- The insured person submits an application to the HZMO (Croatian Pension Insurance Institute) in order to initiate the process of obtaining the right to his/her pension
- To the future pension beneficiary REGOS delivers the informative document on pension (Informativni izračun mirovine – Informative Calculation of Pension)
- The insured person chooses an optimal version of the future pension and gives a statement of a choice at the REGOS counter (FINA offices)
- HZMO than issues the Decision on recognition of the rights to pension
- Disbursement of pension – HZMO
– If a member of a fund opts for a pension from pillar I (option A), HZMO will disburse the pension as if the insured person has been insured only in pillar I
– If a fund member opts for a pension from pillar I and II (option B), HZMO will disburse the basic pension from pillar I
(A pension supplement that is part of a pension is included in the payment) - If a member of the fund opts for a pension from both pillars (Pillar I + II; option B), after the HZMO submits the Decision on rights to a basic pension, the selection of the pension insurance company is made at the REGOS counter at any FINA office (Identity Card is obligatory)
- After the closing of the personal account, personal savings are transferred to a MOD (Pension Insurance Company)
- The Pension Agreement is signed with the MOD (PIC)
- According to the selected pension option, MOD (PIC) pays out the pension of the pillar II. There is also a possibility of single payment of the 15% of the saved funds.
NOTE: If the basic pension of the pillar I is higher by 15% than the minimum pension from the pillar I; the future pension beneficiary may decide on single payment of 15% in gross amount of the total capital (personal) allocated funds to the MOD (PIC) minus the income taxes and surtaxes.
Abbreviation clarification:
HZMO – Croatian Pension Insurance Institute
REGOS – Central Registry of Affiliates
FINA – Financial Agency
MOD – Pension Insurance Company