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Wednesday, May 22, 2024

OFE or ZUS. Transfer window

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Until the end of July, employees born after 1968 can decide where part of their pension contributions should go – to OFE and ZUS or only to ZUS. People who do not want to change their previous decision and who will reach the general retirement age in 10 years or earlier do not have to submit the declaration.

The Social Insurance Institution launched another transfer window on April 1, 2024. People born after 1968 can decide by the end of July where part of their pension contribution should go – to OFE and ZUS or only to ZUS.

Pension contribution

ZUS reminded in a statement that the pension contribution is 19.52%. calculation basis, e.g. remuneration received, of which 12.22 percent goes to an individual account in ZUS (the so-called 1st pillar), and 7.3 percent for the second pillar. Under the second pillar, the insured person can decide for himself where the contribution will be transferred: whether to OFE (2.92% of the basis for calculating the pension insurance contribution) and to a sub-account in ZUS (4.38% of the basis for calculating the contribution), or entirely to subaccount (7.3% of the contribution assessment basis). – People who want to change their previous decision on the method of dividing the pension contribution may, by July 31, submit to ZUS a declaration on transferring the contribution to an open pension fund or recording the contribution on a sub-account maintained by ZUS – said Paweł Żebrowski, spokesman for ZUS. He added that declaration forms (ZUS-US-OFE-03) are available at every branch of the Institute and on the zus.pl website. The declaration can also be sent by post to the address of any ZUS branch or electronically via the ZUS Electronic Services Platform.

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OFE or ZUS. Who does not have to submit a declaration?

ZUS pointed out that declarations will not be submitted by people who do not want to change their previous decision on how to divide their pension contributions, as well as by people who will reach the general retirement age in 10 years or earlier. In their case, the so-called a safety slider that protects the insured's funds accumulated in OFE against possible loss of their value. Therefore, 10 years before reaching the general retirement age, ZUS does not transfer contributions to OFE, and OFE gradually transfers funds to ZUS, which are recorded on the sub-account. ZUS noted that if the insured person has not been a member of any OFE so far and wants part of his/her contribution to be transferred to the account of a selected OFE, he/she should conclude a first-time contract with the open pension fund of his/her choice within 4 months of submitting the declaration. The company reminded that the declaration that the insured person will submit concerns future premiums that will be transferred. Those that were distributed in accordance with the decision made in the previous transfer window remain where we decided to send them back then.

The last transfer window was open in 2016. It was not opened in 2020 due to the pandemic. The next opening will take place in 4 years in 2028.

Main photo source: Shutterstock



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