The Social Protection Fund reminds citizens of the possibility of voluntary insurance for an additional funded pension

A new type of pension insurance has been introduced in the Republic of Belarus – voluntary insurance of an additional funded pension with state financial support!

The new voluntary pension program is a future additional source of income for citizens, which will supplement the guaranteed state old-age labor pension and does not affect state obligations under the solidarity pension system.

Working citizens who pay mandatory insurance contributions and are younger than the following age can participate in this program: women – 55 years old, men – 60 years old.

An employee who decides to participate in this insurance concludes an agreement with the state enterprise "Stravita". An application can be submitted and an agreement can be concluded by visiting the enterprise's office in person or on its website.

The employee chooses the contribution rate themselves, but no more than 10% of the actual earnings. That is, along with the 1% mandatory insurance contributions for pension insurance to the fund's budget, the employee will voluntarily pay an additional contribution for the funded pension at the chosen rate.

Upon conclusion of the agreement, with the provision of a copy of the certificate of additional funded pension insurance, the employee must notify their employer.

Next, the employer joins the payment of contributions, who will be obliged to pay an insurance contribution for the funded pension – in proportion to the employee's contribution rate, but no more than 3%. For example, if an employee chooses a contribution rate for the funded pension of 3% of their salary, the employer also joins at a rate of 3%. As a result, this employee's savings for the funded pension will amount to 6% of their salary.

At the same time, the employer's expenses for paying pension contributions to the fund's budget do not increase. This is where the state co-financing of individual savings for citizens' future pensions lies.

The employee has the right to change the insurance rate once a year, suspend (resume) participation in voluntary funded pension insurance.

Additional employee contributions to the funded pension, upon their application, will be transferred monthly by the employer.

The employee is granted a tax relief on the amount withheld from their salary for transfer to the state enterprise "Stravita".

The additional funded pension will be paid upon reaching retirement age from the accumulated contributions and income from their investment. The term for receiving the additional funded pension is 5 or 10 years, at the employee's choice.

The accumulated and unpaid amount of the funded pension is inherited.

«Caring for one's future pension should become a habit for everyone. Only in this case can one have a comfortable income level in old age, allowing for a lifestyle that matches personal expectations.»