RULEBOOK ON FEES THAT REFER TO THE MANDATORY PENSION FUNDS, AS WELL AS ON THE MANNER AND TIME OF PAYMENT OF THE FEES FOR THE PENSION AND DISABILITY
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1 RULEBOOK ON FEES THAT REFER TO THE MANDATORY PENSION FUNDS, AS WELL AS ON THE MANNER AND TIME OF PAYMENT OF THE FEES FOR THE PENSION AND DISABILITY INSURANCE FUND OF MACEDONIA Skopje, July 2008
2 According to Article 68, paragraph (3), item b), Article 99, paragraph (2) and Article 102, paragraph (5) of the Law on Mandatory Fully Funded Pension Insurance ("Official Gazette of the Republic of Macedonia" No. 29/2002, 85/2003, 40/2004, 113/2005, 29/2007 and 88/2008), on the session held on 17 July 2008, the Management Board of the Agency for Supervision of Fully Funded Pension Insurance has adopted the following: RULEBOOK ON FEES THAT REFER TO THE MANDATORY PENSION FUNDS, AS WELL AS ON THE MANNER AND TIME OF PAYMENT OF THE FEES FOR THE PENSION AND DISABILITY INSURANCE FUND OF MACEDONIA I. General Provisions Article 1 This Rulebook shall precisely stipulate the fees charged by the mandatory pension companies and joint pension companies (hereinafter referred to as: pension companies), the time period for which the amount of the fee can be discounted, which is based on the amount of the contributions paid in the mandatory pension fund (hereinafter as: fee from contributions) to a member of the mandatory pension fund, as well as the manner and time of payment of the fees to the Pension and Disability Insurance Fund of the Republic of Macedonia (hereinafter as: Pension and Disability Insurance Fund (PDIF). II. Fees charged by the pension companies Article 2 The pension company may charge from every member and from every temporarily allocated insured person in the mandatory pension fund managed by that pension company the following fees: а) a fee from contributions that the pension company charges as a fixed percentage from the contributions paid on each individual account or individual sub-account on the special account before such cash contributions are converted into accounting units of the mandatory pension fund; and (b) a monthly fee, in the amount of 0.05% of the value of the total net assets of the mandatory pension fund (hereinafter referred to as: asset management fee). Article 3 When assets are transferred from the individual sub-account to the individual account of a mandatory pension fund member, they shall not be considered contributions and no fees shall be charged. Article 4 (1) The amount of the fee from contributions, determined by the pension company shall not be higher than the amount of the fee set forth in the Decision on the Maximum Amount of the Fee from Contributions Charged by the Pension Companies. 2
3 (2) In case the pension company does not determine the fee from paragraph (1) of this Article it shall charge the maximum amount of the fee set forth in the Decision on the Maximum Amount of the Fee from Contributions Charged by the Pension Companies. (3) The pension company shall determine in the Statute of the mandatory pension under its management the amount of the fee from contributions, the assets management fee and the transfer fee, as well as the amount of the discount of the fee from contributions based on the length of membership in the mandatory pension fund and shall explain them in the information prospectus. Article 5 (1) The fee from contributions shall be deemed accrued when the contributions are received by the custodian of that mandatory pension fund and approved by the Agency for Supervision of Fully Funded Pension Insurance (hereinafter referred to as: Agency) and shall be charged at each working day. The fee from contributions shall be calculated by multiplying the applicable percentage of the fee from contributions with the amount of contributions paid to each individual account or individual sub-account, depending on the case, and is charged by reducing the calculated amount from the paid contributions, on each day when a contribution is received. (2) The asset management fee shall be deemed accrued on each valuation date and shall be charged on the fifth working day each month after the valuation. The asset management fee shall be calculated on each valuation date by dividing 0.05% with the number of valuation dates in that month and then the score is multiplied with the value of the net assets of the mandatory pension fund. III. Manner and Timing of Payment of Fees of the Pension Companies Article 6 (1) Each working day the Agency shall inform the custodian on the fee from contributions due and payable. Upon receipt of the invoice from the pension company for that fee, the custodian during the same day shall make the corresponding payment of the fee if the amount of the invoice matches the amount given by the Agency. (2) Every fist working day of the month the Agency shall inform the custodian on the amount of the asset management fee which is due and payable. (3) Each pension company shall send a monthly invoice to the custodian for payment of the asset management fee, calculated according to Article 5 paragraph (2) of this Rulebook in the following way: a) The invoice shall be submitted within three (3) working days after the last working day of each month. b) Upon receipt of the invoice the same day the custodian shall pay the asset management fee to the pension company if the amount of the invoice matches the amount given by the Agency. (4) The custodian shall inform the pension company and the Agency in case of any discrepancies between the amount of the invoice and the information. If the invoice is to be corrected the pension company shall submit immediately a new invoice and if the information from the Agency needs to be corrected the Agency 3
4 shall deliver a new information immediately, after which the custodian shall act as set forth in paragraphs (1) and (3) of this Article. IV. Discount in Fee from Contributions Based on the Length of Mandatory Pension Fund Membership Article 7 The fee from contributions may be reduced for mandatory pension fund members who have continuously been members of the same mandatory pension fund for the time periods specified in Article 9 of this Rulebook. A discount in the fee from contributions shall be applied in the same manner for all mandatory pension fund members in the same periods of time. Article 8 The discount of the fee from contributions represents a percentage decrease in the fee from contributions (for example, if the current fee from contributions is equal to 8% of the paid contributions and the discount is 10%, the new fee from contributions shall be: 8 % х 0.9 = 7.2%). Article 9 (1) Each pension company shall apply the discount of the fee from contributions according to the following table: Number of days Percentage of discount 0< number of days 360 a % 360< number of days 720 b % 720< number of days 1080 c % 1080< number of days 1440 d % 1440< number of days 1800 e % 1800< number of days 2160 f % number of days > 2160 g % (2) The discount of the fee from contributions cannot decrease with increased length of membership. (i.e., in the percentage discount table above: a b c d e f g). (3) The number of days shall be determined based on the date when the member has acquired the membership status in the mandatory pension fund. (4) By exception of paragraph (3) of this Article in case of first membership in a mandatory pension fund, the number of days shall be calculated from the first day of the month in which the member has acquired the right to a contribution in a mandatory pension fund. 4
5 V. Changes in Fees Charged by Pension Companies Article 10 (1) The pension company is obligated to submit a request for approval to the Agency for decreasing or increasing of the percentage of the fee from contributions. After receiving the approval from the Agency, the pension company is obligated to announce the change in at least one of the most circulated daily newspapers on the territory of the Republic of Macedonia. (2) By exception of paragraph (1) of this Article the pension company shall not submit a request for approval if it charges the maximum fee set forth in the Decision on the Maximum Amount of the Fee from Contributions Charged by the Pension Companies. In case when the maximum fee set forth in the Decision is different from the fee that t the pension company had charged until that period of time, the pension company is obligated to announce the change in at least one of the most circulated daily newspapers on the territory of the Republic of Macedonia. (3) The Agency shall determine the staring period for implementation of the decreased percentage of the fee from contributions. Article 11 (1) A decrease in the fee from contributions shall become effective on the first day of the month after the month in which the change was announced. (2) An increase in the fee from contributions shall become effective on the first day of the month after six months in which the change was announced. Article 12 (1) After announcing the change, the decision on the decrease of the fee from contributions cannot be revoked prior to the starting date of the change. (2) The pension company is obligated to inform the Agency if it revokes the decrease of the fee from contributions before its staring date and to announce it in at least one of the most circulated daily newspapers on the territory of the Republic of Macedonia. In such case the pension company may again increase the fee from contributions after at least two months have passed from the date of announcing the revoking. Article 13 (1) The pension company shall notify in writing each member holding an individual account in the mandatory pension fund it manages for each decision on increasing the percentage of the fee from contributions, on the same date as the date of announcing it in at least one of the most circulated daily newspaper. (2) The pension company shall submit a copy of the notification of paragraph 91) of this Article to each person intending to sign a membership agreement with that pension company prior to the signing of the agreement. 5
6 VI. Manner and Time for Payment of Fees by Pension Companies to the PDIF Article 14 (1) Pursuant to Article 102 of the Law on Mandatory Fully Funded Pension Insurance, each Pension Company shall pay a fee to the PDIF for the functions that this institution undertakes in accordance with the Law. (2) Each Pension Company shall pay to the Fund, a monthly fee expressed as a percentage of the contributions collected by the PDIF and transferred to the custodian of each mandatory pension fund. Article 15 The pension company shall pay the fee to the PDIF as follows: a) The PDIF shall calculate the fee for the PDIF for each mandatory pension fund and shall prepare a calculation, stating total costs and details of the calculation of the fee for the PDIF. The PDIF shall submit electronically the calculation to each Pension Company by the fifth working day of each month with respect to contributions paid during the previous month. b) The Pension Company shall pay the amount owed according to the PDIF invoice on the PDIF bank account within five days upon receipt of the PDIF invoice. The invoice submitted by the PDIF to the Pension Companies shall provide accurate payment instructions. c) The Pension Company may dispute the PDIF s calculation for the PDIF fee of, by sending written notification with its objections within five working days upon receipt of the invoice. The PDIF shall provide a written response within ten working days, in which the amount of the fee that the pension company should pay is determined. VII. Final provisions Article 16 After entering into force of this Rulebook the Rulebook on Fees (Official Gazette of the Republic of Macedonia No. 5/2006 and 76/2007) shall be null and void. Article 17 This Rulebook shall come into force the following day after its publishing in the Official Gazette of the Republic of Macedonia. No /7 July 17, 2008 Skopje President of the Management Board Aneta Dimovska 6
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