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Vladimir Ivanovo (VŽ) nuotr.
In September, Sodra began paying pension annuities to 35 other beneficiaries, and a total of 64 decisions have already been made and entered into force. These individuals transferred more than 1 million LTL to Sodra’s pension annuity fund. EUR.
On average, the beneficiaries of pension income are just under 65 years old and, from now on, they are paid an average pension benefit of EUR 87 per month, which is added to the old-age pension. In Lithuania, the average old-age pension for those with the required seniority is 399 euros.
These annuity recipients had saved the pension fund from around € 10,000 to just over € 60,000.
Most of the residents opted for a standard pension with a guaranteed payment period (60%). One in three residents opted for a standard pension annuity and 10% opted for a deferred pension annuity.
Two thirds of those who have purchased pension income are men. Although most of the beneficiaries are in the big cities, residents will also receive the benefit in Utena, Šilutė, Mažeikiai, Trakai, Jonava, Telšiai, Ignalina and elsewhere.
Residents who have submitted a pension annuity application to a pension company or Sodra and received an offer to pay a certain amount of pension annuity benefits can withdraw the offer within 10 business days. The institution has not yet received such denials.
Sodra recalls that pension annuities can be acquired by those residents who have participated in the accumulation of the 2nd pillar pension and have reached retirement age or have retired early. In this case, it is mandatory to acquire a pension annuity if the accumulated amount is 10,000 euros or more.
After accumulating a smaller amount, it is also possible to purchase a pension annuity, but the resident can choose another method to pay the accumulated funds; After accruing 5,000 to 10,000 Eur, the pension accumulation company can pay periodic pension benefits. And if you accumulate less, the total amount accumulated.
The reform came into force on July 1.
The payments and management of pension annuities have been centralized in Sodra since 2020. on July 1, following the adoption of the relevant amendments to the Pension Accumulation Law. Previously, residents could buy pension annuities from life insurance companies. After July 1. such an opportunity did not remain.
The amendments passed to the law introduced innovations that are relevant to the population that accumulates in the second pillar: in addition to the standard and deferred pension annuities, a standard pension annuity with a guaranteed payment period has emerged as an option.
It is also established that the accumulated assets in the lump sum will be payable if the person has not accumulated more than 5,000 euros in the second stage, when previously this limit was lower and amounted to 3,000 euros.
VŽ wrote that 22% of Sodra’s previous income in Lithuania is the lowest in Organization for Economic Cooperation and Development countries, therefore, to ensure a sufficient pension, Lithuanians must provide other sources of income. for old age.
Separate pockets
According to the Pension Accumulation Act, the assets of the pension annuity fund shall be managed independently of the Sodra budget, and the annuity fund budget shall be approved by the Seimas through a separate law.
The manner in which Sodra manages the assets of the Pension Annuity Fund will be monitored on an ongoing basis by the Pension Annuity Board. It is made up of 5 independent, impeccable and duly qualified members.
Members of the Pension Annuity Council may be appointed for a maximum of two consecutive five-year terms. At least one member will be delegated by consensus to the Tripartite Council.
The qualifications, experience and knowledge of the board members should cover the areas of investment management, risk management, actuarial, financial and product management. Members are remunerated for their work from pension annuity payment activities under service contracts.
It will not be a full time job; As members of the company’s boards of directors, these individuals will work only a certain number of hours per month as needed to perform their assigned functions, Sodra explains.
Their remuneration will not exceed the national average salary used to calculate the contribution base of the insured to the state social security for the respective year. For example, in 2020 the maximum monthly remuneration of an independent director would be 1,241.4 euros before taxes.
The Director of Sodra is obliged to coordinate with the Pension Annuity Council all the procedures, methodologies and other documents necessary for the proper performance of the pension annuity payment function.
The annuity payer, i.e. Sodra, will be supervised by the Bank of Lithuania, and the operational and financial audit will be carried out by the State Audit Office.
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