Types of pension compensations

The procedure for exercising the right to pension from the second pillar

When a member of the NLB Pension Fund acquires the right to retirement pension in accordance with the Law on pension and disability insurance, the entire amount of accumulated funds on his account will be used with the right to personal choice by the member regarding the following:

    а) Programmed withdrawals provided by the company which manages the mandatory pension fund with which the member will sign a contract for programmed withdrawals;
    b) Temporary programmed withdrawals combined with a lifelong deferred annuity;
    c) The purchase of lifelong immediate annuity which is paid by the company for insurance approved for this objective.

 Points b) and c) will be applied once an insurance license will be issued in the annuities’ class and annuities’ payments for users of pensions.

The procedure for exercising the right to pension from the second pillar starts with the member submitting a request for retirement pension to the Fund for pension and disability insurance Macedonia. Subsequent to the implemented procedure, the PDIM Fund will submit a copy of the official decision which will or will not accept the right to retirement pension to the company that manages the pension fund of which the policy holder is a member. The member of the pension fund who has an individual account in the pension fund has to submit a request to the pension company for a listing to begin on his behalf. The member has to outline in his request which types of pensions he would like to be included in the listing.

 

Exercising the right to pension only from the second pillar

The member who has not exercised his right to retirement pension in the PDIM Fund because he nas not meet all the legal conditions, can submit a request for retirement pension only from the second pillar to the pension company that manages the pension fund of which he is a member. The request to exercise the right to a pension only from the second pillar can be submitted after the age of 65, together with a statement verified by a notary that he forgoes the right to a pension from the first pillar and the right to the lowest pension amount.