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Regular payments from a pension fund

If the value of the units accrued to the pension account is between 10-50 times the rate of the national pension, the funded pension can be taken out in regular payments from the pension fund, i.e. a fund pension contract can be concluded.

The person receiving the pension must choose a suitable schedule. The older the person, the shorter the period across which the payments can be distributed. For example, persons who are 60 years old, can make schedule for the minimum of 12 years, persons who are 61-62 to the minimum of 11 years etc.

 
Minimum calculated total duration of the fund pension
Owner of the unit is 60 years old 12 years
61-62 years old 11 years
63-64 years old 10 years
65-66 years old 9 years
67-68 years old 8 years
69-70 years old 7 years
71-72 years old 6 years
73-74 years old 5 years
75-76 years old 4 years
77-78 years old 3 years
79 years old or older 2 years

The payments can be chosen as monthly, quarterly or annual payments.

Redemption and payment of the units of the pension fund is carried out according to the fund pension application on the 16th-20th date of each month, of the last month of each quarter or of the last month of the pension year.

Contracts for receiving the fund pension are concluded at bank offices.

If a person does not wish fund payments for the determined period, a lifetime pension contract can be concluded with the consent of the insurance company. However, if the accrued sum is less than 50 times the rate of the national pension, the insurer has the right to refuse to conclude the pension contract.

Read more: The national pension