Overview of Voluntary Fully Funded Pension Insurance
Abstract
Voluntary Fully Funded Pension Insurance is part of multi pillar structure of the pension system of Republic of Macedonia. In the Voluntary Fully Funded Pension Insurance the coverage of individuals is more extensive because all persons are included regardless whether or not they are members of the Fully Funded Pension Insurance. Special emphasis is given on the way of gaining membership in Voluntary Pension Fund, the membership agreement for opening an individual account and the agreement for pension schemes used to open a professional account.This paper considers the Voluntary Pension Funds and the management company for the Voluntary Pension Funds. The Directive 2003/41 of the European Parliament and Council has had a big impact on the development of voluntary fully funded pension insurance.
The main objective of this article is to present suggestions to overcome existing shortcomings in the functioning of voluntary fully funded pension insurance, the conditions for gaining membership, the manner and contributions for acquiring membership in the Voluntary Fully Funded Pensions Insurance and the payment of retirement benefits to members in the third pillar.
Keywords: third pension pillar, individual account, professional account, professional pension schemes, membership contracts
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References
Guide for your pension rights, (2012), International Labour Organization, Skopje
Directive 2003/41 / EC of 06.03.2003 year, (OJ L. 235 of 03.06.2003)
Law on Voluntary Fully Funded Pension Insurance, "Official Gazette", no. 7/2008 124/10 br.71 / 11 and No.13 / 2013;
Act for payment of pensions and pension benefits of Fully Funded Pension Insurance, "Official Gazette", no. 11/2012
First Voluntary Pension Fund (KB) (2013), Status of First Voluntary Pension Fund ( KB) Skopje
Agency for Supervision of Fully Funded Pension Insurance (MAPAS), (2013) Report to the fully funded pension insurance in 2012
Rulebook on Voluntary Pension Fund, "Official Gazette", no. 138/2008 of 04.11.2008;
Rules on how and when the transfer of assets in voluntary pension funds, "Official Gazette", no. 138/2008 of 4.11.2008;
Rules on the manner of payment of contributions to Voluntary Pension Fund "Official Gazette", no. 138/2008 of 4.11.2008;
Regulations amending the Rulebook on Voluntary Pension Fund, "Official Gazette", no. 74/2010, no. 134/2010, no. 26/2011 and no. 155/2013;
P. Taleski (2009), The financing of pension systems, Selector, Skopje;
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