On Sunday, the last chance to make a choice whether we want to put off retirement only in ZUS or part of the premium is also directed to pension funds. How to do it? What is more profitable? And does it have any meaning?
July 31 transfer window closes. This is the last moment to decide what to do with our pension contributions: or put them only in the ZUS, or part of the contributions directed also to pension funds.Recall that in 2014 the politicians decided for us to bring all of the contributions to the OFE and transfer them to the Social Insurance Institution. If someone wanted to, however, that part of his contribution was still directed to pension funds, can make a corresponding statement. Decided then to 2.5 million of the 16 million members of pension funds.
Today, after two years, again, you can change the decision. Those who two years ago remained in the ZUS can direct part of the contributions to pension funds. But also the other way – those who then chose OFE, may come back to ZUS. They have the time only until midnight on Sunday 31 July. How to do it?
Where and how to apply?
The application can be submitted until July 31, but because that day falls on a Sunday, there is no chance to submit it in person at the office of the Social Insurance Institution. This can be done even by mail (date of postmark) or electronically – via the Electronic Services Platform ZUS or by the kiosks operating 24 hours a day at larger institutions.
The document, which must be completed it is available for download on the website of the Social Insurance Institution. His full name is: “Statement on the transfer of contributions to the open pension fund or zewidencjonowaniu contributions to the sub-account maintained by the Department of Social Security.”
Who can make a statement?
the statement can submit insured persons who are not members of the OPF, because all of their contribution to the second pillar is transferred to the sub-account in ZUS and would like to change the decision that part of the contributions was directed to pension funds.
on the other page statement may also submit people who two years ago decided to continue saving in the OFE, and now wants to change the decision and come back only to Social Security.
What is important, does not apply to persons who are less than 10 years will reach retirement age. This is because the reason for this. the principle of the slider their resources are already gradually transferred from OPF to ZUS, because it ZUS is solely responsible for the payment of pensions.
What about those who are just starting to work?
Those who are just starting their careers, do not have to wait for the opening of the next transfer window. From the time when the obligation arises insurance, have four months for it to enter into a contract with one of the pension funds.
If you do not want to put in the OPF, and the entire contribution directed to Social Security, do not need to do anything because it works rule default selection ZUS.
how much premium they manage?
the choice of OFE and ZUS, for which we have time until the end of July, it is really choice about what will be only a small part of our pension contributions. It’s about 2.92 percent. Our gross salary.
Recall that the pension contribution amounts to 19.52 percent. gross salary. 12.22 per cent. is transferred to one common bag in the ZUS – the so-called. I pillar.
The second pillar is 7.3 percent. gross salary. If we put only in the ZUS, the whole amount is transferred to our individual sub-account also in the ZUS.
If you choose to honor the contributions were directed to pension funds, the money in the second pillar are divided and 2.92 percent. gross salary will be transferred to the fund, and 4.38 per cent. on the sub-account in ZUS.
What’s better – OFE and ZUS?
Last year OFE could not boast the best results. All funds lost by 2015, reaching negative rates of return of between 3 and 7 percent, depending on the fund.
At the same time, the results of our sub-account in ZUS were much better. The collected funds there were indexed by the rate of 4.89 percent.
The difference in the results between OFE and ZUS stems from the fact that the open pension funds are investing in the market, primarily in shares on the Polish stock exchange, because the rate of return, which reach , is dependent on the market situation, so OFE instead make, may well generate losses, as the last.
ZUS is different, our sub-account losses certainly will not, because our economy does not depend on investment, and the rate of indexation, which is dependent on economic growth – is the average of five years of nominal GDP growth.
it is a fact that the situation on the Warsaw Stock exchange recently is not conducive, but if we compared the results of OFE vs. ZUS a slightly longer horizon, still has the advantage ZUS. In the past four years, and so from time when sub-accounts in ZUS exist, their average return rate was at 5.1 percent. Meanwhile OFE in this period earned an average of 3.1 percent. per year.
Is the decision to choose OFE sense?
The next opportunity to change the decision on the part of our pension contributions will theoretically four years – 2020 year. Theoretically, because by this time OFE probably disappear. Such a plan is Deputy Mateusz Morawiecki, who wants to carry out further reform of the pension system.
Since January 1, 2018 years OFE would be liquidated. Money that there We raised, would be transferred elsewhere. 75 percent. of them, or about 103 million zł, will be transferred to the third pillar, and thus to the IRA, which will turn into just the equity fund. Politicians say that in this way would give the Poles their savings, because now the formal point of view, what we have accounts in OFE, it is public money, not our private savings. The IKE will be our money. Everyone gets in the way average of approx. 6.3 thousand. zł.
The remaining 25 percent. funds accumulated in open pension funds will be transferred to the Demographic Reserve Fund.
For now, however, we do not know the details of this plan, and only preliminary assumptions.
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