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Transfer Payments

KDPW handles transfer payments between pension funds under the Act on Organisation and Operation of Pension Funds. KDPW manages the Guarantee Fund securing the interests of pension fund members

KDPW processes transfer payments between open-ended pension funds where individual members switch to another fund. In the process, KDPW communicates personal data of fund members willing to switch and handles transfers of members’ account balances. All operations necessary to process transfer payments are executed exclusively on the basis of electronic messages while cash settlement is done in the money of the central bank based on cash balances calculated for individual transfer accounts.
In addition, KDPW is responsible for the administration of the main part of the Guarantee Fund according to the Act on Organisation and Operation of Pension Funds of 28 August 1997. Revenues of the Guarantee Fund include contributions of pension fund companies as well as proceeds from the Fund’s investments.

Last modified:16-11-2011 Go up