Pension payments

Pension payments – monetary payment to the participants of private pension provision or his heirs carried out due to the accumulated pension funds and accounted on the individual pension account of funds in cases provided by the Law of Ukraine "On private pension provision." Pension payments from pension funds are made independently of receiving payments on obligatory state pension insurance or other sources.

 

Pension payments may be of the following types:

 

Grounds for the pension payments by pension fund are:

 

Pension for a specified period

Frequency of pension payments for a specified period is determined by the participant and calculated independently for at least ten years from the start of the first payment. The pension for a definite period starts from the date of achieving by the fund participant of the age specified in his application to the administration with the first payment during 45 working days.

 

Single pension payment

Grounds for the single pension payment are:

 

Inheritance and distribution of pension funds

Pension funds may be inherited by the person (s) who is the heir of the owner of such funds. Inherited pension funds are paid to the heirs as a single pension payment.

Pension funds of the participant that are accumulated during the stay of one of the spouses in marriage are a joint property of spouses, unless otherwise is stipulated in the marriage contract. In the case of the distribution of pension funds as a result of the divorce, each of the parties determine the pension fund due to transfer her/her pension money.