What is a second pension? Who and when will receive two pensions?

What is a second pension? Who and when will receive two pensions?

Do you know what pensions are? There are different and have significant differences. The most common is the solidarity pension. This is when all officially registered employees pay USC to the pension fund. Its problem is you pay pensions to other people and when

you will be on the state support the new working generation will finance yours pension. But it can’t be like that.

What is the situation with pensions in Ukraine?

There are 11.3 million retirees in Ukraine according to the pension fund in 2020.  It is more than a quarter the entire population. The Ukrainian nation is constantly aging according to statistics. The percentage of retirees from the entire population will only increase every decade. The pension fund will be unable to provide for itself soon in this situation. It is constantly supported financially by the state. To solve this problem requires significant radical changes. It can be the transition to cumulative pension.

To be responsible exclusively for own pension. There are three types:

1. Solidarity – a pension depends on seniority and salary. The working citizens deduct the Unified Social Contribution to the Pension Fund to receive it. There are too many problems in this system. The world’s leading countries have abandoned or are abandoning it.

2. The accumulative system fully corresponds to its name. This is when people do themselves contributions to non-governmental commercial institutions. These money can can be obtained in full amount when a person reaches retirement age. Or it can be installments or a specific amount of each months for life.

3. Voluntary contributions. It’s simple. The more money you invested the more you got to retire.

The pension reform is paying off. There are more than a hundred thousand Ukrainians who receive immediately two pensions at present. This quantity will only increase in the future. The ussing of joint pension will lead to collapse of the Pension Fund. The accumulative pension is not required yet. It is received by those Ukrainians who paid money into the private pension funds have existed in our country for several years. There were 62 In June of 2019. It is planned to legislate payments for the funded pensions to make it obligatory for all along with solidarity. The money is paid into your account. It will not disappeare even if you die. The finances are inherited. It is a  significant advantage of the funded pension. Call the Pension Fund of Ukraine to get answers to questions regarding pensions. Its number can be found on the main page of the UniExpert application.

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