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Frequently asked questions
1. What is supplementary pension insurance?
Supplementary pension insurance is an additional insurance beside the compulsory insurance that functions in Kosovo. The form and method of implementation of this pension scheme is determined by law no. 04-L-101 on pensions in Kosovo. Voluntary supplementary pension insurance is a type of pension insurance where the insurant is the carrier of investment risk in sole contributions paid to the fund. Supplementary pension insurance, in fact means, savings into an individual account in the fund stimulated by tax relief, aim of which is gain of supplementary pension at the old age.

2. What is Pension Fund?
Pension Fund is a financial institution that collects the funds of individuals (in the form of pension contributions), manages such assets by investing them and according to legislation does the payment of pension annuities. Final goal of the fund is supplementary pension received by those who join in it.

3. How much pension contribution can I pay as an employer?
The level of pension contribution that the employer pays for his/her employees is up to 10% on gross salary. Pension scheme of FONDI allows even higher payments than 10% (on gross salary) however, for the sum that is over this percentage there is no tax relief. The level of pension contribution (in cases when it is paid collectively by the employer and the employee), is up to 20% of gross salary (10% the employer and 10% the employee).

4. What happens if the employee changes his/her place of work?
If the employee changes his/her place of work then he/she sends a written request to FONDI about possible continuation of contribution payment to the fund. In cases when his/her new employer has no contract with FONDI then there are two possible choices: 1) New employer enters into a contract with FONDI and pays for all his/her employees, and; 2) The employee himself/herself continues to pay monthly pension contributions.
The current collected assets in the individual account of the insurant continue to be invested and are his/her property.

5. What happens if the employee loses his/her place of work?
The insurant who has not collectively (or individually) joined the pension scheme of FONDI and whose employment has been discontinued with his/her respective employer, has two possibilities that are offered by FONDI:

a) He/she can continue to pay pension contribution as an individual (natural person) which is a result of the agreement with FONDI, and;
b) He/she is allowed to use break periods in payment of pension contribution according to pension plan.

6. Why join the fund?
Supplementary pension fund is a pension scheme, which provides also financial benefit as well as other benefits for those who join in. The individual, as a natural person, for paid contributions to the fund benefits the right on tax deduction on personal income - when paid individually. Whereas, when the employer pays pension contributions for his/her employees, such are accounted as expenses of his/her enterprise thus reducing the basis for profit tax.

How can the employer and the employee join the pension plan?
The pension plan can be joined in these ways:
  • collectively,
  • individually and
  • combined.

The employer joins the plan through a collective contract entered with FONDI. Through contract, he/she states his/her preferred type.

The employees can join:

  • through collective contract - employers pay the total pension contributions on behalf of their employees;
  • through collective contract - pension contributions are paid jointly, by employer one part and by employee the other part;
  • through individual contract - the employee joins the plan as a natural person and individually pays pension contributions from his/her salary.

7. What happens with contributions paid to FONDI?
The employer pays the pension contributions for his/her employees every month and according to the contract agreed with FONDI. The contributions paid to the fund, as per pension plan, are transferred to individual employee accounts opened with FONDI and are transformed into accounting units. These assets are further invested into bonds and thus at the end is achieved the balance value on each individual account. The balance of assets on individual account is the result of multiplication of the unit number (given at the conversion time) with the unit value achieved from investments.

8. Pension contribution types of payment?
Pension contribution can be paid on monthly basis, semi-annually and annually. In addition, it is possible to be paid as a lump sum, in the middle or end of the insurance period.

The employer can pay the pension contribution in two ways:

A. through current account, as a lump sum (when only he/she pays the contribution) and
B. through current account, as two separate sums (when he and the employee pay).

9. Which are the benefits if the employer pays pension contributions?
Maximal tax-deductible contribution, from savings in employee supplementary pension schemes is 20% of the gross salary (divided by 10% from the employer and 10% from the employee). The employer is accepted these contributions as expenses and such reduce the profit taxable basis; while the employees are deducted such contributions from gross salary prior personal income tax is calculated on gross salary.

10. What are the benefits for employees if they pay individually?
Even when the employee joins individually (outside the organisation where he/she works), many benefits are offered from FONDI. We will mention only some of them:

  • opening of individual accounts for each member;
  • each insurant will be treated individually;
  • assets from individual account are invested and the profits from such investment belong to the insurant;
  • transparency, which includes: a) 24 hour access to individual accounts for insurant  through interned; b) different information through SMS messages; c) written information once a year for each member;
  • in case the insurant dies during the savings period, the assets collected into his/her individual account are received by the stated beneficiary or inheritor within 30 days;
  • after the foreseen age for pension is reached (65 years), the insurant may choose the way of pension benefit received.

What is an individual account?
The individual account is an account opened for each participant. The balance of assets on individual account is property of each respective member. He or she owns the assets on individual account. The level of assets on individual accounts is calculated once per month and it grows according to earnings from investment of such assets on capital financial markets.

11. Who guarantees for the paid assets - how is the security of these assets achieved?
The security of the collected assets into pension fund is achieved by:

1. Investments are regulated by Rule 9 on investment of pension assets, approved by Central Bank of the Republic of Kosovo (CBK). This rule sets the types of financial instruments where these assets can be invested;
2. There will be regular supervision of the fund by CBK;
3. Moreover, in regard to administration and management of the fund assets, there will be also monitoring from the Tax Administration of Kosovo (TAK).

12. Why should we trust Slovenian-Kosovar Pension Fund?
The reasons why you should support and trust us are:

  • Main founder of Slovenian-Kosovar Pension Fund is the specialised company from Slovenia, "Prva Group", which has a 7-year experience in administration and management of the supplementary pension funds.  This company has, in the last two years, started the expansion of its activities in the region of Southern and Southeastern Europe and has managed to gather into its schemes 200 thousand insurants with about 170 million Euro under management. In the last 4 years  "Prva" has achieved a success by increasing the balance on individual accounts of the insurants for 56%;
  • Function methodology of FONDI will be the same to the one that is practiced in "Prva Group" in  Slovenia;
  • The assets of the pension contributors in the fund will be administered and managed separately from the company assets;
  • Management, administration and investment of the asset funds will be monitored by Central Bank of the Republic of Kosovo.

13. Where will the pension fund assets be invested?
In accordance to Rule 9 (on investment of pension fund assets), FONDI will invest the fund assets in:

1. to 10% of the assets in bank deposits in Kosovar Market and mainly in the banks where the founders are foreign, and
2. the most of the assets (90%) in bonds issued by the strongest companies in the countries member to OECD (Organisation for Economic Cooperation and Development).

14. What happens if the pension contribution is paid by the employer and his/her employee changes the place of work?
Definitely, in such case, the employer will discontinue the payment of pension contribution to the fund on behalf of the mentioned employee. The assets gathered to that moment into the individual account of the employee belong to and are rightly his/hers. The employee who has changed his/her place of work must send a written request to administration of FONDI on possible continuation of the pension contribution to the fund individually or through his/her new employer.

15. The age foreseen to start with the savings?
All individuals who have reached the age foreseen for employment in Kosovo, which by law is 18 years, can join the fond. Whereas, 65 years is the age when the insurant has the right of pension. For individuals who have reached the age of 55 years and over and who would like to join the fund, the pension plan foresees special rules to join the fund.

16. Are one-time contribution payments acceptable?
Yes. Pension contributions can also be paid as lump sum in the beginning, midterm, or end of the savings period. Here apply some special rules: entrance fee calculated 2% for amounts paid to €5,000, whereas, for amount higher than €5,000 entrance fee will be 1% on lump sum paid.

17. What happens with the profit (interest) from investment of fund assets?
FONDI will manage the collected assets into individual accounts and the income gathered from investment of such assets, which are disbursed proportionally to individual accounts of the fund members. The insurants are eligible to 100% of the profit realised from investment and at the end of each month, are disbursed into individual accounts.

18. Commissions that are calculated by FONDI?
Commissions that are calculated by FONDI for its expenses are:

1. Individual accounts administration expenses (Entrance Fee) that will be 3% of monthly contribution paid into fund.
2. Fund assets management expenses (Management Fee) that will be 1,5% of the net average annual value of assets collected in the fund.
3. Exit Fee will be 1% annually from the sum of assets gathered into individual account. This commission will start to be applied by FONDI on the moment when it starts the payment of pension for its members. In case of death of the insurant, exit fee will also be 1%.

19. Who monitors the work of FONDI?
Institutions that will monitor our work will be:

  • Central Bank of the Republic of Kosovo, this regulatory institution will monitor the overall of our work - administration of individual accounts, asset management, fund asset investment, company income and expenses, etc.
  • Tax Administration of Kosovo (TAK), monitors also the income and expense as well as implementation of the tax law.
  • Monitoring Board of FONDI consisting of founders.
  • External Auditor that will be the specialised company in this field.

20. What happens to the fund assets if FONDI bankrupts?
Taken into consideration UNMIK Regulation no. 2005/20 on pensions in Kosovo, the participant (the insurant) can transfer his rights earned at any moment of loss of licence, liquidation or bankruptcy of FONDI. If FONDI is cancelled the licence by CBK, then CBK will continue to monitor the liquidation of supplementary pension fund in accordance to respective procedures. Every member of the managing body of the fund is accountable to participants and beneficiaries for damage incurred and for every failure to accomplish the work, negligence or  wrong execution of its fiduciary tasks in connection to administration of respective pensions.

Gathered fund assets of pension contributors will be administered and managed separately from the company assets, thus in case of bankruptcy of FONDI, administration of individual accounts will be monitored by the regulatory body (CBK).

21. Types of pensions paid by FONDI?
The fund pays these types of pension:

  • Old-age pension, where the pension beneficiary receives the pension in monthly instalments during his lifetime.
  • Old-age pension with joined spouse, where the insurant benefits the pension during lifetime and the benefit continues by the spouse after his/her death.
  • Programmed pension (financial rent), where the insurant chooses the assigned time period for pension benefit.

22. Is there possibility of assets transfer to other fund?
Yes. Assets gathered into individual account can be transferred to other fund after some defined conditions by plan are fulfilled. The conditions are:

  • number of payments in form of pension contributions into individual account must be minimum 120 monthly instalments;
  • the insurant must submit a written request that he/she would like to transfer his/her assets to the other fund;
  • the transfer expense to other fund will be 2% on the sum of collected assets in individual account.

23. What happens if the insurant dies during the savings period?
In case the insurant dies during the savings period, the accumulated value in his/her account belongs to the inheritor/beneficiary assigned by the insurant in the individual contract signed with FONDI. In case the inheritor/beneficiary was not assigned, then such funds belong to the person as foreseen by Law 2004/26 on heritage in Kosovo.

On 31/12/2016 Prva Group had:

437.822 insurants
€ 659 million assets under management

Contact Us at:

Fondi Slloveno-Kosovar i Pensioneve
str. Ukshin Hoti 45/10
10000 Prishtinė, Kosovė

Phone: +383 38 22 00 31


                          038 22 00 31