Page 31 - Ekonomija i Biznis_noemvri 2016.indd

ECONOMY

find themselves in a situation when they personal accounts in the private pension
would have to implement such reforms funds. The amount of the privately fi-
under the supervision of an external au- nanced pension will primarily depend on
thority, such as the IMF itself, whereby what has been paid in the pension funds
their power to make decisions is quite of the second or the third pillar, and less
limited. However, these messages of on the investment performances of the
the IMF should also instigate consider- funds, that is, their yield.
ation among young people at a working
age who are included in the multi-pillar Private pension funds, ever since the
pension system, regardless of the fact establishment, imposed themselves as
that from today’s perspective, they don’t the fastest growing institutions in the
consider pensions an attractive topic for national financial system. Just for clari-
discussion. The messages of the interna- fication, for the six-year period after the
tional financial institutions, about the Global financial crisis since the end of
currently employed persons, apart from 2009 to the end of 2015, the assets of the
their effect of increasing probability for Macedonian pension funds have been in-
a higher retirement age, also impose a creasing on an annual basis in average
need to more carefully monitor the per- by 36.1%, while the funds of the banks as
formances of the other two pillars. It is the largest financial institutions in this
known that the future pension of these country, have been increasing by 7.9%.
relatively younger persons would largely The increase of the assets of the pension
be based not only on state pension, but funds arises from their essential system
also on the accumulated funds on their characteristic – they regularly realize
inflows from the paid contributions of
The amount of the privately financed the members. In 2015, the collected con-
pension will primarily depend on what tributions formed approximately 70% of
has been paid in the pension funds of the the growth of the assets of the pension
second or the third pillar, and less on the funds. Therefore, it is no surprise that
investment performances of the funds, the total assets of the Macedonian pen-
sion funds at the end of the first half of
that is, their yield 2016 are an amount of 43.7 billion denars
or approximately 710 million Euros, with
(photo: http://www.lerefletdulac.com/) approximate participation of 7.5% in the
GDP. The largest part of these assets
(more than 98%) is included in the com-
pulsory pension funds from the second
pillar of the pension system.

The nominal yield from the establish-
ment, until the end of the first half of
2016, reduced at an annual level, in the
compulsory pension funds is 5.4%, while
in the voluntary pension funds it is 5.8%.
Such nominal yield is slightly higher than
the contribution that investors get from
government bonds, however it is not a
guarantee for the expected yield in the
future, which primarily depends on the
movements of the financial markets and
on the quality of the investment decisions
of the pension companies. Still, in addi-
tion to nominal yield, it is exceptionally
important for the pension funds to also
realize positive real yield because only in
this manner preservation of the purchas-

November 2016 31