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Pension annuities must be purchased from Sodra by those participants in the accumulation of the second pillar pension who have accumulated 10,000. and more euros. This threshold will be indexed every five years.
“As of July 1, the procedure for paying pensions has changed, the limits for receiving a lump sum benefit have already been reduced, as well as the periodic benefits, which are paid by the pension accumulation companies of 5 to 10 thousand The cartel for the acquisition of pension annuities falls from 20 thousand euros to 10 thousand Daiva Gerulytė, Head of the Pension Annuities Division of Sodra, said in a press conference.
“A person who has accumulated more than 60 thousand.” You can add a lump sum if you do not want a higher annuity, “he added.
According to the Deputy Minister of Social Security and Labor, Eglė Radišauskienė, this year more than 30 thousand people will begin to accumulate pensions. population, counting those who agreed to accumulate on the call and who entered into contracts independently.
“More than 30 thousand. We are already involved in the accumulation, which makes us happy, because the goal was for as many people as possible to get involved and take care of their future,” said E. Radišauskienė at the press conference.
Since July, more than 26 thousand people have become new participants in the accumulation of pensions. population that has accumulated to retire this year. Since the beginning of the year, more than 5 thousand. the population itself concluded pension accumulation agreements.
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Tadas Gudaitis, director of the Lithuanian Association of Pension and Investment Funds (LIPFA), says the new annuity payment procedure offers more options.
“We accumulators have more options than before. (…) If we reach retirement age and we do not need that money, we have something to live for, then nothing forces us to do anything, we can continue accumulating. .) There are more types of annuities than heretofore, which is also considered positive, “said T. Gudaitis.
Marijus Kalesinskas, chairman of the Board of the Association of Pension Fund Participants, says he is confident that the annuity fund will be able to remain independent.
“The important moment will be how to guarantee the independence of this institution. (…) So far, the indications are not bad, but how it will work, we will actually see how the supervisory committee will be formed, how to keep the fund independent of influence Politics, these things will be put to the test and we as participants hope the idea works. ” – Said M. Kalesnikas at the press conference.
Three types of pension annuities
Upon reaching or before retirement age, but not more than five years before retirement, residents may choose one of three types of pension annuities.
The standard pension benefits will be the highest and will be paid for the rest of your life. Over time, they may be higher if the return on investments of the Sodra Pension Annuity Fund is higher than that already included in the benefit, but it cannot decrease.
The benefits of a standard pension annuity with a guaranteed pay period will be slightly less than that of a standard pension annuity, but if the beneficiary did not reach the age of 80, the unpaid amount would go to the heirs. Benefits are guaranteed to be paid at all times and will not decrease.
If the deferred pension annuity were chosen, only a part of the accumulated amount would be transferred to the Sodra pension annuity fund, for which the benefits for life from the age of 85 would be guaranteed. The remaining amount in the pension fund up to the age of 85 would be paid by the pension accumulation company that invests these funds. Profits may increase or decrease, depending on the investment result, and the remaining unpaid amount would be inherited.
To buy an annuity, pension participants will have to ask the pension company to pay the accumulated funds when they reach retirement age or retire early up to five years before the retirement pension.
Sodra will calculate and decide to pay a certain annuity amount, but the person may submit a request to cancel the offered pension annuity within another 10 business days.
The amount of each resident’s pension annuity will be determined by the amount accumulated in the human pension fund, their age, the return on investments of the Sodra pension annuity fund, and demographic trends in the country.
In total, the pension accumulation agreements have concluded almost 1.35 million. population. When many of them receive old-age pension annuities, Sodra will pay periodic benefits for the amount accumulated for the rest of their lives as a self-accumulating supplementary pension.
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