The first 147 retirees who are receiving payments from the “second pillar” were on average given about 10,000 denars (80 EUR). This pillar, that is meant to supplement the main public retirement fund, was receiving payments from younger retirees over the past two decades, and was investing them in low risk stocks and bonds.
For these beneficiaries, as announced by the Retirement Supervision Agency (MAPAS), a total net amount of 1,452,089 denars was paid, with the average net payment per beneficiary amounting to 9,878 denars. The average period of paying into the system of the beneficiaries is 22 years, while the pension base is 38,880 denars.
The majority of beneficiaries are persons for whom the funds from the second pension pillar participate in providing the minimum pension amount. This category includes 113 persons.
The group of beneficiaries with a pension above the minimum amount includes 34 people, with a total net payment of 303,066 denars. The average payment amount in this category is 8,914 denars, and for five beneficiaries the payment is above the maximum amount.
The analysis shows that one of the basic characteristics of fully funded pension insurance is that the longer membership period allows for the accumulation of a larger amount of funds in the individual account and a longer period for fertilization. This, as stated in the announcement, is due to the continuous payment of contributions, the realized returns from investments and their further capitalization, which contributes to the gradual growth of assets during the membership period.
The post First retirees to receive funds from the private pension fund are getting just under 10,000 denars a month appeared first on Republika English.
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