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Private pension funds, their number is increasing...but the value remains modest

2023-12-02 10:31:20Biznes SHKRUAR NGA REDAKSIA VOX

Private pension funds, their number is increasing...but the value remains modest

Data from the Financial Supervision Authority (AMF) show that the total number of members reached approximately 38 thousand members. The number of fund members has expanded by 4.1% or 1483 members since the beginning of the year. Compared to the same period last year, their number has increased by 5.5%.

The value of net assets of pension funds at the end of September reached ALL 6.48 billion, increasing by 13.75% since the beginning of the year and by 25.5% compared to the same period last year.

In the middle of this year, five private pension funds were active in the market, managed by four licensed management companies. 

Despite steady growth in recent years, private pension penetration and the value of assets per member remain modest. Less than 3% of the total number of employees today contribute to a private old-age pension. Even in terms of asset value, the private funds market still remains the smallest segment of the financial market in Albania.

The new law "On private pension funds", which entered into force this month, aims to increase incentives to increase investments in private pension funds. The law provides for increased tax exemption for both employee and employer contributions.

With the new law, the maximum monthly limit of the tax exemption would be increased up to the level of the approved minimum wage, which has currently reached 40 thousand ALL per month. The new law also provides that pensions are not taxed on the benefit for the part of the contributions, but only for the return on the investment, provided that the withdrawal is made in monthly payments spread over at least two years and not immediately after meeting the conditions legal for the benefit of private pension.

Meanwhile, in several public statements of the last few months, political representatives of the Albanian government have stated that a new pension reform is already being considered, which may include private funds as the second, mandatory column of the scheme.


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