Second pension!

A new type of pension insurance has been introduced in the Republic of Belarus – voluntary insurance of an additional funded pension with state financial support!

The new voluntary pension program is a future additional source of income for citizens, which will supplement the guaranteed state old-age labor pension and does not affect state obligations under the solidarity pension system.

Working citizens who pay mandatory insurance contributions and are younger than the following age are eligible to participate in this program: women – 55 years old, men – 60 years old.

An employee who decides to participate in this insurance enters into an agreement with the state enterprise "Stravita". An application can be submitted and an agreement can be concluded by visiting the enterprise's office in person or on its website.

The employee chooses the contribution rate themselves, but not more than 10% of the actual earnings. That is, along with the 1% mandatory insurance contributions for pension insurance to the fund's budget, the employee will voluntarily pay an additional contribution for the funded pension at the chosen rate.

Upon conclusion of the agreement, the employee must notify their employer and provide a copy of the certificate of additional funded pension insurance.

Next, the employer joins the contribution payments and will be obliged to pay an insurance contribution for the funded pension – in proportion to the employee's contribution rate, but not more than 3%. For example, if an employee chooses a contribution rate for the funded pension of 3% of their salary, the employer will also contribute 3%. As a result, this employee's funded pension savings will amount to 6% of their salary.

At the same time, the employer's expenses for paying pension contributions to the fund's budget do not increase. This is where state co-financing of individual savings for citizens' future pensions lies.

The employee has the right to change the insurance rate once a year, and to suspend (resume) participation in voluntary funded pension insurance.

Additional employee contributions to the funded pension will be transferred monthly by the employer upon the employee's request.

An employee is granted a tax relief on the amount withheld from their salary for transfer to the state enterprise "Stravita".

An additional funded pension will be paid upon reaching retirement age from accumulated contributions and income from their investment. The term for receiving the additional funded pension is 5 or 10 years, at the employee's discretion.

The accumulated and unpaid amount of the funded pension is inheritable.

"Caring for one's future pension should become a habit for everyone. Only in this case can one have a comfortable income level in old age, allowing for a lifestyle that matches personal expectations."