Glossary
Pan-European Personal Pension Product (PEPP)
A personal pension product designed to complement existing mandatory and voluntary pension schemes and products in the European Union member states.
Passive Income
Income received without direct and ongoing involvement of the individual in performing work or business activities. It usually comes from investments or ownership of assets that generate income automatically or periodically after an initial investment of money, time, or effort.
Passive Investing
An investment strategy based on holding assets long-term to achieve stable and predictable returns with a minimal number of transactions.
Password - glossary for children
A secret word or a combination of letters, numbers, and symbols used to access a computer, phone, app, or account and to keep information safe from others.
Patent Tax
A local direct tax paid by individuals conducting independent business activities under certain conditions. It replaces the income tax for these activities and is determined according to the Local Taxes and Fees Act. Individuals (including sole proprietors) carrying out patent activities specified by law and meeting certain financial requirements are subject to this tax.
Pay-As-You-Go (Solidarity) Principle
Under this pension model, the contributions of all employed persons are paid into a common (non-individualized) account in the state budget, and from these funds, the pensions of current retirees are financed. This principle underlies the state social insurance (SSI), which represents the first pillar of the pension system.
Payment Account for Basic Operations
A type of bank product primarily intended for payments. The account is maintained in the national currency and provides a set of legally defined services within the country, either free of charge or for reasonable fees. These services include depositing and withdrawing cash, receiving and making payments, as well as transactions using a payment card.
Payment Account - glossary for children
A payment account is used for receiving, keeping, sending, and paying money. It can be opened at a bank or another financial institution. The account shows who owns the money and how much there is.
Payment Card
A type of payment instrument with electronically stored information, used repeatedly to identify the user of payment services and to access remotely a payment account or a pre-agreed credit limit between the cardholder and the payment service provider.
Payment Card - glossary for children
A plastic or digital card used to pay in shops or online and to take out cash from a cash machine. A PIN is used for security, and online payments have extra protection. The card can be debit or credit.
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