The money accumulated in the second pension pillar can be withdrawn by people who have reached retirement age. In order to receive payments from the funded pension, an application must be submitted at an SEB branch or in the Internet Bank (in case of a single payment or funded pension) or a contract signed at a branch (in case of a pension contract).
If the amount of money saved remains below ten times the national pension rate, the unit-holder can withdraw the money saved in their pension funds as a one-off payment. People who wish to do so have to fill in a one-off payout application in the Internet Bank or visit a branch of the bank.
You have to be certain that this is what you want to do, as the application cannot be changed or withdrawn.
You can withdraw the money you have saved in the second pension pillar in regular payouts from the pension fund if the amount of your pension savings is up to 50 times the national pension rate.
Submit an application for receipt of regular payouts in the Internet Bank or at a branch if you would like to receive a funded pension.
In addition to providing the number of your current account, please also select the frequency of your pension payments and the length of the period over which you wish to receive them. The minimum period depends on your age and is determined in the Funded Pensions Act.
The amount of a pension payout depends on the period and frequency of payouts and the number of units accumulated.
Changing your funded pension
You can change the terms and conditions of your pension payouts during the time that payouts are made from your funded pension, such as:
Any changes you make will take effect at the start of the new pension year. You can also stop payouts from your funded pension. This means that the units will stay in the pension fund until you make a new decision.
Pension contract is the life insurance product on the basis of which annuity payouts are made to pensioners. This means that the agreed pension payments are guaranteed to you until the end of your life.
Pension contract is meant for people who have saved more than 50 times the national pension rate in their funds.
The frequency that can be selected for the payouts is either a month or a quarter.
Guarantee period is an additional option offered by the pension contract. If the person who entered into the pension contract dies during the guarantee period, the beneficiary (or beneficiaries) specified in the pension contract will receive pension payments until the end of the guarantee period. No limitations are applied to the length of the guarantee period: you can select the period when you enter into the contract.
Register for a free consultation or call us on 665 5100 if you have any questions.
Pension payouts are subject to income tax according to the legislation of the Republic of Estonia. Income tax is calculated on the basis of the tax-exempt rate applicable to individuals.
The tax-exempt income of a person who has attained retirement age consists of two parts:
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