The Voluntary Pension Fund is a recognized part of the international pension system. This type of pension is complimentary to the usual state pension system, to provide sufficient income to individuals once they reach their retirement age.
We believe our mission is closely related to what people are looking for. Their desire is to have the same quality of life during retirement age as before. “Credins Pension” fund is a product conceived to bring benefits with satisfactory values during retirement age. The Pension Fund, as a long-term saving scheme, is currently considered to be the most profitable form of long-term investment. In addition to managing the assets of the fund, we provide members financial advice, education and risk management.
Contributions are invested and accumulate interest according to the assets they invest. Members benefit from the amount of contributions and accumulated interest when they qualify for the benefit.
The Management Company also carries out the activity of making pension payments. Upon retirement, the investor can choose whether to withdraw the entire accumulated investment or withdraw it periodically, in the form of pension payments. Investors are encouraged to withdraw the accumulated investment periodically, so they can accumulate more interest. The fee for the administration of the Fund is held by the Net Value of the Fund Assets at the rate of 2.4% per year.
The number of members of the Credins Pension Fund consists of individuals who belong to public institutional schemes, private institutional schemes and individual schemes. We continue to be their choice over the years, today counting more than 18,000 members and owning over 50% of the market.
Private pension contributions can be paid on a 1, 3, 6, 12 month basis, as well as an immediate amount. The balance in the member’s account is the amount accumulated over the contribution period and the return on investment.
Only the individuals contribute to the Voluntary Pension Fund, in the desired amount and period. To become a member of Credins Pension fund, you should come to Credins Invest Sh.a. Head office or at any branch of Credins Bank Sh.a. You will be provided with your membership contract and credentials to access your fund online.
The employer and the employee make contributions to the fund for the benefit of the employees.
There are two alternatives to join the professional scheme:
If you are a member of the “Credins Fund” you benefit from:
• Free Life Insurance up to a certain limit;
• Up to 60% discount on medical services in Albania and abroad.
Credins Pension Fund is in local currency ALL.
Membership can be done individually or through a professional scheme by the employer. To become a member of the fund, you should come at Credins Invest Sh.a. head office or at any branch of Credins Bank. You will be provided with your membership contract and credentials for accessing the fund online.
The pension fund is the only alternative to add an additional income to the state pension, while maintaining the same standard of living during retirement age. The pension fund is hereditary.
The assets of the fund are invested in securities issued or guaranteed by the Government of the Republic of Albania, mainly in long-term bonds as it is a long-term investment.
The depository bank is a bank licensed by the Republic of Albania to provide custody, deposit and trust services. The Depositary is responsible for safeguarding the assets of the pension fund and the assets of the fund members. The depository bank for the pension fund “Credins Pension” is Tirana Bank.
The rate of return on the fund is closely related to the performance of Government Securities. The value of the investment fluctuates depending on the securities market, so the rate of return on the fund is variable and not fixed.
No, the Fund is not secured by the Deposit Insurance Agency, because it is invested in Albanian securities.
In a risk matrix from 1 to 7, the Fund has a low risk profile, at level 2. Risk can never be completely avoided, but being a long-term investment, it is not affected by short-term market fluctuation situations.
The pension fund is a long-term investment and you can withdraw the fund after retirement age or 5 years before retirement, as defined by law. Any early withdrawal is accompanied by a penalty depending on the years of contributions made by the member, provided in the pension fund contract.
Definitely, you can join the fund even if you do not have an account at Credins Bank, but you must have an account at any other bank in Albania. You can transfer the funds from your current account, to the fund account at the depositary bank.
After transferring the money to the fund account at the depository bank Tirana Bank, Investment Analysts at Credins Invest, order the investment of money in Albanian State Securities. Tirana Bank monitors investment orders, according to the prospectus approved by the Financial Supervisory Authority.
No, the pension fund is individual and cannot be created with two names.
The pension fund is hereditary, according to the law of inheritance.
Voluntary pension contributions are deductible from gross salary. At the moment of withdrawal, with the regular completion of the documentation, the fund is taxed 15% on the accumulated interest.
From the moment the member submits the required documentation and signs the withdrawal request, within 30 days we have a legal obligation to transfer the money to the account confirmed by the member.
One you become a member, we provide you the credentials to check your account online and monitor your pension fund 24/7. Every month, we publish on our official website the 12-month performance of the fund as well as the market performance.
Dear members of the Pension Fund,
On the occasion of the 10th anniversary of the activity of the "Credins Pension" fund, we are pleased to announce that the administration fee has been reduced from 2.4% to 2% per annum of the net asset value of the Fund, resulting in a better return for the members of the Pension Fund.
The application of the new fee starts from December 15, 2021!
Thank you for your cooperation,
Credins Invest