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New Investment Challenges in Pension Insurance Croatia – recent developments Sofia April 15 2004 Toni Luksic. Contents. Basic information & statistics Description of the system Current statistics Legal changes. Basic information. 3 pillar system – World bank model

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  1. Croatia – recent developments

  2. New Investment Challenges in Pension InsuranceCroatia – recent developmentsSofia April 15 2004Toni Luksic

  3. Croatia – recent developments Contents • Basic information & statistics • Description of the system • Current statistics • Legal changes

  4. Croatia – recent developments Basic information • 3 pillar system – World bank model • 2nd & 3rd pillar started in 2002 • DC system - 5% of gross salary • Central register of members • Avoided initial registration problems • Lower operational costs for Management companies • Stable contributions flow into mandatory funds

  5. Croatia – recent developments Statistics - 2nd pillar31 March 2004 • 4 mandatory funds • 1.102.435 members • Net assets HRK mil 5.214 about 695 million EUR • Rate of return between 7,19% and 8,05% p. a.

  6. Croatia – recent developments Mandatory pension funds investment structure

  7. Croatia – recent developments Statistics - 3rd pillar • Allows for open and occupational funds • 4 funds (open) operational: • cca 11,000 members • Net assets HRK mil. 38,6 • 1 occupational fund started operating in March 2004 • Product with high potential: • Income tax break • Government subsidy

  8. Croatia – recent developments Legal changes • Fine-tuning of mandatory part • Major changes in voluntary part

  9. Croatia – recent developments Changes for mandatory funds • Decreased min. number of members • Decreased exit fee • Success fee abandoned: • Increased management fee to max. 1.2%

  10. Croatia – recent developments Changes for voluntary funds • Separated accumulation and benefits phase • Min. number of members decreased • Liberalized investment limits

  11. Croatia – recent developments Recent changes of investment restrictions and investment criteria • Derivatives (up to 30% of assets) • Futures • Options • Currency forward and swap • Structured bonds • Internal procedures must be approved by Hagena

  12. Croatia – recent developments Contact info Agency for Supervision of Pension Funds and Insurances - Hagena Gajeva 5, 10000 Zagreb, Croatia Tel. +385 1 4891 888 Fax. + 385 1 4891 878 E-mail: info@hagena.hr www hagena.hr

  13. Croatia – recent developments Thank you!!!!

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