In order to apply for an OLD-AGE benefit, the member must provide proof about the retirement age through a valid identification document.

Depending on the savings balance on application date, the member must provide a bank account depending on the following circumstances:

If the balance is less or up to €3,000 the member can provide any bank account. KPST will cover any outgoing transfer charges to banks operating in Kosovo. Any incoming transfer charges levied by the member’s bank shall be covered by the member.

If the balance is equal to or over €3,000 the member shall immediately be qualified for a Phased Withdrawal of pension savings. Phased withdrawal is regulated by Law and CBK rule. The member must provide only an account with the bank that is currently contracted by KPST to administer Phased Withdrawal. The contracted bank administering the Phased Withdrawal at KPST’s request shall open an additional savings account where the pension savings will be transferred from KPST. Each month, the Bank shall make a payment of minimum €200 or 1% of the pension savings balance (normally if that balance is over €20,000) upon the pension application approval, on the second working day of each month until all savings are spent.

REQUIRED DOCUMENTS

Withdrawal with a balance above the Phased Withdrawal threshold

1. Valid identification document of the member.
2. Declaration (during the application) of the selected bank (NLB, BE, BPB, BKT).

Withdrawal with a balance below the Phased Withdrawal threshold

1. Valid identification document of the member.
2. An active bank account in Kosovo.

Note: In the case of pension benefit withdrawals (old-age, inheritance, disability, or foreign citizens), withdrawals of pension savings from KPST are also subject to personal income tax, in accordance with the applicable legislation.

When a member dies before reaching the retirement age, savings are inherited by beneficiaries and are paid in a lump sum (minus income tax). The order of the beneficiaries is as follows:

1. Spouse
2. Children
3. Alternative

If the deceased member is survived by the spouse, the spouse inherits 100% of the savings balance.

If the deceased member is survived only by children, the children inherit equally or as otherwise agreed in the Inheritance Decision. In these cases, Inheritance Decision must specify the account of the deceased member, names and IDs of surviving children and the proportion of inheritance if any.

If the deceased member has left no spouse and/or children, alternative beneficiaries inherit equally or as otherwise set by the Inheritance Decision. In these cases, Inheritance Decision must specify the account of the deceased member, names and IDs of surviving alternative beneficiaries and the proportion of inheritance if any. Persons previously designated as beneficiaries through the Beneficiary Designation Form (signed and archived in KPST), can use such form as an additional document in designating the beneficiary at Public Notary/Court upon Inheritance Decision.

REQUIRED DOCUMENTS

Benefit application from spouse

• Valid ID/Passport of the applying spouse
• Bank account confirmation of the applying spouse

Participant’s death and marital status are digitally verified from KPST, upon application. Please make sure the death and marital status are recorded at the civil registry a couple of days prior to application.

Benefit application from children

• Valid ID/Passport of the applying child
• Bank account confirmation of the applying child
• Decision on inheritance, issued by the notary of court, whereby pension savings are listed as one of the assets of the deceased, (ii) proportion of the inheritable assets and the identity of the inheritance beneficiary.

Participant’s death is digitally verified from KPST, upon application. Please make sure the death and marital status are recorded at the civil registry a couple of days prior to application.

Benefit application from other beneficiaries

• Valid ID/Passport of the applicant
• Bank account confirmation of the applicant
• Decision on inheritance, issued by the notary of court, whereby pension savings are listed as one of the assets of the deceased, (ii) proportion of the inheritable assets and the identity of the inheritance beneficiary.

Participant’s death is digitally verified from KPST, upon application. Please make sure the death and marital status are recorded at the civil registry a couple of days prior to application.

Note: In the case of pension benefit withdrawals (old-age, inheritance, disability, or foreign citizens), withdrawals of pension savings from KPST are also subject to personal income tax, in accordance with the applicable legislation.

Before the retirement age, if the member becomes a beneficiary of the Disability Pension, s/he may apply for savings withdrawal. Disability Pensions by the PA are approved for one, three and five year periods. Based on the longevity of such pensions, KPST will approve partial withdrawal on monthly payments of €200 until the Disability Pension decision is valid. For example, if a person has a three-year decision, KPST will approve only an amount that will cover 36 months of monthly €200 payments, that is €7,200, or less if the member does not have enough balance to cover the given period.

Also, disability pensions, withdrawn according to disability arising from the “Law no. 04 / L-054 on the status and the rights of the martyrs, invalids, veterans, member of KLA, civilian victims of war and their families”, have the right to withdraw paid and accumulated funds if 12 months have passed since their payment/their last. However, the Steering Committee does not recommend contributors to carry out a re-withdrawal. Because, due to the short time of accumulation and fluctuations of financial markets, they may withdraw less funds than they were paid by the contributor and his/her employer.

REQUIRED DOCUMENTS

1. Valid identification document of the member.
2. Decision on disability pension issued by the Pension Administration.
3. Declaration of the selected bank (NLB, BE, BPB, BKT).

Note: In the case of pension benefit withdrawals (old-age, inheritance, disability, or foreign citizens), withdrawals of pension savings from KPST are also subject to personal income tax, in accordance with the applicable legislation.

Foreign employees with temporary residence in Kosovo, who were not required to pay pension contributions under the applicable legislation and are not required to contribute under the laws in force, may withdraw their accumulated pension savings through a single lump-sum payment.

If, at the time of application, foreign citizens have obtained Kosovo citizenship or permanent residence in Kosovo, they will not be eligible to withdraw their pension savings.

This rule does not apply to foreign nationals of countries with which the Republic of Kosovo has bilateral social security agreements. Their rights and obligations shall be determined in accordance with the provisions of the respective agreements.

REQUIRED DOCUMENTS

1. Tax Identification Number, issued by the Tax Administration of Kosovo (if pension contributions were paid under this number), or
2. Temporary Residence Permit, issued by the Ministry of Internal Affairs (if pension contributions were paid under this permit),
   1. If your temporary residence permit has expired, KPST will verify your most recent residence status with the Ministry of Internal Affairs.
3. Certificate confirming that you are a foreign citizen with temporary residence in Kosovo, issued by the Civil Registration Agency.
4. An active bank account with a bank in Kosovo or in your country of origin.

Note: In cases of retirement benefits (old-age, inheritance, disability, or foreign citizens), withdrawals of pension savings from KPST are also subject to personal income tax, in accordance with the applicable legislation.