Quiz

ARE YOU READY TO TEST YOUR PENSION SYSTEM KNOWLEDGE?

1. How many pension pillars does the pension system in the Republic of North Macedonia consist of?

Two

Three

Five

2.How do I choose a pension fund?

to get in touch with a pension company licensed agent

to get in touch with PDIFNM

to get in touch with FFPISA

3. Can an unemployed person be a voluntary pension fund member?

Yes (if they are at least 15 and at most 70 years old)

No, because they are unemployed

Maybe

4. Who supervises and regulates the second and third pillar?

Fully Funded Pension Insurance Supervision Agency (FFPISA)

ISA

MLSP

5. Can I borrow from my savings in the second and third pillar?

No, because the purpose of the funds in my private pension fund personal account is to provide a retirement income source

Yes

Of course that is my money

6. How many pension pillars are there in the Republic of North Macedonia?

one

three

two

7. How many pension companies in total operate in the Republic of North Macedonia?

one

three

two

8. Which of the following are pension companies?

Sava Penzisko Drustvo AD Skopje, KB Prvo Penzisko Drustvo AD Skopje and TPIGLAV PENSISKO DRUSTVO AD SKOPJE

Eurolink Insurance ad Skopje, Albsig - ad Skopje and Euroins Insurance

Eurostandard Bank a.d. - Skopje, ProCredit ad Skopje, and Central Cooperative Bank ad Skopje

9. What does a pension company do?

invests the pension fund assets

organizes board games for retirees

takes the retirees to a spa

10. Who can participate in the mandatory fully funded pension insurance (second pillar)?

persons who are employed for the first time after January 1, 2019 and on the date of employment are younger than 40

there is no limit

only those who pay into voluntary fully funded pension insurance (third pillar)

11. How to become a mandatory pension fund member(second pillar)?

by signing an membership agreement in a mandatory pension fund (second pillar) within 3 months after the date of employment,

by a membership statement

by signature deposit at a public notary

12. What is about to happen with the membership if no agreement is concluded?

if one does not sign an membership agreement, one is not a mandatory pension fund member (second pillar)

if one does not sign a membership agreement within 3 months, the PDIFNM Fund will make the distribution to one mandatory pension fund

if one does not sign an agreement, one will be insured only in the PDIFNM Fund

13. Who can participate in voluntary fully funded pension insurance (third pillar)?

only employees

persons aged from 15 to 70 years

persons over 18 years of age

14. What is the minimum payment in the voluntary pension fund and are voluntary pension fund members obliged to pay regularly?

annually, minimum 10,000 denars

monthly, minimum 1000 denars

Everyone is entitled to pay voluntary contributions regardless of the amount and the payment period

15. Who protects the pension funds members’ interests?

Public Revenue Office

Fully Funded Pension Insurance Supervision Agency - FFPISA

PDIFNM Fund

16. What is a pension fund?

mass of funds

pension company

property custodian

17. What is the color of the envelope in which the Pension Savings Report is submitted?

green envelope

yellow envelope

red envelope

18. With whom one can conclude a mandatory pension fund membership agreement?

with an agent on behalf of the pension company

with a broker on behalf of the pension company

with FFPISA

19. What is the contribution that a mandatory pension fund member pays?

6% of the gross salary

10% of the gross salary

20% of the gross salary

20. One insured person can be a member at the same time:

only in one mandatory pension fund

in two mandatory pension funds

in three mandatory pension funds

21. When can the second pillar funds be used at the earliest?

10 years before retirement

On the day of retirement

5 years before retirement

22. The second pillar funds is hereditary:

Yes

Depending on the amount

23. The second pillar funds can be used for:

Buying a car up to 5000 euros

Apartment down payment

Pension

24. The funds return on investment is an earning for:

The Pension Company

FFPISA

The pension fund member

25. I receive a pension savings report:

In a bank

On home address

In the post office

26. How much % of your gross salary is allocated for the second pension pillar contributions (i.e. in the mandatory pension fund)?

10%

12%

27. What are the conditions to become a mandatory pension fund member?

To be employed for the first time after 01.01.2019

To be younger than 40

All of the above

28. From the first employment moment, within how long period does one have the right to choose a mandatory pension fund?

Within 3 months

Within 1 year

There is no time frame by which one can become a second pillar member

29. FFPISA supervises the work of:

Pension companies and pension funds

The pension funds assets custodians

All of the above

30. What happens to my second pillar contribution?

These funds are paid into your personal individual account in your mandatory pension fund, which are then invested in financial instruments in order to increase the funds used for pension

the contributions are paid to your personal individual account which are then not invested in financial instruments

the contributions are paid into another account which are then invested in financial instruments

31. In which financial instruments does the company invest my money?

Your company invests the funds most often in: bank deposits, shares from domestic and foreign issuers, bonds from domestic and foreign issuers, short-term securities from domestic issuers, investment funds from domestic and foreign issuers, etc.

in bank deposits, shares from domestic and foreign issuers

short-term securities from domestic issuers, investment funds from domestic and foreign issuers, etc.

32. What is the key indicator of the pension fund portfolio performance?

The movement of the accounting unit value, i.e. the realized rate of return on the investment of the pension funds assets

an indicator of the pension fund portfolio performance is the accounting unit value

an indicator of the pension fund portfolio performance is the pension fund assets return on investment

33. How many types of pension payments are there in the KFPO - second pillar?

Lifetime immediate annuity, programmed withdrawals and temporary programmed withdrawals in combination with lifetime deferred annuity

lifetime annuity and programmed withdrawals

programmed withdrawals and temporary programmed withdrawals

34. At what age can the third pillar funds be withdrawn?

for men 54 and for women 52

For men 64 and for women 62

For men 65 and for women 65

35. When is a second pillar pension application submitted only?

An application is submitted after reaching the age of 65

Upon reaching the age of 65, a second pillar pension is automatically paid

the request for second pillar pension payment is submitted for men at the age of 64 and for women at the age of 62.

36. What is a voluntary pension fund?

A fund for seniority supplement in the PDIFNM Fund

A fund in which one can voluntarily save for additional pension income

Innovation Fund

37. When is the right to a second pillar pension exercised?

For men 35 and for women 32

For men 52 and for women 54

For men at 64 years and for women 62 years

38. How can a second pillar pension be paid ?

programmed withdrawals, annuities and combination of both

one-time payment

in installments

39. Who controls the pension companies work?

PDIFNM Fund

State Audit Office

FFPISA

40. How many pension companies are in the Republic of North Macedonia?

41. When can third pillar funds be used at the earliest?

10 years before retirement

On the day of retirement

5 years before retirement

42. Who owns the mandatory pension fund assets?

the mandatory pension fund members

the mandatory pension fund property custodian

the pension company

43. What does the mandatory pension fund consist of?

the contributions paid on behalf and on the account of the members, the members' funds and the invested contributions funds returns, reduced for the compensations that are collected from the pension fund

the funds from the members’ transaction accounts

the pension company capital

44. A pension company submits reports to the members in an envelope in:

red color

blue color

green color

45. What are the principles of investing the mandatory pension funds assets?

achieving the highest yield only for the benefit of the mandatory pension funds members through diversification and financial analysis to minimize the risk of losses

achieving the highest yield in favor of the pension company

realization of average yield in favor of the of the pension company shareholders

46. Who and how the mandatory pension fund assets are kept?

the funds are completely separated from the pension company assets and are kept in the Budget of the Republic of North Macedonia

the assets are completely separated from the pension company assets and are kept with a custodian bank

the assets are kept in a bank together with the pension company assets

Education

Education