A pension annuity is an agreement with an insurance organization, according to which you can start receiving a pension ahead of schedule.
To conclude an agreement, it is necessary to have a sufficient amount of pension savings in the UAPF, which will ensure payments of at least 70% of the subsistence minimum. The exact calculation is made in the insurance organization.
The following categories of citizens who have a sufficient amount of pension savings in the UAPF can transfer them to an insurance organization:
🔹 reached retirement age;
🔹 who have reached the age of 45 (with deferred annuity);
🔹 having a disability of 1 or 2 groups established indefinitely;
🔹 who have reached the age of 40, for whom the compulsory occupational pension contributions (COPC) have been paid in the aggregate for at least 60 calendar months.
Here it is necessary to clarify that a deferred pension annuity is a product that allows you to transfer pension savings to a life insurance company from the age of 45 and start receiving benefit payments from them until you officially retire (men upon reaching 55 years old, women upon reaching 52.5 years old from January 1, 2022 with an annual increase in the retirement age of women by half a year until reaching the age of 55 in 2027).
Further, in case of insufficiency of pension savings formed at the expense of CPC and/or COPC, pension savings formed at the expense of VPC can be used to conclude a pension annuity agreement.
If the amount of pension savings on the IPSA exceeds the amount of the pension annuity agreement, this difference is paid to the contributor (beneficiary) from the UAPF in the form of monthly pension benefits in the manner prescribed by the Pension Provision Law, or is used by the contributor (beneficiary) to amend the current pension annuity agreement in part of the increase in the amount of insurance benefits and insurance premium under a pension annuity agreement or for the conclusion of another pension annuity agreement with an insurance company.