Please note that for those who participate in the second pillar pension scheme, the state social insurance old-age pension for the period up to 31 December 2018 is reduced proportionally in accordance with the procedure provided for by law, except if those who participated in the pension scheme up to 31 December 2018 have exercised their right to discontinue pension accumulation between 1 January 2019 and 30 June 2019, in which case they will not be subject to the reduction of the state social insurance old-age pension. The additional state contribution does not reduce the old-age pension. A second pillar pension contract cannot be terminated, unless it has been concluded for the first time, in which case the participant will have the right to unilaterally terminate the contract within 30 calendar days of the conclusion of the contract by giving written notice to the pension company. Individuals who became participants before 31 December 2018 had the right to terminate their participation in the pension scheme or to suspend the transfer of pension contributions to the pension fund from 1 January 2019 to 30 June 2019.

Saving in pension funds involves taking investment risk. The pension company does not guarantee the profitability of pension funds. The value of a pension fund unit can go up or down. You may get back less than you invested. A pension fund’s past investment management performance does not guarantee the same results and returns in the future. Past performance is not a reliable indicator of future performance.

We recommend that you choose your pension fund responsibly and carefully, pay attention to the risks associated with your investments, the applicable deductions, and carefully read the pension fund rules, which are an integral part of the pension contract.

Depending on the amount accumulated in the second pillar pension fund, it will be possible to withdraw it in a lump sum (where up to EUR 5,403 has been saved), in periodic payments (where between EUR 5,403 and EUR 10,807 has been saved) or to buy a pension annuity (where between EUR 10,807 and EUR 64,841 has been saved), which can be of three types: standard, inherited standard or deferred. In the case of a standard annuity, the total amount accumulated is allocated to the purchase of the annuity and pension payments start immediately after the annuity is purchased and continue for life. In the case of an inherited standard annuity, benefits are also paid as long as the participant lives, with a guaranteed payment until the participant reaches the age of 80; if the participant passes away before then, the unpaid amount is inherited. In both cases of the standard annuity, the total amount accumulated will go towards the purchase of the annuity and the benefits will be paid by SODRA in addition to the state pension. In the case of a deferred annuity, benefits up to the age of 85 will be paid from a private pension fund (the part of the assets remaining after the purchase of the deferred annuity is used for payments) and will be inherited, while from the age of 85 onwards, benefits will be paid by SODRA and will not be inherited. If more than EUR 64,841 has been accumulated, the portion of the assets in excess of this amount may be paid out in a lump sum, with the remainder being paid until death according to the type of annuity purchased. Find out more about pension annuities here.

All the information contained herein is of a promotional nature and cannot be interpreted as a recommendation, offer or invitation to accumulate funds in pension funds managed by Artea Asset Management, the asset management company of Artea Bank Group. The information provided cannot form the basis of any subsequent transaction. Although the content of this promotional information is based on sources believed to be reliable, Artea Bank and Artea Asset Management assumes no liability for any inaccuracies or changes in this information or for any losses that may arise as a result of investing based on this information.