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Why can I not take away money before the retirement age?
Money on your individual pension account has a defined purpose to provide you a deserving living standard during your retirement age. If you wish to purchase, auto for these money it will be impossible to finance this purchase using the money on your individual pension account.
There are conditions when you can take money away before the retirement age.
Are there conditions when I can take money away before the appointed time (the full amount or part of it)?
- participant of the fund became a handicapped;
- medical confirmed critical state of health;
- immigration of participant of the fund;
- death of participant of the fund (a money can be inherited).
Is there a possibility to get a lump sum pension payment?
When the amount of pension accumulations is less than 29 880 UAH (in 2009), lump sum pension payment in the size of 100% accumulations on achievement of retirement age can be made.
This index changes every year, as a rule the amount increases.
What should I do to start receiving pension?
2 months before your retirement age you should fill an application at OPF «OTP Pension», indicating the start date and period of pension payments.
How long after writing an application should I wait for first pension payment?
OPF «OTP Pension» will pay OTP Pension during 5 workings days after you achive retirement age in the case of lump sum payment and during 45 workings days in case of payments on the defined period.
How long can the period of pension payments be?
It depends on you, you can decide. Minimum period is 10 years - in accordance with the legislation.
How can I get OTP Pension?
You can choose a suitable for you way:
- to get in OTP Bank on a current or card account;
- to get at the post office;
- to get in other bank on a current or card account.
What should be the periodicity of pension payments?
Periodicity depends on the participant. It can be monthly, quarterly payment, once every half-year or annually.
When is investment result accrued?
An investment result is accrued every day.
What documents should be provided to claim a tax benefit?
- Passport;
- Tax ID;
- Copy of pension contract;
- Copies of payments receipts.
How will I get the statement from my individual pension account?
You will get the printout annually by an ordinary letter free of charge and for a separate pay in accordance with the tariffs of administrator of OPF at any time of the year.
I already receive OTP Pension, does interest accrue to my pension account?
Yes, money continue to work, an investment result continues to be counted on them.
What documents do non-resident need to sign a contract?
Passport (or other document which identifies a person) and Ukrainian tax ID.
Is it possible to change the term of pension payment?
It is possible, but a total term of pension payments should not be less than 10 years.
How do you make money?
For services given to a non-government pension fund an administrator NPF gets a commission from the amounts of pension contributions made by all participants of the fund for a year.
Maximum fees tariffs on services are set by the State Commission on Regulating Financial Service Markets and can not exceed 6%.
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