Payments

In the period from 1 January to 31 December 2008, a total of HRK 4,565,818,793.29 was paid into REGOS's transitional account by those who were liable to pay contributions for compulsory pension insurance based on individual capitalised savings ("2^nd pillar contributions"). Total payments in 2008 were 11.33% higher than those in the same months of 2007, when they altogether amounted to HRK 4,048,632,784.73.

 

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 2^nd pillar contributions at the time of payment. Refunds to contribution payers are not included.

 

Chart 4 – Payments of 2^nd pillar contributions in 2008 and 2007 (HRK)

In 2008, monthly payments (Table 2) were nominally higher than those made in 2007 by percentages ranging from 9.42% to 16.39%. The lowest amount paid in 2008 was in January – HRK 349,042,960.18, whereas the month with the highest payment was December, when HRK 430,030,370.52 was paid. For comparison, in 2007 the lowest payment was also recorded in January – HRK 308,351,514.56, and the month with the highest payment was also December, when HRK 379,734,753.77 was paid.

 

Table 2 – Payments of 2^nd pillar contributions in 2008 (HRK)

 

 

The average monthly payment in 2008 was HRK 380,484,899.44. This was 14.80% higher than the monthly average for 2007, when it amounted to HRK 331,435,394.33. Monthly payments during 2008 deviated from the average monthly payment in the period January-December 2007 from –6.71% in January to +14.94% in December. In the first five months, deviations from the 2008 average were the lowest, the same as in the year 2007, when in the first five months deviations were also lower than the average.

 

Of the total payments made in the period from 1 January 2002 to 31 December 2007, 99.53% 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 was as low as 0.47%, 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.