29.11.2021
WHAT YOU NEED TO KNOW IF YOU ARE INSURED FOR A SECOND PENSION
Pension companies are required to send a paper statement on the individual account of their clients once a year - until the end of May.
When submitting an application, the user can cancel the paper version of the statement on his individual account and receive it in electronic form.
This is stated in the updated Program for Consumer Protection of the Non-Banking Financial Sector for the Period 2021-2024, adopted by the Financial Supervision Commission (FSC).
Insured persons can also check their personal account through the website of the respective pension fund, after receiving an individual code.
Customers have the right to request additional statements. Some pension companies have developed procedures in cases where the accuracy of the data in the statement on the client's individual account is disputed.
In the area of pension insurance, the protection of client assets is ensured by separating the assets of the pension company from the assets of the funds managed by it.
An additional guarantee for consumers is the obligation of the pension company to have a contract with a custodian bank.
According to the Social Security Code, the boards of trustees of pension insurance companies are obliged to consider and respond to the complainants in writing within 2 months from the date of receipt of the complaint.
Pension insurance companies (PICs) maintain up-to-date websites on which the user can find out about the pension fund he is interested in and receive other information in connection with the supplementary pension insurance. The regulations for the structure and activity of the funds managed by the pension companies are also published on the FSC website.
With the amendments to the Social security code (SSC) and with the adoption of ORDINANCE № 61 on the requirements for advertising and written information materials and web pages of pension insurance companies, a requirement was introduced for informing the insured persons through advertising and information materials for the supplementary pension insurance funds. the assets of the fund are not guaranteed a positive return, but the funds deposited in the individual accounts in the universal pension fund (UPF) are retained in full.
With the amendments to the SSC, two new funds were created: a fund for payment of lifelong pensions and a fund for deferred payments. An obligation has been created for the pension insurance companies to set aside a reserve to guarantee the gross reserve of the contributions to the UPF. An opportunity was created for the insured person, who has acquired the right to a pension from UPF, to change his participation once and to transfer the accumulated funds to his individual account or the amount supplemented by a reserve for guaranteeing the gross reserve of UPF contributions, which of the two amounts is -large, in another relevant fund managed by another pension insurance company.
The insured person in an occupational pension fund (OPF), who has not acquired or exercised his right to early retirement, may upon granting a pension for insurance length of service and age under Part One of SSC or upon reaching the age under Art. 68, para. 3 to receive once or in installments the accumulated funds on the individual account or to transfer them to UPF or VPF.
Pension companies calculate and publish information on the value of one unit of the respective pension funds on a daily basis. The data on the value of the units of all pension funds are published on the FSC website.
The portfolios of the companies are also published on a quarterly basis. The annual audited financial statements of the PIC are published on the FSC website.
