Insurance in Voluntary Pension Fund Doverie

Personal old-age pension or payment of funds

The insured person may request the granting of a personal old-age pension, or request the payment of the funds upon becoming entitled to a pension for period of social insurance and old-age under Part I of the Social Security Code upon reaching the age referred to in Article 68, paragraph 1 of the Social Security Code or up to 5 years earlier than that age.

The personal old-age pension is granted for a fixed period, which the person chooses upon submission of the application - from 1 to 20 years.

Instead of a pension, the person has the right to request a one-off or a deferred payment of part of the funds.

The granting of a personal pension or the payment of funds shall be carried out after the submission of an application form at the office of the company. The aplication should be submitted personally or by a person authorsed by the insured person, holding a notarized explicit power of attorney.

The application form shall be accompanied by:

an ID copy;
a copy of the pension order issued by the National Social Security Institute (NSSI) where the payment is on that basis;
a copy of the bank account certificate where the person would like to receive the pension from an existing bank account;
a notarized explicit power of attorney when the application form is submitted by an attorney of the insured person.

Personal disability pension or payment of funds

An insured person may claim a personal pension for a permanently reduced capacity for work of 50 per cent or more.

The personal pension shall be granted from the date of disability, determined in the expert decision of the Territorial Expert Medical Commission (TEMC) or the National Expert Medical Commission (NEMC) for the period specified in the expert decision.

Instead of a pension, the person has the right to claim an one-off or a deferred payment of part of the funds.

The granting of a personal disability pension or the payment of funds shall be carried out upon 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.

Instead of granting a pension, the person has the right to request a one-off or deferred payment of the funds, respectively of some of them.

The application form shall be accompanied by:

an ID copy;
a copy of effective expert decision of the Territorial Expert Medical Commission (TEMC) or the National Expert Medical Commission (NEMC);
a copy of a bank account certificate;
a notarized explicit power of attorney when the application is submitted by an attorney of the insured person.

Inheritance pension to the heirs of an insured person or a pensioner, or payment of the funds upon the death of an insured person or a pensioner of the Voluntary Pension Fund Doverie.

In the event of death of a insured person or a pensioner of VPF Doverie, the following have inheritance rights:

Heirs by law;
Another beneficiary specified in the social insurance or pension contract.

Each heir may choose between a survivor's pension and an one-off or deferred payment of the funds, or part thereof, up to the amount of his or her inheritance share.

The inheritance pension is granted for a period of time determined by the heir, which is chosen at the time of submission of the application form - from 1 to 20 years.

The survivor's pension or the payment of funds shall be granted upon the submission of an application form at the office of the company, personally, by his legal representative or by a person authorised by the insured person with a notarized explicit power of attorney.

The application form shall be accompanied by:

an ID copy;
a copy of the certificate of heirs;
a copy of the birth certificate of an heir under the age of 18;
a copy of a bank account certificate;
a notarized explicit power of attorney in case the application form is submitted by the heir's attorney.
additionally, a certificate of guardianship or custody, a marriage certificate with the legator and/or a certificate of spouse and kinship of the heir may be requested.

In addition, a certificate of custody or guardianship, a certificate of a civil marriage with the testator and/or a certificate of the spouse and relatives of the heir may be required.

General rules

Funds accumulated from contributions of an employer or other insurer can only be paid out upon the occurrence of the described insurance cases.

Upon submission an application for use of rights 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 30 days after the submission of the application form supported by the required documents the company shall issue an order for granting of the relevant type of pension or for the relevant type of payment of funds.

When a pension is granted or deferred payment is determined, the applicant receives a copy of the grant order, respectively from an order for deferred payment, and signs a Pension Agreement, respectively a Deferred Payment Agreement.

The specific amount of the additional pension is calculated on the basis of the accumulated amount, or part of it, the term for its receipt, in years, and the technical interest rate – 1.00%, approved by the Financial Supervision Commission (FSC).

The specific amount of deferred payments is determined as the amount of accumulated funds for the individual account, or part of them, as of the date of the order, divided by the number of payments, and the resulting amount must meet the established minimum. The period of deferred payments cannot be less than 2 months.

Supplementary pensions shall be granted provided that the monthly amount calculated at the date of granting is no less than 10 per cent of the amount of the minimum monthly wage in the country at that date.

The funds shall be paid in instalments, provided that the calculated amount of the instalment payment is no less than 10 per cent of the amount of the minimum monthly wage in the country on the date of the first payment.

Supplementary pensions are granted from the 1st day of the month following the month in which the right for the respective type of pension was acquired.

The 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 by 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.

Supplementary pensions are recalculated every three months, depending on the technical interest rate on the basis of which their amount was calculated and the realised return on the investment of the Fund's resources in the previous quarter, on an annual basis.