Private pension is recommended for everyone, as there will come a day when we will all need a pension in our old age. By saving from our youth and throughout our working life, we can provide ourselves with additional income in our old age and thus not become a burden on our children or other family members. Everyone can contribute as there is no age limit until reaching retirement age.
Based on legal provisions, the SIGAL Private Pension Fund offers:
- Old age pension, when you reach retirement age according to the State Social Security Law. In this case, you determine the amount of your pension and the time of its withdrawal;
- Early retirement, 5 years before reaching retirement age according to the Insurance Law
- State Social;
- Disability pension in case of illness or accident;
- Family pension in case of disaster;
- Unwithdrawn amounts are always the property of the heirs.
The private pension system has the following advantages:
– Offers benefits under more favorable conditions of age and seniority in employment;
– Offers greater benefits than state schemes;
It has a very favorable fiscal system, where:
- The contribution is deducted from his personal income for tax purposes;
- The profit realized from the investment of assets is not subject to tax;
- Contributions made by the employer and any other contributor, in the name and on behalf of a member of a pension fund, are not, for fiscal purposes, considered as the member's personal income;
- The contribution made by each member of a pension fund is deducted from his personal income for tax purposes.
- Investment returns, including capital gains from investments made with pension fund assets, are not subject to tax, neither for the pension fund itself nor for the management company.
- Contributions made by the employer and any other contributor, in the name and on behalf of a member of a pension fund, are not, for fiscal purposes, considered as the member's personal income;
- The maximum monthly limit for tax benefits is up to the nationally approved minimum wage level.
- There is an advantage with bank deposits;
It's simple - a desire that is accompanied by a contractual relationship where the monthly amount and the number of years of contributions are determined, an individual account is opened where all amounts are invested, interest is collected that is added to the contributions, reinvestment continues, and such a chain of actions guarantees a satisfactory pension that you have created yourself.
All persons can join the SIGAL Pension Fund, regardless of age, location, employment, and contribution amount.
- The pension contribution can be paid on a monthly, quarterly, semi-annual, and annual basis, directly to the Fund's bank account.
- The pension contribution can also be paid as a lump sum.
As much as you want, the minimum contribution amount starts from 1,000 lek per month. The earlier the contribution starts, the better the investment and, consequently, the benefit at retirement age. This is clearly seen in the example below:
For 10 years of contribution at 5,000 lek per month, the member benefits from a pension of 8,200 lek for 10 years and the profit from the investment is 384,000 lek, while for 25 years of contribution at 5,000 lek per month, the member benefits from a pension of 17,000 lek for 25 years and the profit from the investment is 2,580,000 lek.
The rate of return in the example is assumed, the return is based on the investment and is calculated annually.
Yes, the contribution is variable. You can increase or decrease the contribution throughout the duration of the contract. This means that each member, if he has signed the contract for example with 2,000 lek per month, changes this during membership depending on his financial situation. So, he can contribute with 5,000 lek or he can contribute with 1,000 lek, this change is made without changing the contract, because this functions as his deposit account. The possibility of paying out amounts immediately during the membership period until the moment of reaching retirement age is not excluded.
- Contributions paid according to the contract are transferred to the individual account opened at the Depository bank;
- Contributions are invested in financial instruments and the profit amount is added to the contributions;
- The balance of financial assets in the individual account of the fund member is the sum of individual contributions and investment profit, which represents the ownership share that the member has in the SIGAL Pension Fund.
In the case of temporary cessation of contributions and resumption of contributions, there is no penalty. While in the case of closing the contract before reaching the early retirement age, the penalty varies according to AFSA regulations depending on the years of membership.
The withdrawal of Pension Fund assets is made:
- In periodic form as a pension, determining the pension amount and withdrawal time yourself;
- In immediate form;
SIGAL Private Pension Fund is a transparent, open fund that continuously provides its members with information in real time about the situation of their assets through:
- 24-hour control over individual member accounts via the website www.fondisigal.com.al
- written notification once a year of the status of members' net assets and their investments
- through the publication on the website of the value of the pension quota
To join the SIGAL Private Pension Fund, you can contact:
- Near the offices of SIGAL UNIQA INVEST
- SIGAL branch network throughout Albania
- Online via the official website www.fondisigal.com.al
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