What happens if I miss the installment?

If you, for any reason, miss to pay your pension contribution, that does not affect your rights or your membership in the fund which is voluntary so there are no forced means of contribution collection.  You will continue to contribute when the situation gets favorable since the contributions can be monthly, periodic or annual.

Do I always need to pay the amount stated in the contract or the amount of contributions can be different?

You can change previously chosen amount as many times as you want without the obligation to notify us on that (unless you make payments via administrative ban in which case we need to issue a new one) or sign the anex of the contract.  It is enough that the new amount is higher than the minimum: RSD 1,000.

How do I make the payment?

You can make the payment non cash only: via bank or post transfer, on line, administrative ban, standing order.

Are there any tax incentives?

The government has provided tax incentives both for members of voluntary pension funds and employers who pay additional contributions for their employees. Individuals who pay pension contributions via administrative ban up to RSD 8,101 are personal income tax (10%) exempt. Payments of employers for the employees up to the same amount are not only personal income tax exempt but the mandatory social contribution as well.

 In this way, it is the government that has supported the development of old age savings through voluntary pension funds.

My employer pays the contribution in your fund for me. What happens if I change the job?

Since you are the owner of the assets on your individual account, change of job means logical termination of payment by your, now former employer, but without any consequence to his previously made contributions. That means that you are the only one to decide on further actions regarding the paid amount.

Can I be a member of several pension funds at the same time?

Yes you can. You can also have several contracts within the same pension fund.

Can I change the fund?

Of course. You can change the fund an choose another one at any time. 

How long do I need to pay contributions in order to qualify for pension?

To be entitled to pension you need to be 58 the earliest (those who became members before 17th May 2011 require pension upon reaching 53 the earliest).  Prior to the above retirement age, pension rights are exercised solely in the event of permanent work disability.

How much will be my pension?

Level of pension depends on the length of membership, the amount of contribution, realized yield and the chosen way of pension pay out.  On the home page of this presentation you can find the pension calculator on which you can calculate the expected amount of your pension on the basis of the said parameters.

If something happens to me, do my children get my pension?

Yes, since the pension is inheritable. The person(s) specified in the contract as beneficiaries inherit the pension, and if the beneficieries are not stated, the law on succession is applied.

How and when can I use the money from the fund?

Upon reaching 58 („old“ members 53) you can chose to witdhraw the money as:

• lump sum up to 30% of accumulated assets
• programmed pension (the shortest period od 1 year)
• lifetime pension
• combination of above stated ways

Where can I check how the fund assets are invested?

Details of the assets investment are available in the Prospectus and Statistical Annex of National Bank of Serbia www.nbs.rs

Who supervises your work?

Nation bank of Serbia is in charge for both company's and the fund's supervision.

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