Price
Free
Execution deadline in working days
-
Learn more
Recipient
Individual person
Learn more
Receiving restrictions
-

In applying for a national old-age pension, a member of the Tier 2 pension may use the capital accrued at Level 2 for the purchase of a life-saving pension policy. If a member of the Tier 2 pension has entered into a lifetime pension insurance agreement with a licensed insurance company which offers life pension insurance services, the State Social Insurance Agency shall transfer the accrued capital of the member to that insurance company.

The use of Tier 2 capital for pensions may be deferred until 30 November 2021. If the person has not submitted a submission to the State Social Insurance Agency regarding the use of capital for the purchase of a life pension insurance policy by that date, it will be added to the State old-age pension.

Process description

  1. Service requests
    In order to request a service, a State old-age pension must be requested or a specific form of application addressed to the SSIA must be completed.
    May submit a submission:
    • electronically - using the official electronic address (e-address) or e-mail (the application must be signed with a secure electronic signature containing the time stamp);
    • on-site (if requested for service, a personal identification document (passport or ID card) must be produced);
    • by post.
    The application may be submitted to any VSAA customer service centre.

    The submission shall indicate the preferred method of receiving the decision.

  2. Receipt of services
    A person may receive a statement regarding the possibilities for the capital cost of the State funded pension scheme and information regarding the transfer of the life pension insurance premium:
    • on-site;
    • by post to the address of the declared place of residence.