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Importantly, even those who decided to opt out of OFE in 2014 will receive payments from it. The decision we made then concerned whether new contributions should continue going to both OFE and ZUS or only to ZUS. Those who chose ZUS alone thus still have money in OFE paid in before 2014.
In fact, we will receive not 75%, but only 36%. Is that possible?
The new pension reform is to provide, among other things, that 75% of money accumulated in OFE will become our property. It will not, however, go directly into our bank accounts. OFE will turn into IKZE accounts, where we can continue to keep our money or withdraw it. The remaining 25% is to go to the Demographic Reserve Fund. There is nevertheless a chance this will not adversely affect our pensions: announcements suggest that these amounts will increase our ZUS subaccounts. Although these are only virtual funds, the balance of that account is to determine the benefit paid by ZUS in the future.
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The average payment Poles will receive from OFE will be PLN 8,016. We have a little over PLN 10,000 there on average, but will receive 75% of that amount. Using data from the Polish Financial Supervision Authority, we also calculated averages for members of individual pension funds. Aviva OFE and Nationale-Nederlanden OFE members will receive the most, more than PLN 10,000; OFE Pocztylion members will receive the least, PLN 4,143. What we actually receive depends not only on which OFE we belong to. Most important are how long we paid pension contributions and how much we earned.
How can you check exactly how much you will receive?
To check the amount reasonably accurately, the best option is to log in to your OFE account or call its helpline. There you can find your account balance. Multiply it by 0.75, because we will receive only 75% of the accumulated funds.
The payment calculated this way may still change. First, OFE continue investing, so by July 2018 some gains or losses on those investments may still arise. Moreover, some Poles decided to continue paying contributions into OFE. Their payment will increase by contributions made up to the payment date. It is best, therefore, to check the balance both now and again just before the payment date. The most convenient way is online. You can usually log in to your account on an OFE website. If you do not yet have a username and password, you can usually obtain them by contacting your OFE helpline.
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Summary
Finally, remember that an earlier OFE reform caused 51.5% of the money accumulated there to be taken from us. Now we will lose 25% of what remains. In fact, then, we will receive not 75%, but only 36.4%.
Simply put, of every PLN 10,000 we will receive only PLN 3,638. The rest has already gone to ZUS accounts or will soon go to the Demographic Reserve Fund.
Source: Expander
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