Employee Capital Plans

On 1 January 2019, there entered into force the Employee Capital Plans (ECP) Act of 4 October 2018, whose aim – according to the legislator – is a change of the current pension scheme. The ECP Act assumes an establishment of a private voluntary pension savings scheme, whose participants will be the State, employers and employees (irrespective of the form of employment).

ECP main assumptions:

  1. ECPs, optional for employees and obligatory for employers, constitute a long term savings scheme.
  2. Payments made towards ECPs will be financed by the employer and the employee, out of their respective own funds.
  3. Employees and ECP participants may make additional payments.
  4. Grant of the ownership title to funds and their exclusion from enforcement (as a general rule).
  5. Funds gathered as part of ECPs will be paid upon attaining certain age – the same for women and men.
  6. The ECP Act assumes the conclusion of two agreements:
    • agreement on ECP management (between the employer and the financial institution, i.e. an investment fund managed by an investment funds company, pension fund managed by the Pension Fund Society, employee pension society or an insurance company) and
    • agreement on ECP maintenance (between the employee and the financial institution).
  7. Employers will join ECPs successively, starting from July 2019 to January 2021.

ECP assistance by Law Firm D.Dobkowski sp.k.

  1. support in drafting internal regulations on ECP introduction,
  2. support in selection of ECP managing financial institution,
  3. support in the conclusion of ECP management and maintenance agreements with a financial institution (including a review of compliance with conditions indicated at ECP portal and a review of agreements with a financial institution),
  4. legal assistance in ECP implementation in the scope of labour law,
  5. representing the employer in talks with the community representation,
  6. legal assistance in ensuring consistency of employees’ data transfer outside the employment establishment with the personal data protection requirements,
  7. support in the fulfilment of the employer’s information obligations towards ECP participants and the financial institution, with which the employer concluded ECP management agreement,
  8. consultations on exemptions from the ECP establishment obligation.