SiCRED leads pensions funds as number of members amounts to 20 thousand

The number of contributors to private pension funds is growing at satisfactory rates this year.

According to data from the Financial Supervisory Authority, the number of members at the end of September amounted to more than 20 thousand.

Since the beginning of the year, the number of contributors has increased by about three thousand individuals or 17%.

The growth in the number of members is being led especially by the SiCRED Pension fund, which is pursuing a very active strategy of promoting benefits from private pension funds through the parent company network Credins Bank.

SiCRED Pensions has reached nearly 11,500 contributors and holds about 57% of the market, based on the number of members.

In volume, the market remains modest, but steadily growing year-on-year.

The total assets of pension funds at the end of September amounted to ALL 1.6 billion, an increase of 21% since the beginning of the year.

Contributions to private pension funds are almost entirely invested in bonds and treasury bills of the Albanian government with no investment risk.

Of the total assets, the largest company is Sigal Pensions, with approximately 50% of the market.

The financial environment with low interest rates is a factor that has stimulated the growth of these funds.

Bank deposits and treasury bills offer very low returns, so many individuals have considered interesting in private pensions as an alternative for their saving.

By investing in a voluntary pension, individuals can also benefit from a tax deduction.

According to the law, these contributions are exempt from personal income tax to the extent of 15% of gross annual income, but not more than 200 thousand leks per year.

SCAN

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