Securing the future today provides a long-term financial advantage.

A pension fund is essentially a long-term retirement savings plan that pays monthly annuity benefits to eligible members.

Pension insurance typically includes predefined retirement savings tracks, disability and loss of work capacity coverage that provides a disability pension, and life insurance coverage that provides a survivors’ pension.

Members’ rights are defined under the fund’s standardized bylaws and regulations.

Old Age Pension – Paid to eligible members from the moment they reach the qualifying retirement age and continues for the rest of their lives.
What is the pension eligibility age? In most cases, it is the retirement age as defined under retirement age legislation. The retirement age is the age at which an employee is entitled to retire, while the mandatory retirement age (generally 67) is the age at which an employer may lawfully terminate employment due to retirement.Different pension plans may allow:

• Early Retirement Pension – Retirement prior to the standard retirement age, usually accompanied by a reduction in pension benefits.
• Latae Retirement – postponing retirement beyond the standard retirement age, typically resulting in an increased pension benefit.

Disability Pension – Payable in the event of loss of earning capacity. Benefit sum is determined based on the member’s salary, age at enrollment in the pension fund, and the selected pension track.
Several types of disability pensions may apply, depending on the circumstances:

• Full Disability Pension – Paid in cases of total loss of earning capacity (typically 75% or more).
• Partial Disability Pension – A reduced pension paid in cases of partial loss of earning capacity (generally from 25%), serving as compensation for the partial loss.
• Temporary Disability Pension – Paid for a limited period in cases of temporary loss of earning capacity.
• Permanent Disability Pension – Paid until the member reaches the age of eligibility for an old-age pension. During this period, the member continues to accrue rights toward their future old-age pension.

Survivors' Pension – As the name implies, this is a pension paid to the survivors of the eligible member (a pension-insured employee, a privately insured individual, or a pensioner) upon their death.
Who qualifies as survivors entitled to the pension?

• The deceased’s spouse.
• The deceased's children – until they reach the age of 18 or 21, or throughout their lives in the case of orphans unable to support themselves.
• Other people dependent on the deceased as defined in the articles of association of the pension plan.