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The Financial Supervision Authority published a day ago the data on the private pension market in Albania for the period January-June 2024.
According to the AMF, during this period, 6 pension funds operated in the private pension market, while the total net assets reached 7,290.49 million ALL (72.68 million euros) and with an increase of 552 million ALL (8.20%) compared to 6 - the second month of 2023.
During the first 3 months of the year, the number of fund members reached 39,910 members. While during the second 3 months of the year, it reached 41,344 members.
Although increasing, the penetration of these schemes still remains at modest levels.
The number of individuals contributing to a private pension is approximately 3.1% of the total number of employees in the country, which indicates a still very low level of coverage by private pension funds.
The largest in terms of the number of members is "Credins Pension", while in terms of the number of net assets, "SIGAL UNIQA INVEST" remains the largest private pension fund in Albania with 40.46% of the total.
The new law "On private pension funds", which entered into force at the end of last year, has brought a significant increase in fiscal incentives for contributions to private pension funds.
With the previous law, the maximum limit for tax benefits on contributions to private pensions is the smaller value, resulting from the comparison of the amount of 200,000 ALL and 15% of the member's gross annual income.
According to the new law, the maximum monthly tax exemption limit has been increased to the level of the approved minimum salary, which has reached 40,000 ALL per month.
With the current level of the minimum wage, the amount of tax-exempt contributions amounts to ALL 480,000 per year. Contributions and private pensions paid by the employer in favor of the employee will be exempted from tax to the same extent.
The law also provides that pensions are not taxed in the benefit for the part of the contributions, but only for the return on the investment, provided that the withdrawal is made with monthly payments spread over at least two years and not immediately, after fulfilling the legal conditions for private pension benefits.
WHY "SIGAL UNIQA INVEST" remains the first choice for a financially peaceful old age?
Expertise: With over 18 years of experience in the financial field, "SIGAL UNIQA INVEST" offers deep knowledge in this field by offering solutions to meet the unique needs of your company and beyond.
Customization: "SIGAL UNIQA INVEST" works closely with each client to design a retirement plan that matches business goals and individual preferences.
Security: "SIGAL UNIQA INVEST" enables the security and protection of your employees' investments, by investing in reliable financial instruments (State Bonds).
Big name in the market: Being part of 'SIGAL UNIQA Group Austria' and 'UNIQA Insurance Group', this fund is one more guarantee for any individual or business.
Bonuses for customers: With the membership of "SIGAL UNIQA INVEST" in addition to your growing savings, you have the opportunity to benefit from fantastic bonuses that help you access quality services and products, just with the membership card.
For any question, contact the advisors of "SIGAL UNIQA INVEST":
Web : www.fondisigal.com.al
E-mail : [email protected]
Phone : + 35544511666
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