
For administrative companies and beneficiaries of private pension funds, new conditions have been defined for the withdrawal and use of pension payments. The Financial Supervision Authority has published for public consultation the draft regulation on the method, terms and procedure of private pension payment.
The private pension can be withdrawn as an immediate payment or as a periodic monthly payment. Also, the net value of the amount of money can be used to purchase a life insurance contract in the form of an "annuity" with a life insurance company.
The draft regulations provide for the receipt of continuous monthly payments in the form of pension extended over time, not less than 2 years. While the management company of the private pension fund must notify the member within 5 working days from the date of reaching the age for receiving the pension.
In any case, the member of the private pension fund must submit a request to the management company to receive immediate payment as a single amount or in several equal or different amounts and periods, until the account is completely exhausted.
The management company is obliged to pay a penalty in the form of interest to the member of the pension fund, in the case of delays in the payment of immediate amounts or periodic payments. The amount of interest payable to the fund member for each late payment is calculated taking into account each day of delay and the amount of late payment.
Regarding the inheritance of assets, the new regulation clearly states that the money left in the pensioner's account after his death can be inherited by family members.