Ukrainians will be able to buy additional pension service time: what you need to know about the new rules.

According to inkorr.com: Now Ukrainians have the opportunity to 'buy' insurance service time for retirement. Thanks to voluntary participation in the pension insurance system through minimal payments, those who do not have enough years of employment can increase their service time. This information was provided by the head of the Pension Fund of Ukraine, Yevhen Kapinus.

Increasing service time through voluntary contributions

The possibility of increasing insurance service time has existed since 2004. However, since the beginning of 2023, a simplified procedure for participation in pension insurance has been introduced, aimed at those who cannot rely on a steady income but wish to make contributions.

‘If there is not enough service time, a person can add it by participating in the mandatory insurance process. The main thing is to take care of this in advance’

Rules for participants in pension insurance

Individuals from the age of 16 can participate in the system, regardless of their insurance status or pension assignment. It's important to remember that contributions must be made at least at the established minimum to ensure the accrual of service time.

Statistics and the contract conclusion process

Since the signing, more than 11 thousand contracts for voluntary participation in pension insurance have been made through the PFU web portal, with nearly 53 thousand payments totaling over 117 million hryvnias. To conclude a contract, it is necessary to contact the PFU electronic service and make the required payment.

Additional contributions to pension insurance can be an important step for Ukrainians who want to ensure a comfortable old age, even if they have insufficient insurance service time. The new opportunity to 'buy' insurance service time through voluntary contributions opens up more options for financial stability in the future.