PRESENTATION OF MONTENEGRO Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 2– Freedom of Movement for Workers Bilateral screening: Chapter 2 PRESENTATION OF MONTENEGRO Brussels, 7 June 2013

VOLUNTARY PENSION FUNDS Chapter 2: FREEDOM MOVEMENT FOR WORKERS Chapter 2: Freedom of Movement for Workers VOLUNTARY PENSION FUNDS Panelist Position Institution e-mail M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Chapter 2: FREEDOM MOVEMENT FOR WORKERS

Chapter 2: FREEDOM MOVEMENT FOR WORKERS Contents: Topic 1 Topic 2 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Chapter 2: FREEDOM MOVEMENT FOR WORKERS

Chapter 2: FREEDOM OF MOVEMENT FOR WORKERS DIRECTIVE 98/49 Montenegrin legislative framework: Law on voluntary pension funds ("Official Gazette of Montenegro", no. 14/07 and 78/06); Bylaws This law regulates the conditions for the establishment of companies for managing pension funds and organization of voluntary pension funds based on individual capitalized savings. M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Chapter 2: FREEDOM OF MOVEMENT FOR WORKERS

Chapter 2: FREEDOM OF MOVEMENT FOR WORKERS DIRECTIVE 98/49 INDIVIDUAL SCOPE: Open voluntary pension fund - can be accessed by all natural persons; Closed voluntary pension fund - organized for the needs of specific employers, trade unions and other organizations; In order to facilitate the smooth execution of the freedom of movement of workers and self-employed persons within member states, there is no prohibition or restrictions on the payment of contributions if a member of the voluntary pension fund moves to an EU member state MATERIAL SCOPE: Voluntary pension fund member may withdraw from the fund by withdrawing funds from personal accounts, when they reach 50 years of age (up to 30% of the funds will be paid in cash and the rest in monthly or periodic installments or the total amount as ordered by the member is transferred to the company which is engaged in providing pension payments) M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Chapter 2: FREEDOM OF MOVEMENT FOR WORKERS

Chapter 2: FREEDOM MOVEMENT FOR WORKERS DIRECTIVE 98/49 INFORMATION FOR MEMBERS VOLUNTARY PENSION FUNDS Prospective members can obtain information in the professional services of pension fund associations for the pension fund management Based on the information leaflet which the management company is required to disclose for each pension fund managed by that company; The management company once a year, free of charge, in writing informs the member of the fund on the amount of assets in his personal account; At the request of the pension fund member, the management company shall provide information on the amount of assets in his account M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Chapter 2: FREEDOM MOVEMENT FOR WORKERS

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