The National Council for Tripartite Cooperation will discuss changes to the Social Security Code, submitted by the Ministry of Finance. It provides for changes in the calculation of the so-called "second" pension, which is paid by private pension funds, as well as the introduction of so-called multi-funds - the opportunity for insured persons to choose at what risk to invest the funds from individual accounts depending on their age.
The draft amendments envisage that within the pension fund, pension insurance companies will create three types of sub-funds with different investment profiles, tailored to the life cycle of the insured persons: dynamic, balanced and conservative. That is, according to the age criterion, automatic distribution of people in them is envisaged, unless someone explicitly chooses a sub-fund. The dynamic one will include insured persons up to the age of 50, balanced — over 50 years old, and for those who have three or fewer years left until retirement age, the possibility of transferring the funds in their individual account to a riskier sub-fund is excluded and they will be directed to a conservative one.
One of the main amendments to the law also affects the way in which pensions are calculated. Until now, this was done based on the minimum pension for length of service and age. The so-called second pension, which is received from private pension funds, will now depend on the amount of the minimum wage. According to the new rules, the lowest lifetime pension must be 10 percent of it.
The introduction of a two-component fee is also proposed - a percentage of the managed assets and the achieved investment result. The reason is that the most significant influence on the funds accumulated in individual accounts is precisely the investment fee, which in the case of mandatory pension funds is withheld regardless of the investment result achieved.