Payments

In the period from 1 January to 31 March 2011, a total of HRK 1,116,407,554.21 was paid into REGOS's transitional account by those who were liable to pay contributions for compulsory pension insurance based on individual capitalised savings (hereinafter: “2nd pillar contributions”). Total payments in the first three months of 2011 were 2.11% higher than those in the same months of 2010, when they altogether amounted to HRK 1,093,299,331.50.

These payments included 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 were not included.

Chart 4 – Payments of 2nd pillar contributions in the first three months of 2011 and 2010 (HRK)

 

Monthly payments shown in Table 2, made in the first three months of 2011, were nominally higher than those made in the same months of 2010. In 2011, payments ranged from HRK 364,331,196.82 in February (the lowest amount) to HRK 385,126,968.82 in March (the highest amount). For comparison, if we take into account the same months of 2010, the lowest payment was recorded in January – HRK 351,531,452.77, while the month with the highest payment recorded was March, when HRK 378,092,590.56 was paid.

Table 2 – Payments of 2nd pillar contributions in the first three months of 2011 (HRK)

Months 2011	Monthly payments of 2nd pillar contributions	% change from the previous month	% change from the same month of 2010	% deviation from average monthly payments I–III 2011
1	2	3	4	5
January	366,949,388.57	-16.34	4.39	-1.39
February	364,331,196.82	-0.71	0.18	-2.10
March	385,126,968.82	5.71	1.86	3.49
TOTAL	1,116,407,554.21	-	-	-

The average monthly payment in the first three months of 2011 was HRK 372,135,851.40. This was 2.11% higher than the monthly average for the first three months of 2010, when it amounted to HRK 364,433,110.50. Monthly payments during 2011 deviated from the average monthly payment in 2011 from –2.10% in February to 3.49% in March.

Chart 5 – Deviations of monthly payments from the monthly average in the first three months of 2011 (%)

 

 

Of the total payments made in the period from 1 January 2002 to 31 March 2011, 99.52% were matched to the data on the contribution liabilities obtained from the R-S/R-Sm Forms and subsequently forwarded to the CPFs and compulsory pension companies. Non-allocated funds, whose percentage was as low as 0.48%, included 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 March 2011 (%)

 

• Shares of forwarded and non-forwarded 2nd pillar contributions on 31 March 2011

• Deviations of monthly payments from the monthly average in the first three months of 2011

• Payments of 2nd pillar contributions in the first three months of 2011 and 2010 (HRK)