Come back

1 min

09 Apr. 2023

46498

Pensionable service: how Ukrainians can buy years for retirement and how much it costs

Finance
Popular

Share:

Pensionable service: how Ukrainians can buy years for retirement and how much it costs

From now on, Ukrainian citizens can buy insurance periods for their future pensions or increase their pension amount. Ukrainians living abroad can also do so. Learn more about how to do this

An insurance policy is a guarantee of your safety and peaceful stay outside of Ukraine
An insurance policy is a guarantee of your safety and peaceful stay outside of Ukraine
BUY


Ukraine has launched a mechanism that allows you to increase the amount of your future pension. This can be done by purchasing additional pensionable service. This option is best suited for Ukrainians who work abroad but want to receive a pension in Ukraine.


Advantages of the system


At the end of 2022, a law was passed that simplified the process of voluntary pension insurance - paperwork and visits to government agencies became optional.


How are contributions credited?


Each amount will be taken into account for the month in which it was paid. The Pension Fund will include this month in the insurance period and count the amount as a salary (for uninsured persons) or increase the official income for pension calculation (for insured persons).


Every UAH 100 voluntarily paid increases the monthly salary that will be taken into account when calculating a pension by almost UAH 455. 


We would like to add that if the limit of contributions for the respective month is exceeded by the citizen and the employer, part of the contributions will be credited to the next month.


Who can "buy a pension"?


Insured and uninsured persons over the age of 16 who belong to one of the following categories can buy pensionable service:


 Employed abroad but willing to receive a pension in Ukraine;

 people of pre-retirement age who do not have enough work experience to receive a pension;

 people with low official income who want to increase their pension.


Individuals who want to make voluntary insurance contributions should be listed in the register of insured persons of the State Register of Compulsory State Social Insurance. In addition, they must not receive a pension in the PAYG pension insurance system.


You can make contributions both for yourself and for the benefit of third parties.


How to use the service?


First of all, you need to sign an agreement with the Pension Fund of Ukraine (PFU). First, sign a standard agreement on the voluntary payment of insurance contributions - you can do this online through the Pension Fund of Ukraine's electronic services website. We would like to add that this approach allows Ukrainians living in other countries to conclude an agreement. 


Take the following steps:


 Log in to the Pension Fund's personal account using a qualified electronic signature, Diia.signature or Bank ID;

 select the section "Communication with the Pension Fund", then click "Voluntary participation agreement";

 enter the personal data of the person for whom you want to make contributions (name, tax number, passport series and number, date of birth). If you are paying for yourself, click "I wish to pay contributions for myself" and provide additional information;

 agree to the data processing and confirm that the information is correct;

 click the "Sign and pay" button, choosing a convenient way for you: pay via Portmone or via a payment order. 


We would like to add that it is not possible to buy insurance periods for the period before January 2004. 


Limitations for contributions


The state does not regulate the amount and number of contributions. The citizen decides on the period and frequency of payment and its amount, so it is easy to control this process from abroad.


There is no need to report on contributions, as they are automatically recorded. You can find out about the crediting of funds in the personal account of the insured person on the website of the Pension Fund of Ukraine.


We remind you! Ukrainians currently residing in Poland can continue to receive pensions from Ukraine. For more information on how to arrange payments and what you need to do, please follow the link.



Photo: NewAfrica / Depositphotos




Our recommendation for a safe and comfortable trip: 


Visit Ukraine Insurance - insurance for a safe stay abroad without unnecessary expenses;

Green Card - compulsory car insurance for traveling abroad;

Visit Ukraine Tickets - book tickets for buses, trains, and airplanes to/from Ukraine and between cities around the world;

Private Lawyer service - professional legal support on visa and migration issues;

Visit Ukraine Merch - buy patriotic clothing and accessories with worldwide delivery.





Recommended articles

1 min

Für Flüchtlinge How not to lose temporary protection in the Netherlands when traveling to Ukraine

How not to lose temporary protection in the Netherlands when traveling to Ukraine

The Netherlands gives Ukrainian citizens the right to visit their home country under protection. But for a limited period of time. Here are the important aspects to consider before traveling home

06 Apr. 2023

More details

2 min

Documents Where to apply for a passport in Wroclaw: a new stationary unit of the Passport Service has been opened

Where to apply for a passport in Wroclaw: a new stationary unit of the Passport Service has been opened

Ukrainians in Wroclaw can receive services for issuing passport documents and exchanging a driver's license. We tell you where the new stationary division of the State Enterprise "Document" was opened

08 Apr. 2023

More details

2 min

Für Flüchtlinge How to change canton or renounce S status in Switzerland?

How to change canton or renounce S status in Switzerland?

Are you planning to change your place of residence in Switzerland or even leave the country? Find out how to do it right – where and what kind of application you need to submit

08 Apr. 2023

More details

2 min

Transport Rules for cars with Ukrainian license plates in Turkey: new conditions

Rules for cars with Ukrainian license plates in Turkey: new conditions

There is a lot of conflicting information about the presence of cars with Ukrainian registration in Turkey. The Embassy of Ukraine in the Republic of Turkey provided some clarifications on this matter

08 Apr. 2023

More details