MEMBERS
A fund member may be a domestic and foreign natural person who joins the fund by signing a contract of membership with the company, or joins a pension scheme of a scheme organizer.
FUND MEMBERS´ RIGHTS
Right to choose the level of pension contribution and payment dynamics
A fund member chooses the level of own pension contribution, as well as payment dynamics. The amount of pension contribution can be changed, however the required minimum is RSD 1,000.
The pension contribution may be paid exclusively by non-cash means: by payment order, salary deduction, permanent payment order, or transfer order.
Right to withdraw and use accumulated funds
A fund member acquires the right to withdraw and use accumulated funds upon turning 53 years of age, exceptionally before turning 53 years of age in the event of extraordinary medical treatment costs or permanent work disability.
Accumulated funds can be withdrawn by means of a lump-sum payment, scheduled payment, purchase of annuities or a combination thereof.
A lump-sum payment implies withdrawal of all accumulated funds, consisting of net contributions plus distributed yield, from the individual account.
Scheduled payments are made subject to a special contract concluded between a fund member and the company, which establishes the level and frequency of scheduled payments. The value of the first scheduled payment is calculated based on the sum accumulated in the individual account of each member at the time when the scheduled payment is calculated, the period chosen for scheduled payment, the manner of payment, and the profit rate applied at the time when calculation is done. Scheduled payments are made during a minimum period of one year, and can be agreed as weekly, monthly or other.
By withdrawing and using accumulated funds for the purchase of annuities, the fund, at the order and for the account of the fund member, transfers the funds to an insurance company and purchases annuity.
In the event of death of a fund member, funds from his account are transferred to such person as the fund member had previously designated, and if he had not designated such a person, or such person is unknown, the law governing inheritance is applied.
Withdrawal and use of accumulated funds must start the at the age of 70 at the latest.
A fund member pays capital gains tax for withdrawn accumulated funds (lump-sum, scheduled payment, or combination thereof). The base for tax calculation is the difference between the level of accumulated funds and the sum of paid net pension contributions.
Withdrawal of accumulated funds in order to buy annuity in an insurance company is exempt from capital gains tax.
Ownership right
As the fund is owned by its members, by paying funds to the individualni account, the member becomes a co-owner of the fund in proportion to the amount of funds in his individual account.
Rights in case of discontinuation of pension contribution payment
In case of temporary or permanent discontinuation of pension contribution payment, a member retains all rights based on the contract of membership in the voluntary pension fund.
Right to change the fund
A member has the right to transfer his individual account from one to some other pension fund.
Right to protection of funds in the individual account
Assets in the individual account of a fund member cannot be the subject of debt enforcement, pledge, mortgage, cannot be included in liquidation or bankruptcy estate of the management company, custody bank or other persons.
Right to information
Before signing a contract of mebership of the voluntary pension fund, every fund member must be acquained with the prospectus which contains all information on the fund and company. In addition, each fund member can have constant insight into the status of funds in the individual account via an internet address.
A person may simultaneously be a member of several voluntary pension funds.
A fund member may be a domestic and foreign natural person who joins the fund by signing a contract of membership with the company, or joins a pension scheme of a scheme organizer.
FUND MEMBERS´ RIGHTS
Right to choose the level of pension contribution and payment dynamics
A fund member chooses the level of own pension contribution, as well as payment dynamics. The amount of pension contribution can be changed, however the required minimum is RSD 1,000.
The pension contribution may be paid exclusively by non-cash means: by payment order, salary deduction, permanent payment order, or transfer order.
Right to withdraw and use accumulated funds
A fund member acquires the right to withdraw and use accumulated funds upon turning 53 years of age, exceptionally before turning 53 years of age in the event of extraordinary medical treatment costs or permanent work disability.
Accumulated funds can be withdrawn by means of a lump-sum payment, scheduled payment, purchase of annuities or a combination thereof.
A lump-sum payment implies withdrawal of all accumulated funds, consisting of net contributions plus distributed yield, from the individual account.
Scheduled payments are made subject to a special contract concluded between a fund member and the company, which establishes the level and frequency of scheduled payments. The value of the first scheduled payment is calculated based on the sum accumulated in the individual account of each member at the time when the scheduled payment is calculated, the period chosen for scheduled payment, the manner of payment, and the profit rate applied at the time when calculation is done. Scheduled payments are made during a minimum period of one year, and can be agreed as weekly, monthly or other.
By withdrawing and using accumulated funds for the purchase of annuities, the fund, at the order and for the account of the fund member, transfers the funds to an insurance company and purchases annuity.
In the event of death of a fund member, funds from his account are transferred to such person as the fund member had previously designated, and if he had not designated such a person, or such person is unknown, the law governing inheritance is applied.
Withdrawal and use of accumulated funds must start the at the age of 70 at the latest.
A fund member pays capital gains tax for withdrawn accumulated funds (lump-sum, scheduled payment, or combination thereof). The base for tax calculation is the difference between the level of accumulated funds and the sum of paid net pension contributions.
Withdrawal of accumulated funds in order to buy annuity in an insurance company is exempt from capital gains tax.
Ownership right
As the fund is owned by its members, by paying funds to the individualni account, the member becomes a co-owner of the fund in proportion to the amount of funds in his individual account.
Rights in case of discontinuation of pension contribution payment
In case of temporary or permanent discontinuation of pension contribution payment, a member retains all rights based on the contract of membership in the voluntary pension fund.
Right to change the fund
A member has the right to transfer his individual account from one to some other pension fund.
Right to protection of funds in the individual account
Assets in the individual account of a fund member cannot be the subject of debt enforcement, pledge, mortgage, cannot be included in liquidation or bankruptcy estate of the management company, custody bank or other persons.
Right to information
Before signing a contract of mebership of the voluntary pension fund, every fund member must be acquained with the prospectus which contains all information on the fund and company. In addition, each fund member can have constant insight into the status of funds in the individual account via an internet address.
A person may simultaneously be a member of several voluntary pension funds.
Go to:
· Right to choose the level of pension contribution and payment dynamics
· Right to withdraw and use accumulated funds
· Ownership right
· Rights in case of cessation of pension contribution payment
· Right to change the fund
· Right to protection of funds in the individual account
· Right to information
· Right to choose the level of pension contribution and payment dynamics
· Right to withdraw and use accumulated funds
· Ownership right
· Rights in case of cessation of pension contribution payment
· Right to change the fund
· Right to protection of funds in the individual account
· Right to information
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