umbrella Pension Fund, and the General Act on the Content of the Accession Declaration to the Individual Insurance Pension Plan. The Board decided that the aforementioned drafts, prepared on the basis of the Pension and Disability Insurance Act (ZPIZ-2), are to be submitted for public consultation. Comments on the aforementioned drafts may be submitted to the Securities and Markets Agency (the Agency) no later than 8 March 2026.
Draft General Act on Investments of a Pension Fund
sets out more detailed rules regarding the type of permitted investments of a pension fund, taking into account the nature of supplementary insurance, and additional conditions regarding investments of a pension fund in units or shares of other investment funds.
With the entry into force of this general act, the Decision on Investments of a Pension Fund (Official Gazette of the Republic of Slovenia, No. 12/17 and 90/20) will cease to apply. Notwithstanding this, the Decision on Investments of a Pension Fund will continue to apply:
for pension funds for which pension plan managers must align pension plans and management rules in accordance with the second paragraph of Article 155 of the Act on Amendments and Supplements to the Pension and Disability Insurance Act (Official Gazette of the Republic of Slovenia, No. 90/25 – ZPIZ-2O), until the day of implementation of this alignment;
for the Mandatory Supplementary Pension Insurance Fund, until the day of implementation of the alignment under Article 154 of ZPIZ-2O.
Draft General Act on Rules for the Management of a Mutual Pension Fund and an Umbrella Pension Fund
sets out more detailed content of the rules for the management of a mutual pension fund and an umbrella pension fund. This general act applies mutatis mutandis to covered funds and groups of covered funds under Article 323 of ZPIZ-2.
With the entry into force of this general act, the Decision on Rules for the Management of a Mutual Pension Fund and an Umbrella Pension Fund (Official Gazette of the Republic of Slovenia, No. 79/13, 12/17 and 90/20) will cease to apply. Notwithstanding this, the Decision on Rules for the Management of a Mutual Pension Fund and an Umbrella Pension Fund will continue to apply:
for pension funds for which pension plan managers must align pension plans and management rules in accordance with the second paragraph of Article 155 of ZPIZ-2O, until the day of implementation of this alignment;
for the Mandatory Supplementary Pension Insurance Fund, until the day of implementation of the alignment under Article 154 of ZPIZ-2O.
Draft General Act on the Content of the Accession Declaration to the Individual Insurance Pension Plan
determines more detailed content of the accession declaration to the individual insurance pension plan under the fifth paragraph of Article 240 of ZPIZ-2 and the declaration of choice of sub-fund of an umbrella pension fund for a mutual pension fund and an umbrella pension fund.
With the entry into force of this general act, the Decision on the Content of the Accession Declaration to the Individual Insurance Pension Plan (Official Gazette of the Republic of Slovenia, No. 90/20) will cease to apply, but will continue to apply until the day of implementation of the alignment in accordance with the second paragraph of Article 155 of ZPIZ-2O.
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