KB First Open Voluntary Pension Fund – Skopje

THE THIRD PENSION PILLAR – VOLUNTARY FULLY FUNDED PENSION INSURANCE

Provides additional pension insurance based on the capitalization of funds paid.

The main objective of the Third Pension Pillar, independently of the state pension insurance, is to provide a higher income after the retirement of employees, pension income to people who are unemployed or fall into the category of long-term unemployed, persons hired by projects or foreign missions, persons who have no income on any basis, additional pension insurance to third parties – spouses, family members or pension income to any persons aged 15 to 70 who have not achieved their pensions in accordance with the Law on Pension and Disability Insurance are not users of the same, i.e. persons who do not withdraw funds in accordance with the Mandatory Fully Funded Pension Insurance Law and do not generate retirement benefits under the Voluntary Fully Funded Pension Insurance Law.

Voluntary Pension Insurance also enables voluntary collective pension insurance – occupational pension schemes where employers pay additional pension insurance funds for all or some of their employees.

The principle of fund capitalization and accumulation on either voluntary individual or professional accounts, supported by investment of the assets of Voluntary Pension Funds and the establishment of future pension benefits from Voluntary Funds (based on the amount and timing of payments, fees charged and investment yield) enables to define the level of  accumulated funds to be used for payment of pension benefits from Voluntary Funds.