"Few people contribute to private pension" - AFSA: The growth of participants in this market remains a challenge
Although the private pension market has had a positive performance in 2024, increasing citizen participation remains a challenge for its further development.
In its annual report, the Financial Supervisory Authority (AMF) emphasizes that due to low reliability, the number of citizens contributing to a private pension remains very low.
For this reason, in 2025, the commitment to increasing participation and improving supply will be essential to meet this challenge and ensure a sustainable development of the private pension market in Albania.
The number of members in private pension funds in December 2024 reached 44,263, an increase of 15.93% compared to 2023.
In a span of 5 years, the number of people contributing to a private pension, in addition to the state one, has increased more and more.
But how many of them contribute individually and how many through their employer?
At the end of last year, 22,934 members, or 51.81% of the number of members in the market, entered into an individual contract with the management company and 21,037 members or 47.53% entered into a contract with the management company and employers who chose to contribute to the fund offered by the management company, without creating a closed-end pension fund.
While 292 members or 0.66% have simultaneously concluded both individual contracts and contracts in the capacity of an employee for membership in the private pension fund selected by the employer.
In the private pension fund market, the priority remains monitoring the compliance of the activities of licensed management companies and depositories, as well as private pension funds, with the legal and regulatory framework in force.
The year 2024 was an important year because within 12 months of the entry into force of the Law "On Private Pension Funds", the AFSA also completed its sub-legal framework.
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