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Sofia April 15 2004 Croatia – recent developments 1
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New Investment Challenges in Pension Insurance Croatia – recent developments Sofia April 15 2004 Toni Luksic
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Sofia April 15 2004 Croatia – recent developments 3 Contents Basic information & statistics Description of the system Current statistics Legal changes
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Sofia April 15 2004 Croatia – recent developments 4 Basic information 3 pillar system – World bank model 2 nd & 3 rd 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
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Sofia April 15 2004 Croatia – recent developments 5 Statistics - 2 nd pillar 31 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.
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Sofia April 15 2004 Croatia – recent developments 6 Mandatory pension funds investment structure
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Sofia April 15 2004 Croatia – recent developments 7 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
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Sofia April 15 2004 Croatia – recent developments 8 Legal changes Fine-tuning of mandatory part Major changes in voluntary part
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Sofia April 15 2004 Croatia – recent developments 9 Changes for mandatory funds Decreased min. number of members Decreased exit fee Success fee abandoned: Increased management fee to max. 1.2%
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Sofia April 15 2004 Croatia – recent developments 10 Changes for voluntary funds Separated accumulation and benefits phase Min. number of members decreased Liberalized investment limits
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Sofia April 15 2004 Croatia – recent developments 11 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
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Sofia April 15 2004 Croatia – recent developments 12 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.hrinfo@hagena.hr www hagena.hr
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Sofia April 15 2004 Croatia – recent developments 13 Thank you!!!!
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