Payments

In the period from 1 January to 31 December 2006, a total of HRK 3,518,158,902.87 was paid into REGOS's transitional account by those who were liable to pay contributions for compulsory pension insurance based on individual capitalised savings ("2nd pillar contributions"). Total payments in 2006 were 11.80% higher than those in the same months of 2005, when they altogether amounted to HRK 3,146,936,509.58.

These payments include interest payable under Article 11 of the Ordinance on the methods of payment of contributions for compulsory pension insurance based on individual capitalised savings (Official Gazette 01/05) and other payments that could not be identified as 2nd pillar contributions at the time of payment. Refunds to contribution payers are not included.

Chart 4 – Payments of 2nd pillar contributions in 2006 and 2005 (HRK)

In 2006, monthly payments (Table 2) were nominally higher than those made in the same months of 2005 by percentages ranging from 5.30% to 17.43%. The lowest amount paid in 2006 was in January – HRK 264,611,081.63, whereas the month with the highest payment was December, when HRK 324,704,016.28 was paid. For comparison, in 2005 the lowest payment was recorded in February – HRK 236,795,673.49, whilst the month with the highest payment was also December, when HRK 308,355,972.10 was paid.

Table 2 – Payments of 2nd pillar contributions in 2006 (HRK)

Months 2006

Monthly payments of 2nd pillar contributions

% change from the previous month

% change from the same month of 2005

% deviation from average monthly payments I–IX 2006

1

2

3

4

5

January

264,611,081.63

-14.19

+9.10

-9.74

February

278,066,807.55

+5.09

+17.43

-5.15

March

281,929,315.67

+1.39

+14.54

-3.84

April

280,221,735.40

-0.61

+10.23

-4.42

May

286,019,729.65

+2.07

+12.62

-2.44

June

299,973,305.58

+4.88

+11.61

+2.32

July

297,434,664.11

-0.85

+11.33

+1.45

August

297,937,380.26

+0.17

+12.80

+1.62

September

305,378,693.08

+2.50

+15.71

+4.16

October

295,749,701.20

-3.15

+10.77

+0.88

November

306,132,472.46

+3.51

+11.76

+4.42

December

324,704,016.28

+6.07

+5.30

+10.75

TOTAL

3,518,158,902.87

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-

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The average monthly payment in 2006 was HRK 293,179,908.57. This was 11.80% higher than the monthly average for 2005, when it amounted to HRK 262,244,706.88. Monthly payments during 2006 deviated from the average monthly payment in 2006 from –9.74% in January to +10.75% in December. In the first five months, deviations from the 2006 average were lower, whereas in the remaining months they were higher than the 2006 average.

Chart 5 – Deviations of monthly payments from the monthly average for 2006

Of the total payments made in the period from 1 January 2002 to 31 December 2006, 99.48% have been matched to the data on the contribution liabilities obtained from the R-S/R-Sm Forms and forwarded to CPFs and compulsory pension companies. Non-allocated funds, whose percentage is as low as 0.52%, include payments that could not be matched to data from the R-S/R-Sm Forms and those made on behalf of newly employed persons, who, until then, had not chosen their CPFs.

Chart 6 – Shares of forwarded and non-forwarded 2nd pillar contributions on 31 December 2006