How to receive pension?

Upon retiring, you will be able to choose whether the accumulated capital of the 2nd pension pillar add to the accumulated pension capital of the 1st pension pillar, and to receive the two pensions together, or, by purchasing a life pension insurance policy, the pension capital accrued in the 2nd pension pillar to entrust to an insurance company, which will pay the accrued pension of the 2nd pension pillar each month.
Purchasing a life pension insurance policy from the insurance company will provide you with a certain amount of monthly pension until the end of your life. Purchasing the life pension insurance policy, you will be able to make a co-insurance, which means by conclusion of an agreement with the insurance company; you will be able to specify the beneficiary who, after the death of the 2nd pension pillar participant will be able to receive his accrued pension.

From 1 January 2020, a participant of the 2nd pillar of pensions who has not yet applied for an old age pension has the right to choose how the capital accumulated in the 2nd pillar of his or her pension will be used if he or she dies before the old age pension is granted.

There are 3 options:
– bequeath in accordance with the procedures specified in the Civil Law;
– to add another person’s pension to the 2nd tier capital;
– to transfer the state pension to the special budget.

If a person wishes to transfer his or her 2nd pillar pension savings to inheritance or add another person’s to the 2nd pension pillar capital, he or she must apply to the SSIA, indicating the relevant choice.
In all cases when the person has not indicated his or her choice, the SSIA will transfer the 2nd pillar pension savings of the deceased to the state pension special budget.
It is most convenient to submit the application to the SSIA electronically on the portal, choosing the application “On the use of the accumulated state funded pension capital in case of death before granting the old age pension”, sending it with a secure electronic signature to the e-mail address: or it can be done in person at the SSIA or the State and local government customer service centers.
The person can change the choice, the SSIA will take into account the information provided in the last received application.
More information on 2nd pension pillar inheritance opportunities can be found on the website