Pension Reform 2021
To withdraw all of the amassed funds at one time, an application for one-time disbursement must be submitted. To submit the application:
- contact the bank of your choice or
- go to the “My pension account” self-service section of the Pension Centre website.
Starting from the year 2021, lump sum disbursement in retirement age or with less than 5 years until retirement are subject to income tax. The tax rate in such a case is 10%.
NEW! Partial payment
If you are in retirement age or with less than 5 years until retirement are, you will be able to use part of the money you have collected by submitting a partial payment application from 2022.
You can withdraw the remaining units of the pension fund as a lifetime or fixed-term pension or leave them on your pension account.
You can submit one partial payout application per calendar month.
Termination of payment duty
Contributions to the second pillar of the pension cease according to the time of submission of the application as follows:
Submission of application
- From 1 December to 31 March – the end of the commitment on the 31st of August;
- From 1 April to 31 July – the end of the commitment on the 31st of December;
- From 1 August to 30 November – end of commitment on the 30th of April.
The one-time disbursement will be paid out in the next calendar month from the submission of the application, on the dates 16-20.