FAQ | Voluntary pension fund

Anyone meeting the conditions of membership under the Law on fully funded voluntary pension insurance can become a member if they are at the minimum age of 15 and maximum age of 70.

You can become a member of a voluntary pension fund if you go to one of NLB Banka AD Skopje branches, in the premises of the Company on Majka Tereza st, no. 1 in Skopje or you may want to set up an appointment with an agent on 02/ 15 500 or e-mail us on kontakt@npf.com.mk

Payment on an individual account is made only from the bank account of the member and/or the payee (when there is another natural person - payor). Payment on a professional account is made from the bank account of the Company insuring their staff members.

Individual members are entitled to a refund of their personal income tax for the amount paid in to the voluntary pension fund. The employer is under no obligation to pay contributions on payments of contributions to a voluntary pension, personal and corporate income tax. Under the law, the amount of relief by member in a calendar year may not be higher than 4 gross monthly wages in R. Macedonia published for the previous year.

If you want to claim rebate of you personal income tax, you need:

  • Filled in form BPP-IS/DPF - application for personal income tax on individual account,
  • evidence of paid personal income tax in Macedonia, and
  • evidence of paid administrative fees

The mission of the Company regarding fund management is to generate optimal yield in the long run through active management of funds of NLB Penzija Plus observing risk tolerance, rules and regulations for risk monitoring and management, legislative framework and internally defined limits in investing. The yield fluctuates and depends on how successfully the company invests the funds of the pension Fund and on the fees it charges to its members. .

At the domestic capital market, the voluntary pension fund is one of the largest investors with significant holdings in the ownership structure of the most reputable Macedonian companies listed on the stock exchange who produce adequate results (they produce profit, invest in their assets to stimulate sales growth in the future and distribute a portion of their profits as dividend). In foreign markets, the pension fund invests in companies from the European Union an OECD with a high credit rating and positive results.

The right to receive your third pillar pension is enjoyed ten years before you become entitled to old age pension, which in general terms of 52 for women, and 54 for men. The funds on the individual / professional account may be paid at the discretion of the pension account holder in the form of:

  • schedule withdrawal,
  • annuities,
  • one off lump sum payments,
  • several lump sum payments,
  • combination of the above.

Pension payments are subject to personal income tax under the Law on personal income tax.

I a member of the fund dies, the money on his/her account is inherited, i.e it becomes a part of the estate of the decedent, while if a member is found to be lacking business capacity, the Law provides a possibility for withdrawal of funds regardless of his/her age.

Several meethods of pesonal data update are at your disposal:

1. Electronic update through our website with access to your personal account. Long into your personal account with your username and password thatwe provide along with the Annual Pension Savings Report by clicking Personal Data, change the data that are not up to date, and select where to get the update confirmation code. This option is available for members or retired members who have not previously received data on a valid mobile phone number or e-mail.

2. Update in writing, where you should visit one of the branches of NLB Bank AD Skopje or come to the head office of NLB Nov Penziski Fond AD Skopje and complete the form for personal data for update / correction in the presence of an authorized person / agent of the Company who will inspect your Valid document for personal identification. 

3. Mail the filled in personal data update form. In the event of this update, you will be contacted by the Company for the purpose of determining the identity of the sender of the form, with a recording of your telephone conversation..

4. Update by a phone call on 02/15-500. In accordance with the regulation, updates bz telephone calls are only allowed if made at the address of residence and / or the address for correspondence. When this update is done, the user will be identified and the phone conversation recorded. 

 

An unemployed person can be a member of a voluntary pension fund if they are at the minimum age of 15 and maximum age of 70.