Closed Mutual Pension Fund for Civil Servants
The collective supplementary insurance for civil servants is the result of a successful social partnership in the public sector. The social partners adopted a decision in which the state organises supplementary pension insurance for its employees by means of establishing the Closed Mutual Pension Fund for Civil Servants (ZVPSJU). During a special selection procedure, chaired by a committee of representatives of social partners, Modra zavarovalnica was selected as the managing company of the ZVPSJU fund.
The purpose of establishing the ZVPSJU fund is the collection of assets on the personal accounts of civil servants, which are intended to provide them with a supplementary pension along with the I. pillar pension from compulsory pension insurance after retirement.
Besides the premiums that are paid by employers into the fund, civil servants themselves can pay additional premiums, ensuring that their pension will be higher. A key advantage of this type of saving is the fact that the premium payer is eligible for tax relief. The ZVPSJU fund brings the most cost effective conditions for supplementary pension insurance to Slovenia.
The individual member of the fund gets a personal account, where funds are collected and grow. One other advantage is that Modra zavarovalnica, as the fund managing company, guarantees at least a specified return on assets. So far, the actual return on assets of the fund has surpassed the guaranteed return, since prudent investing by Modra zavarovalnica leads to the stable growth of assets. The investment policy is aimed at safety, profitability, liquidity and diversification of investment so the investment risk is low.