Who chose your fund from Pillar II?
YOUR FIRST JOB COMES WITH THE FIRST CHOICE FOR YOUR PENSION
The first salary means more than just the beginning of a career. From that moment, if you are under 35 and pay contributions to the public pension system, you also start contributing to Pillar II.
Here is a choice few talk about:Who will manage your pension funds?
YOU CHOOSE OR THE SYSTEM CHOOSES
If, after you start contributing, you choose a privately managed pension fund, you sign an individual adhesion contract and you select the administrator.
If you do not make this choice in the first 4 months of employment,you will be randomly assigned by the National Public Pension House to one of the privately managed pension funds.
In other words, you will still have a Pillar II account and your contributions will be deposited there, but the administrator will not be chosen by you.
IF YOU HAVE BEEN ASSIGNED, CAN YOU CHANGE THE ADMINISTRATOR?
YES
If you were randomly assigned or simply believe another fund suits you better, you can request a transfer to a different administrator.
The accumulated asset is transferred in full to the new fund, and future contributions will also go there.
IS IT CHARGED TO MAKE THE TRANSFER?
It depends on when you do it.
If you transfer before two years have passed since allocation to the current fund, a penalty of up to 5% of the value of the transferred personal asset may apply.
After two years, the transfer is free.
WHAT TO LOOK FOR WHEN CHOOSING?
There isn’t a single correct answer, but it’s worth comparing a few important aspects:
- long-term fund performance
- investment policy and risk level
- information and services offered to participants
- how easily you can check your account status
THE CHOICE IS YOURS. THE MONEY STAYS YOURS.
The administrator can be changed.Your account remains the same, and your contributions continue to accumulate in your name.
Do you know who manages your Pillar II? Check where is your accountand how much money you have accumulated so far.
