The terms and benefits of participation
Non-government pension Fund "OTP Pension" is a reliable way of accumulating funds to provide additional non-state pensions. The Fund's goal is to preserve your savings from inflation and their effective accumulation due to the investment. Non-state pension funds give you the opportunity to take care of your future and save money for a dignified and secure retirement.
Conservative investment strategy and maximum diversification funds is a priority for the "OTP Pension" and, at the same time, the key to reliability of investments. This approach involves the use of a large number of different financial instruments with a predominantly low level of investment risk that meet the criteria of the system of risk management of OTP Group.
In addition, NPF is a nonprofit organization and can not be declared bankrupt, followed by termination of liability to its members. Protection of savings is assured by strict monitoring of the activities of the fund and service companies on the part of the state and special legislation, which involves additional levels and mechanisms of protection:
- Requirements regarding the diversification of fund assets and the reliability of the investment instruments
- Distribution of functions of management, storage and accounting of funds
- Mutual control of the service companies and property liability for violations
- The account of the fund's assets separately from the assets of the service company
- The possibility of replacing a service company
- State control over the activities of the fund, licensing of service companies, qualification requirements for employees of these companies and members of the Fund Council
- Mandatory reporting and disclosure, independent audit
How does "OTP Pension" work?
The investor makes voluntary contributions to individual pension account of the member. There are no requirements regarding the frequency or amounts of contributions. Contributions are accumulated and grow due to investment returns. Upon reaching retirement age, the member receives a pension. During the period of payment the funds also continue to work to generate investment income.
The conditions and benefits of the membership in the accumulation stage
- You will independently plan and affect the size of future pension
- You will determine the size and frequency of contributions
- No obligatory payments or penalties
- There is no minimum period of membership
- All accumulated assets are in your private property that is inherited
- The right to a tax credit allows you to return the paid income tax from the amount of contributions for the year
- The possibility to transfer savings to another fund
- Openness of information: online access to your own account, SMS-informing, annual statements.
- Monthly reports on investment activities of the fund
How to become a member of "OTP Pension"?
In order to become a member in the pension fund, one must enter into a pension contract. The contract may be concluded for yourself or for relatives, including children. There are no age restrictions for the membership in the Fund.
Documents for the conclusion of the pension contract
- Passport
- Individual tax identification number
If you conclude a pension contract for the benefit of your relatives, besides your documents, you need to provide the documents of the relatives. For minor children, in addition to documents of one of the parents, you need to provide a birth certificate and personal tax identification number of the child.
See the contract template and the Charter of the Fund in the section "Documents of the Fund".
The conditions and benefits of the membership at the stage of payments
- You determine retirement age by yourself (but not earlier than 10 years before the official pension age), that is now you may start to receive payments at any time after the age of 50
- You determine the period by yourself (not less than 10 years) and frequency of payments (monthly, quarterly, semiannually, annually)
- When there is a small amount of savings there is an opportunity to get the money in a lump-sum payment (<UAH 82 380).
- The possibility of early receipt of the money in case of health problems, disability, departure for permanent residence abroad
- Preferential taxation of payments for a fixed term, tax exemption for certain categories of members. Read more about taxation and benefits...
- Possibility to transfer payments to another fund
- Payments from the pension fund do not affect getting of the state pension
In order to begin receiving pension payments, the member must sign a separate agreement on payments. This agreement is concluded at any time upon the occurrence of certain age set by legislation (now it is equal to 50 years).
Documents to conclude the contract for payments
- Statement on the definition of retirement age
- Statement on the implementation of payments for a specified period
- Statement on termination of the contract
- Bank details of the account to which the payment will be made
- the copies of passport and identification number
If the member receives a one-time payment, the member submits only the application for a lump sum payment.
For questions about registration of payments, please contact the Administrator of the Fund "ACPA":
04080, Kyiv, Kyrylivska Street, 40. Tel: (044) 537-66-57, info@acpo.com.ua, www.acpo.com.ua