Private pension fund "Garant" expects 100,000 members in Serbia

Private pension fund "Garant" plans to take over 20% of the voluntary pension insurance market in Serbia within next three years, said the executive manager of the fund management company Miroslav Ekart.

He said that the number of members should reach 100,000 until that time and he expressed his expectation that that company would have 40,000 members prior to the end of year 2007. According to his words, the founding capital of the fund is 2m EUR and it is twice as big as the regulated minimum. The investors can expect income somewhat bigger than the interests on the savings in the business banks.

- "Garant" pension company expects that 90% of all payments will be paid by the employers for the employees, because the payments of less than 3,000 RSD are not taxed. At the beginning, the Fund will invest most of the means in 100% safe securities, whereas the smaller share will be invested in stocks. The investment structure will be changed in favor of stocks with the fund's growth - Ekart pointed out.

"Garant" pension company, which was founded by "Prvo penzijsko društvo" from Ljubljana and "Eki investment" from Belgrade is one of four companies for organization and management of voluntary pension fund that obtained work permit from the National Bank of Serbia.

"Garant" controls the means of eight pension funds with 125,000 insured clients. The first company was founded in Slovenia where the Fund encompasses 2,100 companies with 65,000 insured clients.