Retirement annuity is a product offered by life insurance companies, it allows UAPF depositors (beneficiaries) with sufficient pension savings to begin receiving life-long payments, including earlier than the statutory retirement age.
Retirement annuity is a pension provision instrument, which, along with pension payments from the UAPF, is intended to pay for the needs in the future after the end of employment, when there may not be other sources of income.
Last year, amendments and additions were made to the pension legislation, allowing depositors (beneficiaries) to conclude retirement annuity agreements together with spouses or close relatives, which can partially solve the gender problem of lower pensions for women by providing life insurance payments from insurance organizations.
Couples can pool their retirement savings to purchase a joint retirement annuity. For example, if one spouse does not have enough pension savings to conclude a retirement annuity agreement, and the other has a surplus, then through a joint retirement annuity, both spouses will provide themselves with life benefits. When concluding a joint retirement annuity agreement for each spouse, insurance payments are fixed separately and a personal schedule of insurance payments is made.
Spouses will be receiving monthly insurance payments for life, including in the event of marriage (matrimony) dissolution in the amount established by the insurance payment schedule, the total amount of which cannot be lower than 1.4 times the subsistence minimum (MS) in force on the date of conclusion of the retirement annuity contract.
In the event of the death of one of the spouses, the other will continue to receive their personal insurance payments according to the schedule in the joint retirement annuity agreement (at least 0.7 MP).
Thus, a joint retirement annuity reduces the risks of low financial security in old age.
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