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The Ministry of Labor and Social Policy has published for public discussion a bill on modifications to the Social Security Code, which clearly and completely regulates the payment phase of the pensions of the mandatory supplementary pension insurance, announced the center of press of the Ministry of Social Affairs.
The bill provides for three types of pension products to be paid from universal pension funds, in which workers born after December 31, 1959 are insured for a second pension. provided a one-time payment of funds to the individual account. The first insured of the second pension pillar will be entitled to a supplementary life old-age pension in 2021, for women, and in 2024, for men.
A lifetime old-age pension is expected to be paid when the amount of the insured’s pension savings in the second pillar makes it possible to grant a lifetime old-age pension for an amount not less than 15 percent of the minimum pension for seniority. The insured will be entitled to a supplementary lifetime old-age pension upon reaching the age of acquiring a pension for seniority and seniority. Retired applicants will be able to exercise this right for one year before reaching the years stipulated in the Social Security Code, but only on condition that the funds in their individual account allow them to receive an additional life pension of at least the minimum pension. by seniority and seniority.
The guaranteed amount of the supplementary old-age life pension may not be less than that calculated on the basis of the gross amount of the insurance contributions transferred by the National Revenue Agency and the National Social Security Institute for the respective insured. The supplementary lifetime old-age pension can have a guaranteed payment period. It can also include deferred payment of part of the funds until reaching the age chosen by the pensioner. In these cases, the term and the amount of the deferred payment, as well as the amount of the life pension, are chosen by the insured.
The deferred payment of the funds from the individual account of the insured in a universal pension fund will be possible when their value is not sufficient to grant a life pension, but exceeds three times the minimum pension for seniority and seniority. In this case, the monthly payment may not be less than 15 percent or more than the minimum pension for seniority and seniority. The guaranteed amount of the deferred payment is equal to that calculated based on the amount of the gross amount of the insurance contributions transferred to the respective insured.
In limited cases, where pension savings are not sufficient to ensure deferred payment, a one-time payment is provided from funds in the insured’s individual account. This is expected when the funds in the individual insurance account are less than three times the amount of the minimum pension for seniority and seniority. Upon the death of the pensioner, his heirs are entitled to the funds owed if the selected product is a life pension with a guaranteed payback period. The funds will also be inherited in case the pension is paid in the form of a deferred payment.
The bill proposes that at the time of retirement of an insured person, his individual account in a universal pension fund be closed. The funds accumulated in your individual account will be transferred to a special general fund for the payment of life pensions. This makes it possible to guarantee both the lifetime nature and the amount of the pension payment of each pensioner, regardless of the cases of long-term pensions or unfavorable investment results. Changes have also been made to the provisions that regulate the reserve of pension insurance companies. They stipulate that to cover the shortage of the life pension payment fund, the pension insurance company creates a reserve to guarantee the payment of life pensions.
The main objective of the amendments to the Social Security Code is to create a complete and coherent regulation of the payment phase of the second pillar of pensions, which would facilitate the informed choice of people subject to mandatory supplementary pension insurance. In connection with this, it is proposed to change the period within which people can exercise the right to choose insurance. It is expected that people who reach the retirement age between 2022 and 2025, inclusive, will be able to exercise the right to opt for insurance up to one year before this age. This period will gradually increase until 2038, when insurance may change no later than five years before reaching retirement age.
In this way, the first groups of insured are guaranteed a longer period to learn about legal changes. It also gives them the opportunity to make a more accurate assessment of the amount of their future pensions based on the funds accumulated in their individual accounts in a period as close as possible to retirement.
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