Become a member

Who can become a member of KB First open voluntary pension fund – Skopje?

• All persons aged 15 to 70 who have not achieved their right to a pension under the Law on Pension and Disability Insurance, nor are users thereof, i.e. persons who do not withdraw funds according to the Law on Mandatory Fully Funded Pension Insurance and do not generate retirement benefits in accordance with the Law on Voluntary Fully Funded Pension Insurance.
• Employment shall not be a prerequisite for membership, so therefore, members can also be persons who are unemployed, work on projects or in foreign missions, long-term unemployed, people who have no income on any basis, people for whom additional pension contribution shall be paid such as spouses, family members, etc.
• Employees who are willing and able to save additionally for retirement through their own voluntary contribution payments, contribution payments by a third party or contribution paid by the employer for membership gained through an occupational pension scheme.

What is an occupational pension scheme?

Occupational pension scheme

The occupational pension scheme is a modern benefit which allows companies to provide additional financial security for their employees after retirement, while increasing their loyalty and motivation at the same time.

An occupational pension scheme is a product within the framework of voluntary pension insurance (third pillar), organized and financed by the employer/civil association for their employees/members, in order to provide them with a financial benefit in the form of a pension benefit, i.e. an additional pension on top of the regular pension.

An agreement for organizing an occupational pension scheme in KB First Open Voluntary Pension Fund – Skopje can be concluded by an employer or a civil association with headquarters in the Republic of North Macedonia. The employer or the civil association signs an agreement with KB First Pension Company AD Skopje, thus choosing it to manage the voluntary pension fund.

The employer defines the rules of the occupational pension scheme. It organizes, finances, decides on the amount and frequency of contributions to be paid, as well as the number of employees who will participate in the scheme, etc.

Each participant in the occupational pension scheme signs a statement of consent for the participation in the occupational pension scheme and submits it to the employer.

The pension scheme is a win-win solution for both parties:

• The employer gets a motivated and loyal team
• Employees get greater future financial security, and greater loyalty to the employer.

Why is this a great product for the employer?

1. Keeping and attracting quality staff – organizing a pension scheme increases the company’s competitiveness in the labor market
2. Increased employee loyalty and motivation – A company that thinks and invests in the long-term financial security of its staff always has higher value.
3. Tax incentives – Payments of contributions to a voluntary pension fund are recognized as a tax-deductible expense regarding the Income Tax, in the amount of up to two average monthly gross salaries, paid in the previous year in the Republic of North Macedonia.
4. Perception of the company as a socially responsible company – a company that caresabout its employees. It also improves its corporate image.

Why is this product important for the employees included in the occupational pension scheme?

1. Supplementary pension

In addition to the mandatory pension insurance, by being included in a pension scheme, employees receive an additional source of income in retirement.

2. Ownership of assets

The assets remain the property of the employee even in case they change employers and are hereditary.

3. Saving and investment habits

Automatic regular payments create financial discipline and encourage employees to become individual members of the third pillar and invest independently for retirement benefits.

4. The paid-in assets are invested and generate continuous returns for members

By establishing an occupational pension scheme, companies invest in the long-term well-being of their employees and a stable basis for sustainable growth and development.

So, contact us and invest in the future of your team.

Join over 2,800 companies*, which currently have pension scheme agreements with KB First Pension Company, covering over 11,000 employees.

Make an appointment for a meeting with our sales team at: 02 324 3777 and electronically at: contact@kbprvo.com.mk !

*Source: KB Prvo Penzisko Društvo AD Skopje

How to become a member of KB First open voluntary pension fund?

• Sign a Membership Agreement with an authorized agent of the Company, and with your first voluntary contribution payment you shall gain a membership status;
• Sign a Membership Agreement with an authorized agent of the Company and any other person who will finance your voluntary individual account, and with the first payment, you shall gain a membership status;
• Sign a Consent Statement in an occupational pension scheme organized and funded by your employer and with the first voluntary contribution payment to your professional account, you shall gain a membership status;

How to sign a membership agreement?

• Come to the KB First Pension Company AD Skopje’s premises or visit any of our outlets;
• Call 02/ 32 43 772 or 02/ 32 43 777 and our authorized agent will visit you at a time and place that you find most convenient;
• Complete an online application and within the shortest possible period, you will be contacted by a person of KB First Pension Company.

How to make payments of voluntary pension contributions?

• By direct bank payment from your transaction account;
• By payment from a transaction bank account of a third party – payer, in the event that such third party makes the voluntary pension contribution payment to your voluntary individual account*;

* A payer may not be a person who receives a pension in accordance with the Law on Pension and Disability Insurance, and withdraws funds in accordance with the Law on Mandatory Fully Funded Pension Insurance or has pension benefits in accordance with the Law on Voluntary Fully Funded Pension Insurance.

• By a standing bank order;
• Via e-banking of Komercijalna Banka AD Skopje or any other bank;

Your security

Security of assets of members of KB First Open Voluntary Pension Fund – Skopje operated by KB First Pension Company, as part of the reformed pension system is guaranteed in a number of aspects:

1. The expertise, experience, size and reputation of the founders of KB First Pension Company managing your money, give you additional security and safety in terms of its successful operation in the management of funds.
   • Komercijalna Banka AD Skopje with its long-term successful operations and leading position in the banking system of the Republic of North Macedonia, is confirmed by multiple international awards from financial institutions and magazines.
   • Prva pokojninska druzba d.d. Ljubljana, on 6 November 2007 reorganized into Skupina Prva zavarovalniski holding d.d. Ljubljana**, has a multi-year direct experience in pension insurance and is expanding its operations in both the mandatory and voluntary pension insurance in the countries of Southeast Europe.
2. Professional management of your funds, for their safety and yield-making. Your money is managed by a highly professional, skilled and experienced team, putting your assets in safe financial instruments in accordance with legal regulations, thus enabling security and yield on the funds invested.
3. Investing your funds in accordance with strict regulations in order to maximize the return for members and retired members, and through diversification and financial analysis to minimize the risk of losses. Assets of KB First Open Voluntary Pension Fund – Skopje 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.
4. Assets of KB First Open Voluntary Pension Fund – Skopje, under the law, may not be used in a settlement or bankruptcy procedure of the Company, may not be pledged, assigned or transferred to the benefit of third parties, except in cases as specifically defined by law.
5. Agency for Supervision of Fully Funded Pension Insurance – MAPAS was established for the purpose of supervising the operations of both Companies managing Pension Funds and Pension Funds, with the aim to protect the interests of their members. Also, MAPAS supervises the work of Custodian Banks and foreign managers, and monitors their financial statements in accordance with applicable laws and regulations. Agency for Supervision of Fully Funded Pension Insurance is a legal entity and reports to the Аssembly of the Republic of North Macedonia for its work.

Transition from another voluntary pension fund

Any person wanting to transit from another Voluntary Pension Fund into the Voluntary Pension Fund managed by KB First Pension Company AD Skopje shall sign a Transition Agreement with a Company’s licensed agent and a Statement of Consent related to the transfer from one to another Voluntary Pension Fund.

Also, a transfer fee shall be paid (if the insured person is supposed to pay such fee in accordance with Article 117, paragraph 1, item (v) of the Law on Mandatory Fully Funded Pension Insurance).

Precise information on the requirement for payment of the transfer fee, its amount and manner of payment shall be obtained from the Pension Company managing the existing Mandatory Pension Fund that the insured person wants to change.