Inheritance of funds

In accordance with the Law on mandatory fully funded pension insurance, the funds from the personal account of the deceased member can be inherited only when the family members of the deceased member do not have a right to family pension, in accordance with the Law on Pension and Disability Insurance. The full text from the Article 66 from the Law on voluntary fully funded pension insurance is outlined below: 

 „In case when the deceased member of the mandatory pension fund does not have family members that have the right to a family pension in accordance with the Law on pension and disability insurance, the funds from the member’s account become part of the inheritance and subsequently the relevant procedure is put in place in accordance with the Law on succession. Until then, the account of the member will remain open and the funds are transformed into accounting units and are invested in the same manner as the rest of the money in the mandatory pension fund by the company. After the completion of the money transfer, the company will close the individual account of the deceased member. “