Tuesday, August 4, 2020

ZUS blew out. So you can increase your pension, see what needs to be done! [2.08.2020]

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Recalculation of your pension may increase it. There must be grounds for this, e.g. additional work experience, additional earnings that we received before or after granting the pension.

The condition for acquiring the right to old-age pension according to the new rules is reaching the general retirement age, which from 1 October 2017 is 60 for women and 65 for men.

ZUS calculates the old-age pension from each of the contributions paid upon reaching the retirement age by a given person and submitting the pension claim. Its amount depends on the length of service, the amount of contributions and the time of retirement. It’s no secret that the later we decide to retire, the higher it will be. Each year of longer work is an increase in the benefit by about 8-10 percent.

– The rule is that the longer we work, the more contributions are entered in the pension account and the more times they are indexed. Secondly, the later we retire, the smaller the number of months of further life through which we divide the capital deposited in the ZUS account – says Krystyna Michałek, regional spokesman for ZUS in the Kuyavian-Pomeranian Voivodeship. – The rule is that the longer we work, the more contributions are entered in the pension account and the more times they are indexed. Secondly, the later we retire, the smaller the number of months of further life through which we divide the capital deposited in the ZUS account – says Krystyna Michałek, regional spokesman for ZUS in the Kuyavian-Pomeranian Voivodeship.

They will pay a higher pension

In order to have your pension converted, you must submit an application for this. It is worth doing this because we do not take any risk. If the new conversion turns out to be less favorable than the previous one, ZUS will pay the old-age pension in the current amount, i.e. more favorable. It will not reduce the pensioner’s benefit.

In the case of reformed pensions, ZUS adds contributions paid after the pension was granted. All pensions (early, granted at the statutory age, partial and bridging) can be recalculated. The Teacher’s Compensation Benefit is not recalculated if you are insured after this benefit has been awarded.

Both people who retired under the old and new rules may submit an application for conversion, but only if there are grounds for it, e.g. additional work experience, additional earnings before or after granting the pension. So if you worked after the benefit was awarded, the conversion may be higher.

This is how you can increase your pension, capital is also worth recalculating

One way to increase your pension is to apply for a redetermination of your starting capital. It is an important part of your pension and has a big impact on your pension amount. It can be converted, for example, due to the parental leave, which is now counted with the capital as the contribution period (applies to those who received the decision before May 1, 2015 and did not apply for conversion). It is also worth checking whether the earnings from the entire period of employment before January 1, 1999 were submitted for the calculation of capital.

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It often happens that we have trouble documenting earnings from the past. The reason could be, for example, liquidation of the workplace, which did not take care of proper archiving. Before 2009, ZUS accepted “0” remuneration for these periods of work. After that date, ZUS may replace undocumented earnings with the minimum wage under an employment contract. If we find or obtain documents regarding remuneration for previous years, the calculation of earnings may also affect the amount of the pension.

Another way to increase your pension is to take life expectancy values ​​from more favorable tables. A pensioner may submit an application for the recalculation of the old-age pension using the life expectancy value from the most favorable table, if he has not used this conversion option so far. This applies only to pensions granted under the new rules and only to people who applied for a pension after reaching the retirement age, when the next tables were in force, or those who retired at an increased retirement age.

How can you increase your pension? You have to keep an eye on the deadlines

Request for re- pension conversion can be submitted on specific dates. In the case of working retirees receiving “old pensions” – after the end of the calendar quarter, and in the case of working retirees to whom ZUS pays “new pensions” – not earlier than after the end of the calendar year or after all retirement and disability pension insurance ceases. In other cases – at any time.

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