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Sodra updates this information every six months based on each employee’s data.
Provide up-to-date information.
“What will my pension size be?”: This question is relevant to many residents. In personal accounts, residents can monitor how their old-age pension rights change depending on how long they work and how many social security contributions they pay out of their current salary, Sodra says in a statement.
“We hope that by monitoring and evaluating this information, people can make decisions that will determine their future revenue,” says Evaldas Mikutis, Sodra’s Head of Customer Service Management.
It is important to remember that Sodra collects data on the population’s workplaces, the time worked in them and the salary received since 1994. People who worked before 1994 must provide Sodra with documents proving their seniority (workbooks, certificates seniority, military tickets, etc.). They can do it at any time without having to wait until they reach retirement age. Upon submission of these documents, seniority information will be updated.
If a person participates in the accumulation of pensions of the second pillar, he sees in his personal account in which company and at what rate he accumulates. Here you can also compare alternatives for a greater accumulation of pensions. With the calculator, you can see the forecast of future income: what will be the amount of the old-age pension if you do not participate in the accumulation of second pillar pensions and how this number will change if you accumulate additional pensions.
The forecast that you see in the calculator does not mean that this is the amount of pension that a person will receive in the future, but it allows you to model the situation taking into account the wage bill, inflation, demographics and other important indicators.
How the pension is calculated
Annual experience is acquired by paying social security contributions of at least 12 MMA per year. Paying fewer contributions results in proportionally less seniority, but you cannot earn more than one year of seniority per year.
A unit of account is “earned” by paying more than 12 VMU social security contributions per year. Paying less gives you a share of the unit of account. A maximum of 5 account units can be purchased per year.
Upon reaching retirement age, the time of service and units of account acquired during the entire work period are added. The amount of the pension is calculated based on the unit value of the account applicable in that year and the basic pension coefficient.
The value of the unit of account and the amount of the basic pension are indexed annually as much as the average growth of the economy and the wage bill of the population.
By logging into your personal account, you can not only check your accumulated service time for retirement, but you can also receive almost all Sodra services. This is especially true during quarantine, when all institutions work remotely.
Last year, residents logged into their personal Sodra accounts totaled 6 million. together. That’s 58 percent. more than in 2019, when 3.8 million were registered. logins to personal accounts.
After logging into the sodra.lt/gyventiejus account through the electronic banking system, with an electronic signature or through the government’s electronic gateway, it is possible to submit applications for benefits, compensation or certificates online. It is sufficient to complete the sickness benefit application once for all future cases.
Residents also receive notifications to their personal account, for example, about the inclusion in the accumulation of a pension, the recalculation of a pension or a benefit granted. Residents will also receive their contacts, messages and reminders by email or SMS.
In personal accounts, residents can compile detailed summaries of their insurance periods, premiums paid, benefits received, etc. data.
The accounts also allow consultation with Sodra employees and personal information. In 2020, consultants responded to 67,000 electronic inquiries, compared to 34,000 in 2019. Therefore, the number of electronic inquiries has almost doubled over the years.
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