More recently, a reform was carried out through which the government replaced the concept of a labor pension with other types of pensions, namely funded and insurance. As always, after any changes in legislation, people begin to have questions. This time they are related to how the funded part of the pension will be calculated and how to use a special calculator for this.
Recently, a lot of information about labor, funded and insurance pensions could be found in the media, but despite this, it is difficult for people to understand how they differ from each other and how the calculation occurs.
Formula for calculating the funded part of a pension
Back in 2020, with the help of reforms, the funded pension became a separate part of the corresponding payments. It is also worth noting that now people can decide whether to receive these payments or not. If in the end a positive decision was made, insurance premiums had to be divided into 2 components, namely 10% of the salary (gross), which will go to insurance payments and 6% for the savings system.
Future retirees can now participate in state co-financing of pension payments, which will allow them to positively influence the size of their savings in the future.
Note! Every pensioner should understand that the state does not provide for re-indexation, which would protect savings funds from inflation. The only thing a citizen can do is to pay maximum attention to the selection of an organization that will be entrusted with the authority to manage his capital.
Based on Federal Law 7 on funded pensions, these payments can be calculated using a calculator using the following formula:
NP = PN / T
where NP is the full amount of savings payments; T – the expected period that will determine the payment period; PN – the amount of all savings recorded in the citizen’s personal account.
This also includes funds generated from maternity capital, as well as state co-financing, if the person took part in it.
How to calculate the amount of a funded pension
Using a pension calculator, the funded part of the pension can be calculated using an example as follows:
At the time of registration of his pension, citizen Smirnov had savings amounting to 400,000 rubles . To determine the specific amount of future payments, it is worth dividing the number of such savings by the period during which he will receive the funded part of the pension payments.
In 2020, this period is equivalent to 246 months . Thus, 400,000 rubles must be divided by 246. As a result, the amount will be 1,626 rubles . Taking into account the size of the insurance pension (7,900 rubles), you can calculate the amount.
The total amount will be: 9,526 rubles .
How to find out the amount of savings via the Internet
Since today communication technologies and the Internet are developed at a fairly high level, Russian citizens do not have any problems in obtaining any information as quickly as possible. Data regarding pension aspects were no exception.
As for the main values that will affect the final amount of payments, they are as follows:
- insurance experience;
- wages that were paid upon official employment;
- the age at which a citizen decided to retire.
Thus, we can conclude that calculations are made on the basis of clearly established mathematical algorithms and formulas. They will allow you to determine the number of pension points, the length of service of a citizen, as well as the amount of wages that a person will need to achieve his goal regarding the amount of pension payments.
Each person will be able to calculate the funded part of their pension using a calculator without leaving home and without signing up for any consultations. Using the official resource of the Pension Fund of the Russian Federation, citizens can open their own account and find out information about the amount of pension savings, which in the future will be the basis for the formation of funded monthly payments.
But, in order to fully become familiar with the structure of the internal system, it is not enough to understand how the Pension Fund calculator for online calculation of a funded pension works. More detailed and accurate data can be obtained only after familiarization with the legislation of the Russian Federation.
What is a joint pension in Kazakhstan?
Solidary pension provision is calculated taking into account how many total years a person has worked and those official contributions to the national pension fund that have been made since the beginning of 1998.
Photo: kapital.kz: UGC
Here's what you should know about this indicator and its definition:
- Its size is 60% of the average salary (SMA) of a citizen of Kazakhstan received by him over any 3 years, including the period from January 1, 1995.
- The upper limit of labor pension payments is equal to 46 monthly calculation indices. As of 2018, this is 110 thousand 630 tenge, that is, 60% of 46 MCI. Provided that before January 1998 the man worked for 25 years, and the woman for 20.
- If the experience is more than 20 years, then for each year exceeding this level, another 1% is added. However, such payments will not exceed 75% of the MMD.
- If the length of service is less than the specified limits, then a reduced coefficient will be applied when determining pension payments.
- For 2020, the relevant ministry has established an indicator for the mandatory minimum solidarity pension. Provided that the person has worked the required number of years, such payment is 33 thousand 745 tenge.
Photo: arnapress.kz: UGC
To calculate your joint pension provision yourself, follow this algorithm:
- Find the work experience coefficient. To do this, count monthly how much you have worked in total. Divide the resulting amount by 300 (men) and 240 (women). Maximum CTC - 1.
- Determine the percentage of your salary. If you have worked the required number of years, then this is 60%, if more than that, then for each year add another 1%, but not more than 75%.
- Calculate your average monthly income. It's simple: find the amount of your salary paid for any 36 months. Multiply it by the percentage of your salary and divide by 100.
Note. Take into account the above indicators of maximum and minimum payments for retirement pension.
- The final stage: multiply the length of service coefficient by the last number that you calculated - the average monthly income.
Here is an example to make the calculations clearer:
The woman worked for 30 years and 3 months until 1998. Her income was 25 thousand tenge.
Work experience coefficient: 363 months / 240 = 1.5. CTC should not exceed 1.
Percentage of wages: the woman worked more than the required 5 years, therefore - 60 + 5 = 65%.
Average monthly income: 25000x65/100=16250 tenge.
Since this is less than the established minimum, a person will receive 33 thousand 745 tenge.
Apply the specified algorithm and find out the size of the joint pension you should receive.
Features of determining a lump sum from a funded pension
When a person makes one-time payments, he will receive previously accumulated funds in one payment and without reducing its volume. The opportunity to receive such an amount will be available to the following citizens of the Russian Federation:
- People whose savings portion will not exceed 5% of their total financial security upon retirement.
- All heirs and citizens who are legal successors of the deceased account owner.
- Persons who are paid benefits based on the loss of a breadwinner, as well as disability or pension benefits from the state. But it is worth considering that the condition that there are no grounds for providing an insurance pension upon reaching the appropriate age must be observed.
Note! All citizens should take into account that once again a lump sum payment can be provided to those persons who previously had the opportunity to receive these funds, but not earlier than after 5 years.
Exceptions
Like any rule, pension changes have exceptions, that is, those cases in which the innovations will not be applied, although some of them look completely illogical. Exceptions include:
- Savings pensions. Pre-retirees will have the right to use accumulated funds from the moment they reach retirement age under the old legislation, that is, from 55 and 60 years, depending on gender. In this case there is a slight limitation. The right to use savings can arise only if you have a minimum experience of 15 years and a number of points of at least 30.
- Insurance pensions for beneficiaries who retain the right to early retirement. In addition to those employed in hazardous industries (lists 1, 2), they will also include drivers of heavy trucks at mines and mines, field geologists, logging workers, female asphalt layers and crane operators, railway drivers (including metro) who directly transported passengers , port dockers, public transport drivers, fishermen, miners, civil aviation workers directly involved in providing flights, operational employees of the Ministry of Emergency Situations, workers of correctional labor colonies.
- State pensions. The changes will not affect persons who liquidated the Chernobyl accident, persons injured as a result of the Chernobyl accident, as well as their close relatives - family members.
- Pensions of civil servants. For this category of future pensioners, starting from 2018, their own step-by-step schedule will be introduced, which involves increasing the retirement age by six months each year until the maximum values are reached.
Online calculator
Before you think about how to calculate the funded part of your pension, you should understand that no calculator can provide 100% correct data. This is mainly due to the fact that no one can predict the results regarding the receipt of investments by management companies or non-state pension funds. But, despite this, on many Internet resources of non-state pension funds you can find a tool for determining approximate payments, taking into account income received in the future based on investment.
To obtain the information you are interested in, it is better to use the online calculator on the website of the Pension Fund of the Russian Federation and fill out all the required fields. Next, over a certain amount of time, the received information will be processed. Afterwards, the system will provide all the data the user needs about the size of the savings portion.
The amount of payment can be determined as accurately as possible only after retirement. For other citizens, calculations can only be made on an approximate basis.
At the moment, there is no such tool that could be used to determine the profitability of funds previously invested by a person.
The Retirement Savings Calculator can only be used to provide an estimate of future benefits. If you want to obtain more accurate information, it is advisable to study the legislative acts relating to this issue as carefully as possible.
Destination Features
Recently, all pension contributions (22%) are divided into insurance and savings parts. Insurance is mandatory, and funded is voluntary.
Voluntariness is expressed in the fact that the future pensioner has the right to transfer insurance contributions of 6% to non-state pension funds, management companies (NPF, management companies) and other private financial organizations.
And if he once made such a decision, then all savings can be returned back to the pension fund.
There is a small risk in both cases. There are no guarantees of increasing savings through the investment activities of NPFs. Therefore, if you make a bad choice of NPF, you can lose some of your money.
But in a situation of not reaching retirement age, the insurance part of the savings remains entirely with the state, and the savings part of the deceased relative can be received by his relatives.
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Now only those who managed to give the right to transfer 6% of pension accruals to any non-state pension fund before 2014 have this chance, since in the period 2014-2017. a moratorium on the funded part began to work.
That is, this path is closed by the state, and all pension money goes to the Pension Fund - the state pension fund. The moratorium still remains, and it is unknown when this opportunity will be resumed.
