Every Ukrainian can exercise his right to a retirement pension. Legislation on pensions contains provisions encouraging citizens to retire later. The Pension Fund told how a later retirement can affect the amount of pension payments.

Will the amount of pension payments change if you retire later?.

For those who have acquired the right to an old-age pension in accordance with the Law of Ukraine “On Compulsory State Pension Insurance”, but after reaching retirement age, expressed a desire to work and receive a pension later, the old-age pension is assigned taking into account the acquired insurance period on the day of applying for a pension.

The PFC noted that when a pension is granted with a delay, the basic amount of the pension increases:.

by 0.5% - for each full month of insurance experience, starting from the month following the month of reaching retirement age, in case of postponing retirement for up to 60 months;

by 0.75% - for each full month of insurance experience, starting from the month following the month of reaching retirement age, in case of postponing retirement for a period of more than 60 months.

That is, if a person postpones his retirement for a period of less than 60 months, then for each year of such a delay he will receive a pension supplement of 6% (0.5 x 12), for two years of a later retirement - 12%. (0.5 x 24) and t. But a delay of six years (that's 72 months) will already increase the basic pension by 54% (72 x 0.75).

For the increase, only full months of work are taken into account: an increase in the amount of pension for an incomplete month of insurance experience is not carried out.

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What to do to retire later.

A person must notify the body of the Pension Fund of Ukraine about his desire to appoint a pension later, before reaching the retirement age..

If a person has not reported such a desire, and the Register of Insured Persons has information about his entire insurance period (a paper work book has been digitized), the pension will be assigned automatically from the day after the day the retirement age is reached.

If a person continues to work and does not apply for a pension, and his paper work book has not been digitized, then it is considered that the person has expressed a desire to retire later.

The Pension Fund emphasized that a deferred old-age pension is assigned at the request of a pensioner from the day following the last day of the month in which a full month of insurance experience was acquired (including in total when incomplete months are added up), if the application took place no later than three months.

If the pensioner applied for the appointment of a pension later, the pension is assigned from the date of application.

Ukrainians can also find out the amount of their pension on their own using a special electronic service from the Pension Fund. This can be done using the pension calculator.