Insurance in Professional Pension Fund Doverie

 

Early retirement professional pension

The insured person has the right to request a personal professional pension for early retirement, provided that the person has:

  • no less than 10 years periods of social insurance after 31.12.1999, under the conditions of the first labor category and age 10 years less than the age referred to in article 68, paragraph 1 of the the Social Security Code.
  • no less than 15 years periods of social insurance after 31.12.1999, under the conditions of the second labor category and age 5 years less than the age referred to in article 68, paragraph 1 of the Social Security Code.

 

 

The professional pension is granted:

 

  • after the submission of an application form at the office of the company, personally or by a person authorised by the insured person, with a notarized explicit power of attorney;
  • for a period, according to the labor category, until reaching the age referred to in article 68, paragraph 1 of the Social Security Code; 
  • in the presence of required experience, certified by the National Social Security Institute (NSSI), based on a request from the person submitted through Pension Assurance Company Doverie AD, at the same time as the application for granting a pension;
  • if a personal pension for employment or a social pension for reduced working capacity has not been granted, by the State Social Insurance.

 

The application form shall be accompanied by:

  • request for issuance of a certificate by the National Social Security Institute under Art. 168 of the CSR;
  • a copy of the bank account certificate;
  • a notarized explicit power of attorney when the application form is submitted by an attorney of the insured person. 

 

When a pension is granted, the pensioner receives a copy of the granting order and signs a Pension Agreement.

The specific amount of the professional pension, for each insured person, is calculated on the basis of the amount accumulated for the individual account, the period of receipt, in years and months, and the technical interest rate - 0.60%, approved by the Financial Supervision Commission.


Dismissal is carried out within 30 days from the date of receipt of the certificate of the required social insurance period from the National Social Insurance Institution, and the first pension is determined from the 1st of the month following the one in which the application was submitted.

 

Pensions Update:

 

Professional pensions are updated every month, depending on the technical interest rate, on the basis of which their amount was calculated and the realized Rate of return from investing the funds of the Professional fund in the previous month, on an annual basis.

 

For the persons for whom funds have been received from the National Insurance Institute on the basis of § 4b, para. 5 of the SSC, the pension is automatically recalculated from the month following the month of receipt of the funds. 

 

Payment of the insured person's funds

An insured person may request one-off or deferred payment of the funds when he/she has acquired the right to a pension for periods of social insurance and old-age under Part I of the Social Security Code but has not acquired the right to a professional early retirement pension.

 

The payment of the funds shall be made upon the submission of an application form at the office of the company, personally or by a person authorised by the insured person, holding a notarized explicit power of attorney.

 

The application form shall be accompanied by:

  • a copy of the order from the National Social Security Institute (NSSI) for the granting of a pension for periods of social insurance and old-age under Part I of the Social Security Code;
  • a copy of the bank account certificate;
  • a notarized explicit power of attorney, where the application is submitted by an attorney of the insured person.

  

Payment of up to 50 per cent of the funds in case of permanently reduced working capacity

An insured person may request one-off or deferred payment of up to 50 per cent of the funds from the PPF Doverie in the event of a permanently reduced working capacity exceeding 89.99 per cent, determined in the expert decision of the Territorial Expert Medical Commission (TEMC) or the National Expert Medical Commission (NEMC).
 

The payment of funds shall be made upon the submission of an application form at the office of the company, personally or by a person authorised by the insured person, holding a notarized explicit power of attorney. The application states the specific amount, up to the legal limit, that the insured person wishes to receive.

 

The application form shall be accompanied by:

  • a copy of effective decision of the Territorial Expert Medical Commission/National Expert Medical Commission;
  • a copy of a bank account certificate;
  • a notarized express power of attorney when the application is submitted by an attorney of the insured person.

 

 

Payments of funds to heirs of an insured person or a pensioner

In the event of the death of an insured person or a pensioner of PPF Doverie, the heirs have inheritance rights by law, subject to the corresponding application of Art. 3, Art. 4, para. 1 and Art. 5 – 10a of the Inheritance Act. Funds due to the insured's descendants who have died after him are paid equally to their descendants, the nearest in degree excluding the most distant. Refusal of the inheritance of the deceased does not deprive his heirs of the right to receive the funds. Receiving the funds from them is not considered acceptance of inheritance.

 

Each heir may choose between an one-off payment and a deferred payment, up to the amount of his or her inheritance share.

 

Payment of funds shall be made upon submission of application form at the office of the Company, personally by each heir, or by a person authorised by the heir with notarized explicit power of attorney.

 

The application form shall be accompanied by:

  • a copy of the certificate of heirs;
  • a copy of the birth certificate of any heir under the age of 18;
  • a copy of the bank account certificate;
  • a notarized explicit power of attorney when the application form is submitted by the heir's attorney.

 

Additionally, a certificate of guardianship or custody, a certificate of marriage with the legator and/or a certificate of spouse and kinship of the heir may be requested.

 

General rules

Upon submission of the documents at the office, the originals of all required documents or notarized copies thereof shall be provided, which, after verification by the company, shall be copied, and the originals or the notarized copies thereof shall be returned to the holder.

 

Within 3 months after the submission of the application form supported by the required documents the company shall issue an order for the relevant type of payment.

 

When a deferred payment is requested, the person shall receive a copy of the deferred payment order and sign Deferred Payment Agreement. 

 

The funds may be paid in installments, provided that the calculated monthly amount of the periodic payment, as of the date of the determination, is not greater than the minimum amount of the pension for social insurance period and age according to Art. 68, para. 1 of SSC, and not less than 15 percent of the same amount. 

 

Pensions and deferred payments are paid from the 10th to the 15th of the month to which they apply, and one-off payments - on the day the order is issued. 

 

Payments are made by bank transfer or postal order. When the payment is made abroad, the personal payment account should be maintained by a licensed provider, according to the legislation of the foreign country.