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What does it mean three-level pension system?
It is the system of the pension provision in Ukraine which was created similarly to the system of the pension provision in the European Union. It consists of three levels and includes both the government pension provision and non-government pension provision.
What is the first pillar of the pension system?
It is the solidary system (Pension fund of Ukraine). Deductions from the salary that are made on behalf of the pension fund will be redistributed and paid to pensioners.
What is the second pillar of the pension system?
It is accumulative system of obligatory government pension insurance (introduction is expected in 2011 year).
What is the third pillar of the pension system?
It is the system of voluntarily non-government pension provision. You make contributions to OPF «OTP Pension», money is accumulated on your individual pension account, investment result is accrued on your account, after achievement of retirement age you get your OTP Pension.
What are the tax privileges for private individuals?
Tax benefit may include amount of pension payments to NPF, which will not exceed 940 UAH per a month for the year 2009.
What are the tax privileges for legal entities?
Tax benefit may include amount of pension payments to NPF with the following limitations:
- the amount of payments can not exceed 15% from the annual salary;
- the amount of such payments can not exceed 940 UAH per a month.
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