Voluntary Pension Fund with Occupational Schemes (VPFOS)

A special voluntary pension fund established to provide additional occupational pension benefits under a scheme agreed between the employer and employees or their representatives (e.g. trade union). Participation in such a fund is voluntary and collective, with the terms of membership, contribution amounts, and rights of the insured persons defined in an agreement between the employer and employees. These funds are managed by licensed pension insurance companies, and the accumulated assets are used to pay additional pensions according to the conditions set out in the occupational scheme.