Why KB First Pension Company?
What do you get by signing a contract with KB First Pension Company as part of the reformed pension system?
A personal account with funds not used for payment of somebody else’s pension, which are subject to inheritance. Your personal account contains records of the entire yield made from investments proportionate to the share of your assets in the total assets of the Funds we manage.
If you are a member of KB First Open Mandatory Pension Fund – Skopje, part of the contributions for your pension and disability insurance in the amount of 6% of your gross wages are paid to your personal account. These funds are not used for the payment of somebody else’s pension, but are your personal assets you will use as part of your pension. These funds may be subject to inheritance, which is not the case in the one-pillar system.
If you are a member of KB First Open Voluntary Pension Fund – Skopje, all the funds paid by you or somebody else on your behalf to your personal account shall be part of your personal property and they may not be used in any Company’s settlement or bankruptcy procedures, pledged, assigned or transferred for the benefit of third parties except in cases strictly stipulated by law.
1. A complete insight into the status of your funds
Through the delivery of regular annual reports about the status of your individual account funds in the Mandatory Pension Fund and/or your voluntary individual/professional account in the Voluntary Pension Fund, at your personal address, i.e. the reports you can also receive upon your request, you have a complete insight into the funds at your personal account, the number of accounting units and the value of each Fund accounting unit.
With the additional option of on-line notification you have the opportunity of fast, free, modern and simple way of getting an insight into your accounts at both KB First Open Mandatory Pension Fund – Skopje and KB First Open Voluntary Pension Fund – Skopje.
By the on-line notification, you can get information on the regularity of payments to your account, the number of accounting units, the final balance of funds at your account in the Fund where you are a member and other information of your interest.
2. Professional management of your funds for the purpose of their safety and yield generation
Your funds are managed by professional and experienced personnel, investing them in safe financial instruments in accordance with the legislation allowing security and yield generation on assets invested, thus creating an opportunity for growth of future pension/retirement benefits of fund members, thereby ensuring more funds for your retirement days.
3. Pension from three sources ensuring greater security for retirement days
In terms of the individual, the reformed pension system provides greater security so that the financing of pensions shall be made from the three pillars: Pension and Disability Insurance Fund- First Pension Pilar, Mandatory Pension Fund – Second Pension Pillar and Voluntary Pension Fund – Third Pension Pillar, which will enable additional pension savings in case of voluntary savings.
The part of the pension paid from the First Pillar shall be calculated according to a predetermined formula based on the salary and length of service.
The second part of the pension shall be paid from the mandatory individual account of the member in the Mandatory Pension Fund managed by KB First Pension Company, as one of the sources within the mandatory fully funded pension insurance – Second Pillar.
The third part of the pension shall be paid from the voluntary individual account or professional account of the member in the Voluntary Pension Fund managed by the Company as one of the sources within the voluntary fully funded pension insurance – Third Pillar.
4. Investing in compliance with legal regulations
Investments of both KB First Open Mandatory Pension Fund – Skopje and KB First Open Voluntary Pension Fund – Skopje shall be made in accordance with strict legal regulations in order to maximize the yield for the benefit of members and retired members, and through diversification and financial analysis, to minimize the risk of losses. The assets of Funds managed by the Company are invested under the continuous supervision of the Agency for Supervision of Fully Funded Pension Insurance – MAPAS, while the Custodian Bank keeps them separate from the assets of the Company.
5. Large, experienced and stable founders
The expertise, experience, size and reputation of the founders of KB First Pension Company managing your money, give you additional security and safety with regard to its successful operation in the management of funds.