The Social Protection Fund reminds about voluntary insurance for an additional funded pension.

Decree of the President of the Republic of Belarus No. 367 dated 27.09.2021 "On voluntary insurance of an additional funded pension" grants the right to participate in voluntary insurance of an additional funded pension.

This right is granted to employees for whom their employers pay mandatory contributions to the social protection fund budget.

Participation in the new insurance can be started no later than 3 years before reaching the generally established retirement age.

The employer or the employee themselves concludes an agreement with the insurance organization.

At any time, you can suspend your participation in the program and then resume paying additional contributions.

An employee wishing to participate in the insurance will be able to pay an additional contribution to the funded pension from October 1, 2022. The amount of this contribution, as a percentage of the actual salary, is chosen by the employee themselves. The maximum (limit) amount of the employee's additional contribution is 10%. The rate can be changed, but no more than once a year.

If the employee decides to participate, their employer will also join. The employer will be obliged to pay a contribution equal to the employee's contribution, but not exceeding 3%.

The employee's entry into the new program will not affect their labor (solidarity) pension in any way. Its amount will be determined according to the same rules as for employees not participating in voluntary insurance – based on indicators of service record and earnings before applying for the pension.

When an employee joins the new program, their employer's expenses for paying pension contributions will not increase. Their mandatory 28 percent contribution to the social protection fund budget will be proportionally reduced.

For participants in the new program, the following are provided:

– income tax benefit. Thus, employees are granted the right to receive a social tax deduction for the amount of insurance contributions paid from the employee's funds for a future funded pension;

– the possibility of inheriting pension savings;

– guarantee of the safety of pension savings. The implementation of voluntary insurance of an additional funded pension is entrusted by the Decree to the state insurance organization – the republican unitary insurance enterprise "Stravita".

The state guarantees insurance payments under insurance contracts concluded by this insurance enterprise.

Concern for one's future pension should become a habit for everyone. Only in this case, in old age, one can have a comfortable level of income that allows for a lifestyle corresponding to personal expectations.