Payment of pension benefits
A Voluntary Pension Fund’s member shall be entitled to retirement benefits from the Voluntary Fully Funded Pension Insurance at least ten years before his/her age of entitlement to old-age pension in accordance with the Law on Pension and Disability Insurance. The member shall make his/her choice no later than 70 years of age. If the member does not make a choice, the Company shall notify him/her about his/her obligation thereof.
When a Voluntary Pension Fund’s member becomes entitled to retirement benefits, the full amount of funds accumulated on his/her personal account shall be used, including the member’s right to make a personal choice regarding:
- The payment of the total amount on his/her account, whether one-off or multiple.
- Buying a pension annuity payable for life by the Insurance Company authorized for this purpose.
- Programmed withdrawals provided by the Company which the member contracted for programmed withdrawals after retirement.
- The combination of all previous options.
In case of death of any member or retired member of a Pension Fund, the funds from the account of such member or retired member shall become part of his/her estate and such funds shall be handled in accordance with the Law on Inheritance.
Payment in case of general work incapacity
If a Voluntary Pension Fund’s member is found to be generally incapacitated to work by the PDIF Commission assessing work capacity, he/she shall be entitled, regardless of his/her age, to choose one of the retirement benefit options in accordance with the Law on Voluntary Fully Funded Pension Insurance.