Source: https://www.riigiteataja.ee/en/eli/521012019010/consolide
Timestamp: 2019-04-22 02:27:15+00:00

Document:
22.04.2010 RT I 2010, 22, 108 01.01.2011 enters into force on the date determined in the Decision of the Council of the European Union regarding the abrogation of the derogation established in respect of the Republic of Estonia on the basis provided in Article 140 (2) of the Treaty on the Functioning of the European Union, Council Decision 2010/416/EU of 13 July 2010 (OJ L 196, 28.07.2010, p. 24 - 26).
19.06.2014 RT I, 29.06.2014, 109 01.07.2014, official titles of ministers replaced in accordance with s. 107³(4) of the Government of the Republic Act from the redaction in force from 1 July 2014.
(3) A supplementary funded pension is a benefit for the receipt of which units of a voluntary pension fund are acquired or an insurance contract for a supplementary funded pension is entered into pursuant to the requirements provided in this Act, and which is subject to the tax incentives provided in the Income Tax Act.
(1) A pension fund is a contractual investment fund the principal objective of which is to provide unit-holders of the pension fund with a funded pension under the conditions and pursuant to the procedure provided in this Act and the Investment Funds Act.
(1) The provisions of the Investment Funds Act apply to pension funds, management companies managing pension funds or their branches (both hereinafter pension management companies), persons who have operated as pension management companies, depositaries of pension funds and to the making of contributions to and payments from funded pensions, unless otherwise provided by this Act.
(2) The rights and obligations attached to units of pension funds and transactions involving units of pension funds shall be provided in the Investment Funds Act with the specifications arising from this Act. The provisions of subsections 64 (11-(13) of the Investment Funds Act apply to the making of claims for payment against units of pension funds.
(3) The provisions of the Administrative Procedure Act apply to administrative proceedings prescribed in this Act, taking into account the specifications provided in this Act, the Investment Funds Act and the Financial Supervision Authority Act.
Resident natural persons provided in subsection 6 (1) of the Income Tax Act for whom a payer of social tax is required to pay social tax or who pay social tax for themselves and who are required to make contributions to a mandatory funded pension (hereinafter contributions) on remuneration provided in § 7 of this Act are obligated persons.
(1) Contributions shall be made on remuneration specified in clauses 2 (1) 1)-6), 8) and 9) and clause 6 (1) 2) of the Social Tax Act during the period provided in subsection (3) of this section.
(2) Contributions shall not be made on amounts specified in clause 2 (1) 7) and § 3 of the Social Tax Act, and on amounts paid to persons specified in § 6 of the Social Tax Act, or unemployment insurance benefits provided in the Unemployment Insurance Act.
(21) Contributions shall be made on amounts received on the business account pursuant to the Simplified Business Income Taxation Act during the period provided in subsection (3) of this section in accordance with the Act specified, without applying the provisions of subsection (1) of this section and provisions of §§ 8,9 and 11 of this Act.
(1) Four per cent of the average monthly income subject to social tax in Estonia (hereinafter supplementary contribution) per each child of up to three years of age shall be additionally allocated from the state budget for making contributions to mandatory pension fund (hereinafter in this section pension fund) to an obligated person who is a parent raising a child of up to three years of age residing in Estonia, a spouse of a parent, guardian or foster parent for the purposes of subsection 455 (2) of the Social Welfare Act (hereinafter in this section parent). Supplementary contributions to a pension fund shall be made for one parent at a time.
(2) The average monthly income subject to social tax in Estonia shall be calculated by the Social Insurance Board according to § 38 of the Family Benefits Act.
(21) The Social Insurance Board shall verify, on the basis of the data entered into the social protection information system, the compliance of the persons provided in this section to the requirements for receiving supplementary contributions and shall notify the persons of the creation of the right for receiving supplementary contributions. The Social Insurance Board shall send the notification to this effect to the persons at the addresses of the persons or in a manner specified in clauses 27 (1) 2) and 3) of the General Part of the Social Code Act.
6) data concerning the determination and payment of state pension to a person.
(3) A parent shall submit an application to the Social Insurance Board for making supplementary contributions and termination them.
(4) The application specified in subsection (3) of this section shall include the given name and surname of the applicant, personal identification code, data on residence and contact details and a clearly expressed declaration of intention for which child the making of supplementary contributions is requested, as well as the confirmation of the compliance with the requirements provided in this Act. The given name and surname, personal data and data on residence of the applicant’s child shall also be entered on the application. If the parents wish to use the right for making supplementary contributions in turns on the basis of subsection (10) of this section, the application shall also include the consent of the parent for whom supplementary contributions were made so far.
(7) The right to make supplementary contributions arises as of the birth of the child. In the month of birth of the child and in the month of attaining three years of age, the amount of the supplementary contribution shall be calculated in proportion to the number of days for which a parent has the right to make a supplementary contribution.
(8) The period of payment of supplementary contribution is one calendar month and each month supplementary contribution shall be made for the previous calendar month. Supplementary contributions shall be made retrospectively for the calendar months prior to the submission of the application specified in subsection (3) of this section but not for more than six calendar months preceding the filing of the application.
(9) If parents cannot reach an agreement on the use of the right to supplementary contributions and the dispute is settled in court, supplementary contributions shall also be made for these calendar months to the extent of which the parent specified in subsection (1) of this section has the right to supplementary contributions but retrospectively for not more than six calendar months preceding the filing of the application with the court. The application specified in subsection (3) of this section shall be submitted to the Social Insurance Board within six months as of the entry into force of the court judgment concerned.
(10) If the parents wish to use the right for making supplementary contributions in turns, the new applicant for making supplementary contributions shall submit to the Social Insurance Board the application specified in subsection (3) of this section, which includes the consent of the parent for whom supplementary contributions were made so far.
(11) If one of the parents has the right to receive pension supplement on the basis of clause 24 (1 1) 2) of the State Pension Insurance Act and he or she wishes to use the right to receive pension supplement pursuant to the second sentence of subsection 24 (6) of the State Pension Insurance Act, he or she shall submit an application specified in subsection (3) of this section, which includes the consent of the parent for whom supplementary contributions were made so far, to the Social Insurance Board for termination of making supplementary contributions. The application for termination of making supplementary contributions may also be submitted by the parent for whom supplementary contributions were made so far.
(12) A parent acquires units of the pension fund provided in subsection 19 (3) of this Act for supplementary contributions.
(13) The provisions of this section and the provisions of §§ 17, 19 and 21 of this Act with regard to the obligated person shall also be applied to a resident parent raising a child of up to three years of age residing in Estonia provided in subsection 6 (1) of the Income Tax Act raising, who is not yet an obligated person for the purposes of this Act.
(14) The Social Insurance Board shall send a notification of the commencement of supplementary contributions at the email address, or shall forward the notice in a manner specified in clauses 27 (1) 2) and 3) of the General Part of the Social Code Act, to the parent who did not submit an application for making the supplementary contributions on the basis of subsection (3) of this section. If the application for termination of supplementary contributions is submitted on the basis of subsection (11) of this section, the notification shall be sent in the same manner to the parent for whom the supplementary contributions had been made so far.
(15) The Social Insurance Board shall apply the provisions of the General Part of the Social Code Act to the social protection prescribed in this section.
(1) Obligated persons who meet the conditions provided by Regulation (EEC, Euratom, ECSC) No 259/68 of the Council laying down the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Communities and instituting special measures temporarily applicable to officials of the Commission (Staff Regulations of Officials) (OJ L 56, 4.03.1968, pp. 1–7) (hereinafter Council Regulation) have the right to transfer 6/22 of the total of the pension funds accrued during the time of their employment by the institutions of the European Community to the mandatory pension fund pursuant to the procedure established by subsection 12 (2 1) of the State Pension Insurance Act.
(2) An obligated person acquires units of a pension fund provided in subsection 19 (3) of this Act for the contributions specified in subsection (1) of this section.
5) at the request of a person to whom amounts provided in clauses 1) and 2) of this subsection have been paid or for whom supplementary contributions provided in subsection 10 (1) of this Act have been made issue a certificate with regard to the withheld contributions or supplementary contributions by 1 February of the year following the given calendar year or, if he or she leaves employment, together with the final settlement.
(11) In case a payer of social tax has been declared bankrupt, the declaration specified in clause (1) 4) of this section shall be submitted separately for the part of taxation period preceding the declaration of bankruptcy and the part of the taxation period following the declaration of bankruptcy.
(2) If a sole proprietor is required to make contributions pursuant to this Act, the Tax and Customs Board is required to calculate the amount of the contribution on income specified in clause 2 (1) 5) of the Social Tax Act at the rate provided in § 9 of this Act on the basis of an income tax return for natural persons and information in the register of taxable persons, and is required to issue a tax notice concerning the amount of the contribution to be made to the sole proprietor not later than by 1 September of the year following the taxable period for social tax. A tax notice is not issued in the case of an electronically submitted declaration. The tax authority shall disclose the tax calculation in the e-service environment of the Tax and Customs Board e - Tax Board / e - Customs and shall notify of the due date of obligations and the possibility to examine the tax calculation in the environment e - Tax Board / e - Customs.
(4) The contributions of employees of such authorities whose staff, consolidated data or specific duties constitute a state secret shall be calculated pursuant to the procedure established by a regulation of the minister responsible for the area.
(1) .The Tax and Customs Board shall transfer money received upon the payment of contributions, supplementary contributions and the contributions provided by subsection 10 1 (1) of this Act into the bank account of the registrar of the pension register (hereinafter registrar) within fifteen working days as of the receipt of such money.
41) the amount of the contribution provided in subsection 10 1 (1) of this Act.
(3) The procedure for the forwarding of information and transfer of money to the registrar and for the correction of errors related thereto shall be established by the minister responsible for the area by the procedure related to units of mandatory pension funds.
(4) The amounts corresponding to the mandatory funded pension part of social tax provided in subsections 10 (4) and (4 1) of the Social Tax Act shall be transferred and the information shall be forwarded to the registrar pursuant to the procedure provided in §§ 10 and 11 of the Social Tax Act.
(1) The provisions of the Taxation Act concerning taxes apply to contributions. The Tax and Customs Board shall verify that contributions are made correctly, shall designate, if necessary, amounts payable, shall collect amounts payable pursuant to the procedure provided in the Taxation Act, and shall apply coercive measures permitted by law in order to enforce the performance of obligations.
(21) A person under 16 years of age, who has the right to supplementary contributions pursuant to § 10 of this Act, may also submit the choice application with the written consent of his or her legal representative.
(4) By submitting a choice application, the person undertakes to make contributions to a mandatory funded pension to the pension fund indicated in the choice application under the conditions and pursuant to the procedure provided in this Act.
(5) Upon submission of a choice application, a person shall have equal access to the rules, prospectuses and key information of all registered pension funds.
(2) The data specified in subsection (1) of this section shall be presented in the choice application in a format provided by the registrar, thereby the official names of all mandatory pension funds which are published on the webpage of the Financial Supervision Authority and the conditions of which have been registered with the Financial Supervision Authority, shall be set out in the choice application in alphabetical order and on equal basis.
(1) A choice application shall be submitted to an account administrator of the pension register or an insurer or a pension management company chosen by the applicant with respect to whom the status of the account administrator is applied on the basis of § 371 of the Securities Register Maintenance Act (hereinafter account administrator), in writing or in a format that enables reproduction in writing and identification of the person.
(2) An account administrator shall identify a person entitled to submit a choice application or his or her representative on the basis of the person's identity document and shall forward the information in the choice application immediately to the registrar under the conditions and pursuant to the procedure provided in the Securities Register Maintenance Act and the legislation established on the basis thereof, and under the conditions and pursuant to the procedure established by the registrar on the basis of the specified Act and legislation.
(5) The legal representative of a person or a representative authorised by the legal representative in writing may submit a choice application in the name of a person who is at least 16 years of age.
(7) The list of information to be entered in a pension account shall be established, as well as entries shall be made in pension accounts, persons shall be notified of entries, and fees for services related to pension accounts shall be charged under the conditions and pursuant to the procedure provided in the Investment Funds Act, the Securities Register Maintenance Act and legislation established on the basis thereof, and in the price list of the registrar.
(8) Orders by the holder of a pension account to make entries or perform other acts provided in this Act shall meet the requirements established by the registrar.
(9) The holder of a pension account is required to notify the account administrator or, in the case specified in subsection 16 (3) of this Act, the registrar immediately of any changes to the information set out in the choice application or the application provided in subsections 21 (1), 25 (1) and 29 (1) of this Act.
5) upon the acquisition of units for the purposes of compensating for loss pursuant to the procedure provided in §§ 34 and 35 of this Act and §§ 70-73 of the Guarantee Fund Act.
(3) Contributions shall be made to the mandatory pension fund indicated in the choice application or, in the absence of a choice application, to a pension fund determined by the registrar by the drawing of lots. The procedure for the drawing of lots shall be established by the minister responsible for the area on the proposal of the registrar.
(4) The registrar shall refuse to accept a choice application if the choice application submitted or forwarded to the registrar through the account administrator does not comply with the requirements provided in this Act or the issue of units of the pension fund into which the person wishes to commence making contributions is prohibited pursuant to the Investment Funds Act. The registrar shall refuse to accept the choice application forwarded to the registrar through he account administrator also in the case the date of submission of the choice application is earlier than the date of acceptance of the choice application by the registrar.
(1) A unit-holder has the right to exchange units of a pension fund only for units of another pension fund under the conditions and pursuant to the procedure provided in this Division.
(11) Upon submission of an application for a successor with restricted active legal capacity, also upon the grant of written permission of a legal representative for submission of the application to a person under 18 years of age the legal representative shall have the consent of the court provided in subsections 131 (1) or clause 188 (1)8) of the Family Law Act.
(21) The provisions of subsection 14 (5 1) and subsection 16 (7 1) of this Act apply to the application.
(3) The registrar shall refuse to accept an application if the application submitted or forwarded to the registrar through the account administrator does not comply with the requirements provided in this Act or the issue of units of the pension fund the person wishes to acquire for the units belonging to him or her is prohibited pursuant to the circumstances provided in subsection 23 (2) of this Act. The registrar shall also refuse to accept the application forwarded to the registrar through he account administrator if the date of submission of the application is earlier than the date of acceptance of the application by the registrar.
(7) Until the date provided submission of the application in subsection (6) of this section 31 October, a person may amend his or her application by submitting a new application provided in subsection (1) of this section.
(8) The data specified in subsection (2) of this section shall be presented in the choice application in a format provided by the registrar, thereby the official names of all mandatory pension funds which are published on the webpage of the Financial Supervision Authority and the conditions of which have been registered with the Financial Supervision Authority, shall be set out in the choice application in alphabetical order and on equal basis.
(4) If the redemption of units of a pension fund the units of which a unit-holder wishes to exchange is prohibited under circumstances provided in subsection 23 (2) of this Act, the registrar shall organise the exchange at the earliest opportunity after such circumstances cease to exist.
(5) If the issue of units of a pension fund the units of which a unit-holder wishes to acquire for the units belonging to him or her is prohibited under circumstances provided in subsection 23 (2) of this Act on the date of the exchange of the units of the pension fund provided in subsection 24 (3) of this Act, the registrar shall refuse to exchange the units of the pension fund and shall notify the applicant or the account manager immediately thereof. The account administrator shall immediately notify the applicant of the refusal to exchange units.
(1) Upon the exchange of units of a pension fund, a redemption fee shall be paid for the units at the expense of the unit-holder of the pension fund up to the amount prescribed in the rules and prospectus of the corresponding pension fund.
(2) The rate provided in § 65 of the Investment Funds Act applies upon calculation of the redemption fee.
(4) In the cases provided in subsection (3) of this section the rights and obligations arising from the units of a pension fund shall be deemed to be extinguished and the money corresponding to the units shall remain in the pension fund.
(2) The term provided in subsection (1) of this section is not applied to the successor who has no opportunity to transfer the units of the pension fund into his or her pension account pursuant to subsection 29 (1) of this Act, as well as with regard to the successor who during verification of the certificate of succession is in compliance with the terms and conditions specified in clause 29 (1) 3) of this Act.
(11) If the units of a pension fund are inherited by a successor with restricted active legal capacity, the application provided in subsection (1) of this section shall be submitted by his or her legal representative who shall have a court consent in the cases provided in subsection 131 (1) or clause 188 (1) 8) of the Family Law Act.
(2) The account administrator shall forward the application immediately to the registrar under the conditions and pursuant to the procedure established by the registrar.
(3) The redemption of inherited units of a pension fund or transfer thereof into the pension account of a successor shall be organised by the registrar within three working days as of the receipt of the documents provided in subsection (1) of this section and pursuant to legislation, the pension fund rules and the contract entered into by the registrar with the pension management company or the depositary. Upon redemption of units of a mandatory pension fund, the registrar shall make the payment to the person who inherited the units.
(4) The registrar shall refuse to grant an application specified in subsection (1) of this section if the application does not comply with the requirements provided in this Act. The registrar shall notify the account administrator of the refusal to grant the application and of the reasons therefor. The account administrator shall immediately notify the applicant thereof. In order to redeem the inherited units of a pension fund or to transfer into his or her pension account, the person shall submit a new, valid application.
(5) The specific procedure for the handling the application provided in subsection (1) of this section shall be established by the minister responsible for the area, by the procedure related to the units of a mandatory pension fund to be established pursuant to subsection 12 (3) of this Act.
(6) The data specified in subsection (1) of this section shall be submitted in an application form provided by the registrar.
(1) If the Financial Supervision Authority ascertains that there has been a violation of the investment restrictions provided in the Investment Funds Act, the pension fund rules or prospectus and there is reason to believe that the violation has caused loss to the unit-holder of the pension fund, the pension fund management company or a persons who has operated as pension management company (hereinafter both in this Division pension management company) are required to compensate for the loss caused to the unit–holder of the pension fund.
(3) Any loss caused to the unit-holders provided in § 62 of the Guarantee Fund Act shall not be compensated for pursuant to the procedure provided in this Division.
(2) The application shall be submitted to the Financial Supervision Authority no later than thirty days before expiry of the term specified in clause 33 (2) 3) of this Act and in clause (1) 4 2) of this section. If the Financial Supervision Authority has not submitted any objections within ten calendar days after the receipt of the application, the pension management company shall forward the application to the registrar for execution. The pension management company shall eliminate any deficiencies contained in the application by the due date established by the Financial Supervision Authority.
(3) If own units are redeemed under the conditions provided in this Division, the redemption fee shall not be charged.
(1) If a pension fund is liquidated every unit-holder shall acquire a number of units of a new pension fund chosen by him or her corresponding to his or her part of the amount of money to be distributed or, if the unit-holder fails to make such choice, of a pension fund determined by the registrar on the basis of this section or through the drawing of lots.
(2) A unit-holder shall choose a new pension fund by submitting an application which complies with the conditions provided in subsections 16 (1) and (3) of this Act within two months after publication of the liquidation notice in at least one daily national newspaper, unless the Financial Supervision Authority specifies a longer term. The provisions of subsections 14 (5) and (5 1) and subsections 16 (7 1) of this Act shall be applied to the submission of the application.
(4) An application provided in subsection (2) of this section shall be submitted to the account administrator, who shall forward the information in the application immediately to the registrar.
(5) If a unit-holder has failed to submit an application provided in subsection (2) of this section during the prescribed term, the unit-holder shall acquire units of the pension fund into which the mandatory funded pension contributions made by the unit-holder are or should be paid as at the due date provided in subsection (2) of this section.
(6) If there is no pension fund specified in subsection (5) of this section or the pension fund is a pension fund to be liquidated, the registrar shall draw lots for the new pension fund of the unit-holder from among the pension funds whose investment strategy is, pursuant to § 363 of the Investment Funds Act, similar to the investment strategy of the pension fund to be liquidated.
(7) The registrar shall draw lots for the new pension fund of the unit-holder within five working days as of expiry of the term for submission of an application provided in subsection (2) of this section.
(1) The depositary of a pension fund shall transfer the money to be distributed among unit-holders immediately after performance of all acts provided in §§ 175 and 176 of the Investment Funds Act into the account of the registrar. If the liquidator of the pension fund is the pension management company or liquidators appointed by the Financial Supervision Authority, the depositary of the pension fund shall transfer the money to be distributed among unit-holders on the order of the liquidator.
(2) At the earliest opportunity, but not later than on the next working day after receipt of the amount specified in subsection (1) of this section in the account of the registrar, the registrar shall issue units of a new pension fund and delete units of the pension fund to be liquidated simultaneously. The provisions of § 72 of the Investment Funds Act apply to the deletion of units belonging to a pension management company.
(1) If the issue of units of a pension fund to be liquidated is suspended on the basis of § 173 of the Investment Funds Act, the funds provided in clause 18 1) of this Act shall be paid into the bank account of the registrar.
(2) As of the day following the date of drawing lots for a new pension fund provided in subsection 37 (7) of this Act, a unit-holder shall acquire units of the new pension fund set out in subsection 37 (2) of this Act or determined on the bases provided in subsections 37 (5)-(7) of this Act for the money specified in subsection (1) of this section and subsequent contributions.
(3) A unit-holder can commence making contributions to another pension fund pursuant to the procedure provided in § 21 of this Act.
(1) A unit-holder shall be entitled to mandatory funded pension payment when the person has reached the pensionable age (hereinafter pensionable age) provided in the State Pension Insurance Act.
(2) To get the mandatory funded pension payment the unit holder of the pension fund is entitled to conclude a pension contract under the terms and conditions and the procedure provided in this Division, agree upon a fund pension with the pension management company or apply for a single payment form the pension fund.
(1) A pension contract is an insurance contract for a mandatory funded pension signed between the unit-holder of a mandatory funded pension and the insurer on the basis of which the insurer undertakes to make pension payments to the unit-holder who signed the contract (hereinafter policyholder) under the terms and conditions and the procedure agreed upon in the contract until his or her death and the policyholder undertakes to pay insurance premiums to the insurer. Under the conditions provided in § 481 of this Act the pension contract may also be entered into for a specified term.
(2) The insurer that is established in Estonia and has the activity licence for annuity payments and the Estonian subsidiary of the insurer that is established in the Contracting State of the European Economic area, which is the fund participant of the pension contracts prescribed by the Guarantee Fund Act and which has a valid contract specified in subsection 37 1 (1) of the Securities Register Maintenance Act with the registrar, is entitled to conclude a pension contract.
(3) Upon entry into a pension contract all the units of the funded pension belonging to the policyholder shall be redeemed and a single payment in the amount corresponding to the units shall be made to the insurer chosen by the person unless otherwise determined by the policyholder. The amount corresponding to the units shall be calculated by multiplying the number of units redeemed with their net value. The registrar shall organise the redemption of the units and transfer of money from the pension fund to the insurer.
(4) The insurer is obliged to sign the pension contract if the unit-holder is entitled to the mandatory funded pension on the basis of subsection 40 (1) of this Act. The insurer is not obliged to sign the pension contract if the amount is less than the rate provided in subsection 42 (3) of this Act.
(5) A unit-holder is entitled to enter into several pension contracts and distribute all the units of the pension fund owned or the units of the pension funds corresponding to at least 700-fold the national pension rate (hereinafter the national pension rate) established on the basis of the National Pension Insurance Act between the pension contracts entered into.
(6) If, as at the conclusion of the last pension contract or payment of additional insurance premium, the unit-holder already has one or several pension contracts whose total amount of insurance premiums is larger than 700-fold national pension rate, the unit-holder has the right to leave the remaining units into his or her pension account, agree upon the fund pension provided in § 42 of this Act with regard to them, sign the pension contract for a specified term under the conditions provided in § 481 or submit an application for single payment in the case provided in § 43..
(7) If the unit-holder uses the right provided in subsection (5) or (6) of this section, he or she shall determine, upon signing the pension contract, the units of which pension funds shall be redeemed to cover insurance premium.
(8) The terms and conditions and the exact procedure for entry into a pension contract and for making pension payments on the basis thereof are regulated in subdivision 2 of this Division.
(3) The unit-holder has the right to agree upon fund pension if the amount obtained by multiplying the number of units in all the pension funds belonging to the unit-holder with their net asset value (hereinafter the total value of units) is less than 50-fold national pension rate before signing the first pension contract. The units whose redemption is prohibited according to the Investment Funds Act shall not be taken into account upon determination of the total value of units.
(4) The unit-holder has the right to agree upon fund pension if he or she uses the right provided in subsection 41 (6) of this Act.
(21) For redemption of the units acquired after single payment the unit-holder has the right to submit an application for getting a single payment, agree upon the fund pension or enter into a pension contract under the terms and conditions provided in this Act.
(22) In case in the pension account of the unit-holder as at 1 April of the year following the year of expiry of the obligation to make contributions there are units in the pension account of the unit-holder whose total value equals tenfold the national pension rate or is lower, the registrar shall organise the redemption of the units within one month and shall make a single payment to the unit-holder in the corresponding amount.
(1) An obligated person who meets the conditions provided by the Council Regulation specified in subsection 10 1 (1) of this Act has the right for redemption of all the pension units belonging to him or her and to enter the total amount of the units in the pension scheme of the institutions of the European Community pursuant to the procedure provided by subsection 12 (2 1) of the State Pension Insurance Act.
(1) The pension contract shall only cover the longevity risk provided in the Insurance Activities Act. It is prohibited to cover all other insurance risks.
(2) Calculating the longevity risk the insurer is obliged to use the mortality rate that describes the life expectancy of the same value with regard to men and women of the same age. The changes in the mortality rates used may only be applied with regard to the pension contracts that are signed after making the changes in mortality rates as well as with regard to the pension contracts profit by which the pension payments shall be increased.
(31) The guaranteed interest rate of the pension contract may not be negative.
(8) The insurer is obliged to distribute at least 50% of the pension contracts profit of each financial year to the policyholders of pension contracts and the beneficiaries increasing all the future pension payments in the financial year following the year of the creation of the profit. The distribution of the profit between policyholders and beneficiaries shall be based on the percentage of each pension contract in the creation of the pension contracts profit.
(11) The insurer who enters into pension contracts is required to offer pension contracts which at least correspond to the conditions established in subsections (1)-(10) of this section. The condition that diverges from the specified conditions is void unless such condition was agreed upon pursuant to § 46 of this Act.
4) pension payments are dependant on investment results but the pension payments to the policyholder are guaranteed at least in the amount corresponding to the pension payments calculated with the guaranteed zero per cent interest rate.
(3) The pension contract may be concluded as a joint pension contract under the terms and conditions provided in § 47 of this Act.
(4) A pension contract may be concluded with a prescribed guarantee period under the terms and conditions provided in § 48 of this Act.
(5) A pension contract may be entered into for a specified term under the conditions provided in § 481 of this Act.
(1) A unit-linked pension contract is a pension contract where the policyholder is not guaranteed pension payments at least in the amount which corresponds to the pension payments calculated with the guaranteed zero per cent interest rate and the investment risk related to underlying assets is borne by the policyholder pursuant to the contract..
(2) The underlying assets of a unit-linked pension contract may only be the units of the mandatory pension fund..
(3) Acquisition, redemption and exchange of the units of a pension fund is made pursuant o the agreement entered into between the insurer, registrar and the management company, upon the exchange of units taking account of the terms of the exchange of units provided in subsection 25 (6) of this Act.
(4) If the management company of the pension fund belonging to the same consolidation group with the insurer makes repayment of pension fund management fee calculated on the underlying assets of a unit-linked pension contract, the insurer shall use it for increasing the pension payments of the pension contract.
(1) For the purposes of this Act, a guarantee period is a period of time for which a contract specifies a beneficiary or beneficiaries who are entitled to payments made pursuant to the contract if the policyholder dies during the guarantee period, or in the case provided in § 47 of this Act both policyholders, or the policyholder and the insurer die during the guarantee period.
(2) In the case specified in subsection (1) of this section pension payments shall be made to the beneficiary until the expiry of the guarantee period or he or she shall be made a single payment.
(1) The unit-holder has the right to enter into the pension contract for a specified term (hereinafter in this section pension contract for a specified term) if the total value of units belonging to the unit-holder is less than 50-fold national pension rate before signing the first pension contract or if he or she has already entered into one or several pension contracts whose total amount of insurance premiums is at least 700-fold the national pension rate.
(2) If the total value of units is less than 50-fold national pension rate, upon entry into a pension contract for a specified term all the units of the pension fund belonging to the policyholder shall be redeemed and a single payment in the amount corresponding to the units shall be made to the insurer chosen by the person. The registrar shall organise the redemption of the units and transfer of money from the pension fund to the insurer.
(3) The amount corresponding to the units indicated in subsection (2) of this section shall be calculated by multiplying the number of units redeemed with their net value.
2) the duration provided in subsection 523 (4) of this Act if the right provided in subsection 41 (6) is used.
(5) If, pursuant to the duration of the pension contract provided in subsection (4) of this section, the amount of pension payments of one pension year is less than threefold national pension rate, the unit-holder has the right to determine, upon the entry into the pension contract for a specified term, that the amount of his or her pension payments of one pension year would not be less than the specified limit. Upon the implementation of the condition provided in this section the term of the contract shall decrease correspondingly.
(6) If, on the basis of the pension contract for a specified term, the policyholder keeps the right to receive pension payments in the total amount not exceeding the tenfold national pension rate, he or she has the right to cancel the pension contract for a specified term and receive payment to the extent of the surrender value of such contract.
(7) A pension contract for a specified term may not be entered into under special conditions provided in subsections 46 (1)-(3) of this Act.
(2) The insurer is obliged to determine the policyholder’s requirements to the pension contract on the basis of the information provided by the unit-holder at least to the extent provided in clause 50 (1) 2) of this Act and make a signed written offer to the unit-holder for the entry into the contract in compliance with these requirements to the greatest extent possible.
4) the unit-holder already has a valid pension contract and he or she does not have units to enter into the new pension contract.
(9) The policyholder is entitled to withdraw from the contract within 14 days as of entry into the pension contract by the submission to the insurer an application for withdrawal in writing or in the form enabling reproduction in writing within the term specified. The insurer is obliged to notify the registrar immediately about the application for withdrawal, by submitting the information specified in clauses 52 (4) 1)-4) and 11) of this Act.
(10) Upon a failure of the insurer to use the right of withdrawal provided in subsection (9) of this section, the registrar shall satisfy the application submitted by the insurer and organise the redemption of the units and shall transfer the respective amount that corresponds to the total value of units or the amount determined upon entry into the pension contract to the bank account of the insurer within five working days after 14 days have elapsed from the entry into pension contract.
(12) The provisions of the third sentence of subsection 433 (1) or § 56 of the Law of Obligations Act shall not be applied with regard to withdrawal from the pension contract.
3) assess the suitability of a unit-linked pension contract and its underlying assets to the unit-holder pursuant to the provisions of § 222 of the Insurance Activities Act.
(4) Provisions of subsections 428 (1) and (2) of the Law of Obligations Act are not applied to the notification of the unit-holder.
(11) On the policy of a unit-linked pension contract the amount of the pension payment shall be expressed in the number of the pension fund units subject to redemption..
(12) It is required that the policy of the pension contract entered into for a specified term shall set out the maximum duration of the contract in addition to the provisions of subsection (1) of this section.
(2) The insurance premium in the pension contract and the pension payments in the policy and the offer signed by the parties to the contract may differ in the part that results from the change in the number of units or in their value that took place during the redemption of the units provided in subsection 49 (10) of this Act.
(6) The provisions of § 434 of the Law of Obligations Act shall not be applied with regard to the pension contract policy.
(3) The information specified in subsection (1) of this section is required to be submitted in the monetary value or if it is not possible then in percentages in compliance with the terms and conditions provided in subsection 50 (3) of this Act.
(31) The provisions of § 429 of the Law of Obligations Act shall not be applied with regard to the submission of information concerning the pension contract policy.
(32) The guaranteed interest rates of the pension contracts to be entered into and the life expectancy assumptions and the amount of fees charged by the insurer shall be available on the website of the insurer.
11) the date of submission of the application.
3) the term provided in subsection 521 (4) of this Act during which the policyholder may use his or her rights.
(6) The information specified in subsection (5) of this section must be in compliance with the conditions provided in subsection 50 (3) of this Act.
(1) If the policyholder has units of a pension fund in the pension account after the entry into a pension contract, the policyholder has the right to enter into a new pension contract or submit an application to the insurer who entered into the pension contract for payment of additional insurance premium.
(2) The insurer shall submit to the registrar an application for getting additional insurance premium in conformity with the requirements provided in subsection 52 (4) of this Act after the receipt of the relevant application from the policyholder..
(3) The registrar shall organise the redemption of the units and the transfer of the amount corresponding to the total value of units or the units determined by the policyholder to the bank account of the insurer within five working days as of the receipt of the application from the insurer provided in subsection (2) of this section, taking account of the provisions of subsections 49 (6) and (7) of this Act.
(4) If the policyholder, who gave an order upon the entry into the pension contract to withdraw all the pension fund units belonging to him or her, wishes to use the right provided in subsection (1) of this section, he or she is required to enter into a new pension contract or submit an application for payment of additional insurance premium before 1 April.
(5) If the policyholder, specified in subsection (4) of this section, fails to enter into a new pension contract and the registrar has not received an application for the payment of additional insurance premium, the registrar shall organise the redemption for the units of the pension fund belonging to the policyholder and transfer of the amount corresponding to their total value within five working days as of 1 April to the insurer as an additional insurance premium of the pension contract last entered into by the policyholder.
(6) Upon the transfer of the amount corresponding to the total value of the units belonging to the policyholder or by transferring to the insurer the amount that corresponds to the units determined by the policyholder the pension contract shall be amended and the insurer shall calculate the amount of the new pension payment.
(7) If the insurer has amended the principles of calculating the amount of the pension payment between the entry into and the amendment of the pension contract, the insurer has the right to apply the new principles only to the pension payments that correspond to the additional insurance premium.
(8) The provisions of subsection (5) of this section shall not be applied in the case of death of the policyholder, except in the case of a joint pension contract where the insured person is still alive.
(3) In case of the cancellation of the contract the surrender value of the contract shall not be paid out to the policyholder but it is transferred to the insurer who entered into the contract as an insurance premium of the other pension contract entered into by the policyholder.
(4) Should the policyholder die before the entry into new pension contract, the surrender value of the cancelled pension contract shall not be transferred or paid out. In case of the joint pension contract the surrender value of the cancelled pension contract shall be transferred after the death of the policyholder as an insurance premium of the other pension contract to the insurer who entered into pension contract with another policyholder or the insured person.
2) upon calculation of which the risk-free interest rate term structure established in subsection 45 (3) of the Insurance Activities Act is used and from which the fee for cancellation of the contract may be deducted.
(72) The surrender value of a unit-linked pension contract is the amount corresponding to the value of shares or stocks of the investment fund belonging to the underlying assets of this contract which would be needed at the time of calculating the surrender value in order to enter into a similar unit-linked pension contract.
(8) A new pension contract is entered into upon termination of the cancelled pension contract. The provisions of subsections 49 (1)-(9) and (11) of this Act are applied to the entry into a new pension contract. The application specified in subsection 49 (5) of this Act sets out the information provided in clauses 52 (4) 1)-5), 9) and 11).
(81) A new pension contract may be entered into with a guarantee period pursuant to the provisions of § 48 of this Act or by suspension of pension payments pursuant to the provisions of subsection 46 (1) if the cancelled pension contract had been entered into under the same conditions.
(82) Upon entry into the pension contract with a guarantee period the guarantee period may not exceed the guarantee period which was unused on the basis of the cancelled pension contract and upon suspension of the pension payments the making of pension payments may not be commenced later than they would have been made on the basis of the cancelled pension contracts if the contract had not been cancelled.
(83) If the policyholder already has several insurance contracts and he or she wishes to use the surrender value of the cancelled pension contract for payment of the additional insurance premium of the current contract, he or she shall submit a relevant application to the insurer who entered into the contract after the cancelled pension contract terminated.
(9) After the entry into a new pension contract or receipt of the application for additional insurance premium the insurer shall give an order for the transfer the surrender value of the pension contract of the policyholder to the insurer with whom the cancelled pension contract had been entered into.
(10) If the pension payments of the pension contract have changed after finding out the amount of the surrender value provided in subsection (6) of this section, the insurer is required to transfer the surrender value which corresponds to the changed pension payments.
(11) The insurer is required to make the transfer provided in subsection 9 of this section within five working days as the receipt of the respective order.
(12) The insurer has the right to implement more favourable conditions for withdrawal from the pension contract than provided in subsections (1), (2) and (7) of this section with regard to the policyholder.
6) on 1 April when the total value of the units belonging to the unit-holder specified in subsection 52 5 (6) is equal to a 500-fold national pension rate or is larger.
(3) In order to terminate the fund pension the unit-holder shall submit an application to the account administrator or the registrar setting out the data specified in clauses (2) 1)-4), 8) and 9) of this section.
(4) In order to receive a single payment provided in § 43 of this Act the unit-holder shall submit an application for a single payment to the account administrator or the registrar where the information specified in clauses (2) 1)-4), 6), 8) and 9) of this section is set out.
(5) The provisions of subsection 16 (1)-(4) and 6) of this Act shall be applied with regard to the application for fund pension, termination thereof and the application for a single payment, and the data specified in subsections (2)-(4) of this section shall be presented in the applications in a form provided by the registrar.
4) granting the application contradicts the provisions of §§ 42, 43 or 52 3 of this Act.
(1) Single payments and fund pension payments shall be made by the registrar in the procedure provided in this Act and under the rules of the pension fund.
(2) In order to make payments or specify the conditions therefor, the registrar may request that additional information be submitted by a unit-holder who has submitted an application for fund pension or a single payment.
(3) The redemption of the pension fund units shall be organised by the registrar in accordance with the application for fund pension or for a single payment until the 15th to 20th day of the month following the month of the submission of the application, of the last month of the quarter or of the last month of the pension year, pursuant to the legislation, pension fund rules and a tripartrite contract entered into between the registrar, the pension management company and the depository of the pension fund.
(5) If the unit-holder acquires pension fund units after having agreed on the fund pension, the additionally acquired units shall be taken into account upon making the next payment in the calculation of the number of the units that form the basis for making payments.
3) the basis for termination of the fund pension and the time pursuant to clause 52 3 (12) 6) of this Act.
(7) If the total value of the units of the unit-holder specified in subsection (6) of this Act is equal to 50-fold national pension rate or is larger, the fund pension terminates and the unit-holder is entitled to receive the funded pension under the terms and conditions and the procedure provided in §§ 41–43 of this Act.
(22) An employer may not set a requirement for making contributions or payment of insurance premiums that the length of service of an employee, public servant or a member of the management or control body exceed three years or his or her minimum age is over 21 years.
(3) Supplementary funded pensions shall be paid under the conditions and pursuant to the procedure provided in this Act, in the rules of the voluntary pension funds and in the insurance contracts for supplementary funded pensions.
(1) Upon making a contribution to a voluntary pension fund, a person shall acquire a number of units issued by the management company of the voluntary pension fund corresponding to the amount of the contribution made by the employer for the person.
(11) If a voluntary pension fund has several types of units, a person shall determine what type of units he or she shall acquire for contributions. If contributions to the voluntary pension fund are made by the employer of the person on behalf of the person, the employer may determine what type of units a person shall acquire for contributions of the employer.
(12) At the request of a person the employer who made contributions on behalf od the person is required to explain to the person in a format that enables reproduction in writing what are the possibilities to continue making contributions after leaving employment and the rights relating to the units of voluntary pension fund and advise that they consider solutions which enable to use the sum corresponding to the units in particular at the retirement age.
(2) The contributions to the voluntary pension fund shall be made at issue price of units provided in § 55 of the Investment Funds Act.
(4) The registrar shall open a pension account for a person to whom the pension account has not been opened on the basis of the provisions of § 17 of this Act for taking account of the voluntary pension fund units on the basis of the application of a person wishing to hold a pension account, submitted by the account administrator in writing or in a format that enables reproduction in writing. The identity of a person wishing to open a pension account shall be established by the account administrator on the basis of an identity document.
2) his or her identity is established by means of relevant organisational and hardware and software tools pursuant to the agreement between the registrar and the account administrator and the application is submitted in a format that enables reproduction in writing and identification of a person.
(6) The holder of a pension account is required to immediately notify the account administrator or registrar of every change in the data submitted upon the opening of his or her pension account. The account administrator shall forward the changes in data immediately to the registrar..
2) investment objectives and risk tolerance and the desirable duration of the investment.
(2) If the pension management company does not give recommendations to the person on the units of the voluntary pension fund, the pension management company is required to assess the relevance of such units only for the person (hereinafter assessment of relevance). Upon assessment of the relevance it must be established if the person has investment knowledge and experience in order to find out whether the person understands the risks related to the acquisition of the units of the voluntary pension fund.
2) the information submitted by the person is insufficient or the person has failed to submit information, therefore, it is impossible to assess the relevance of the units of voluntary pension fund.
(4) The pension management company may present the warning specified in subsection (3) of this section in a standard form.
(5) The pension management company cannot favour a failure to provide information necessary for the assessment of the suitability of the units of the voluntary pension fund. The pension management company has the right to base on the information submitted by the person upon the assessment of the suitability of the units of the voluntary pension fund, except in cases the pension management company knew or should have known that the respective information is outdated, inaccurate or incomplete.
(6) The pension management company does not have to evaluate the relevance of the units of the voluntary pension fund if the person has himself or herself expressed a wish to acquire the units of the voluntary pension fund and the pension management company has warned the person that in such case the assessment of the suitability of the units of the voluntary pension fund is not required and the person’s interests could be less protected.
(7) The pension management company does not have to assess the suitability or relevance of the units of the voluntary pension fund if only the employer chooses the voluntary pension fund and starts making the contributions to such pension fund for the person.
(9) If a person submits an application for acquisition or exchange of the units of voluntary pension fund directly to the registrar, the registrar is not required to assess the suitability or relevance of these units to the person. The registrar shall warn the person that the registrar is not required to assess the suitability or relevance of the units of the voluntary pension fund and therefore the person’s interests could be less protected.
(1) Under the conditions and pursuant to the procedure provided in his section and §§ 56 and 57 of this Act, the units of a voluntary pension fund may be exchanged only for the units of another voluntary pension fund.
(2) Units of voluntary pension fund may be changed for the units of an occupational pension fund if according to its rules the employer of the unit-holder is the employer making contributions to such occupational pension fund.
(3) If the rules of a voluntary pension fund provide for the age from which the payments to a unit holder are allowed or the making of payments is connected to the work ability of the unit-holder, the units of such type may be exchanged only for the units of another voluntary pension fund which are subject to similar or stricter conditions for payments.
(4) The provisions of subsections 23 (2)-(4) and § 26 of this Act concerning the exchange of units of mandatory pension funds shall apply to the exchange of units of voluntary pension funds.
(2) It is not allowed to apply the restrictions specified in subsection (1) of this section in respect of the units of an occupational pension fund, the unit-holder of which is no longer an employee, public servant or a member of the management and control body of the employer making contributions to such pension fund.
(3) Establishment of restrictions specified in subsection (1) of this section is not allowed in the rules of other voluntary pension funds.
(1) In order to exchange units of a voluntary pension fund, a unit-holder shall submit an application in a form that enables written reproduction to the account administrator or registrar..
(3) The exchange of units of a voluntary pension fund shall be organised by the registrar under the terms and pursuant to the procedure prescribed in the pension fund rules, but not later than two months after the submission of an application specified in subsection (1) of this section.
(4) Upon the exchange of units of voluntary pension funds the redemption and the issue fee are charged to the pension management company at the expense of the unit-holder in the amount prescribed in the rules and prospectus of the respective pension fund, whereupon the amount of the redemption fee may differ depending on the time of acquisition of the units of voluntary pension fund which are to be exchanged.
(5) Upon the calculation of the fees specified in subsection (4) of this section the provisions of §§ 55, 56 and 65 of the Investment Funds Act apply.
(1) In the event of the death of a unit-holder of a voluntary pension fund, a successor has the right to demand transfer of all the inherited units or of a part thereof into the pension account of the successor, or the redemption of the units.
(2) In order to redeem units a successor shall submit an application and a succession certificate to the account administrator or registrar.
(3) The money that is not claimed within the term provided in subsection (2) of this section shall remain in the pension fund, and the corresponding units shall be cancelled.
(1) Payments from a voluntary pension fund shall be made to a unit-holder pursuant to the procedure provided for in the rules of the pension fund.
(2) The rules of a voluntary pension fund may provide for from what age a unit-holder is entitled to payments from the voluntary pension fund, as well as whether the unit-holder is entitled to payments in the case of partial or no work ability.
(3) Payments from a voluntary pension fund shall be made to a unit-holder for the redemption price of the units specified in § 56 of the Investment Funds Act, taking account of the provisions of § 59 of the same act.
(4) Payments shall not be made if the redemption of the units of the voluntary pension fund has been suspended on the basis of § 57 or 173 of the Investment Funds Act.
(5) Upon liquidation of a voluntary pension fund, payments shall be made pursuant to the provisions of § 178 of the Investment Funds Act.
(6) Upon succession of units of a voluntary pension fund, payments shall be made under the conditions and pursuant to the procedure provided for in §§ 58 and 59 of this Act.
(1) An insurance contract for a supplementary funded pension (hereinafter in this Division contract) is an insurance contract with the mandatory terms provided in this Act, which provides for the payment of a pension to an insured person from the due date designated in the contract.
(2) A policyholder is required, pursuant to the contract, to pay insurance premiums pursuant to the procedure prescribed by law and in the contract. An employer of the unit-holder may pay the insurance premiums therefor. The insurer is required to pay an insurance pension pursuant to the procedure provided in the contract from the due date provided in the contract.
(21) At the request of a person the employer who paid insurance premiums on behalf of him of her is required to explain to the person in a format that enables reproduction in writing what the possibilities are to continue payment of insurance premiums after leaving employment and the rights relating to the insurance contract for a supplementary funded pension and recommend that they consider solutions which enable the person to use the sum insured in particular at the retirement age.
(3) The payment of a pension may commence at the time provided in the contract (hereinafter in this section pensionable age) but not before the policyholder has attained 55 years of age, or, in the event of no work ability of the policyholder, as of the verification of no work ability.
1) use the total surrender value or part of the surrender value of the cancelled contract for payment of the insurance premium of another contract or of a new signed contract of the policyholder.
(52) The amounts indicated in subsection (5 1) of this section shall not be paid out to the policyholder and the insurer of the cancelled contract shall transfer respectively the total surrender value or part of the surrender value of the contract within the term prescribed in the contract but not later than within two months after receipt of the application for the cancellation of the contract, to the insurer of the contract as the insurance premium to another contract concluded by the policyholder or as the contribution of the policyholder into the voluntary pension fund approved by the pension management company of a voluntary pension fund chosen by the policyholder.
(53) Upon termination of the contract the provisions of subsection (5 2) of this section may be applied at the request of the policyholder also in respect of the pension subject to payment under such contract.
(54) The insurer may preclude payment of the surrender value of the cancelled contract to the policyholder and provide for the transfer of the surrender value in the terms of the contract pursuant to the provisions of subsection (52) of this section to another contract entered into by the policyholder the surrender value of which is subject to the same conditions, or for acquisition of the units of voluntary pension fund chosen by him or her from which payments shall not be made before attainment of the pensionable age.
(55) In the case provided in subsection (54) the policyholder shall have the right, in addition to the transfer of the surrender value, to release the contract from insurance premiums.
(1) Under the conditions provided in this Act a unit-holder may enter into the contract upon the redemption of the units of a voluntary pension fund held by the unit holder for the redemption price of the units.
(11) If it is prescribed in the conditions of the voluntary pension fund that the unit holder shall be made payments after attaining a certain age or in the case the unit holder has a partial or no work ability, the redemption of units for entering into a contract is allowed if the unit holder complies with the specified conditions.
(3) Entry into a contract under the terms and conditions provided in this Division is not allowed if the redemption of the units of a voluntary pension fund has been suspended on the basis of the Investment Funds Act.
(4) Upon the redemption of units payments shall not be made to unit-holders from a voluntary pension fund.
2) a unit-holder of a voluntary pension fund shall submit an application to the account administrator.
7) the date of submission of the application.
(3) The redemption of units and transfer of the insurance premium prescribed in the contract to the insurer shall be organised by the registrar with the approval of the insurer under the terms and pursuant to the procedure prescribed in the pension fund rules, but not later than two months after the submission of the application specified in subsection (1) of this section.
(5) If a choice application is submitted according to the conditions provided in subsections (2) and (4) of this section, but the registrar has received the information set out in the choice application after 31 October of the year of submission of the choice application, the right and obligation to make contributions to a mandatory funded pension arise as of 1 January of the year following the year of receipt of the information.
(8) A payer of social tax provided in § 4 of the Social Tax Act shall check with the Estonian Central Register of Securities whether a person specified in subsection (1) of this section is required to make contributions to a mandatory funded pension.
(9) Supplementary contributions specified in subsection 66 1 (2) of this Act shall be made into the mandatory pension fund for a person specified in subsection (4) of this section during the period of payment of the benefit specified in subsection 66 1 (2) of this Act as of the grant of the benefit but not before 1 January of the year following the year during which the choice application is submitted, provided that the choice application is submitted and the data set out in the application is received by the registrar by 31 October at the latest.
(10) The rights provided by §§ 101 and 44 1 of this Act shall extend to all applications for the transfer of pension funds that are submitted after 1 May 2004.
(2) An obligated person who receives parental benefit pursuant to the Family Benefits Act for raising a child specified in subsection (1) of this section (hereinafter benefit) shall be additionally allocated from the state budget one per cent of the amount of the benefit per each child born, for making contributions to mandatory pension fund.
(3) If the right to receive parental benefit on the basis of subsection 33 (5) of the Family Benefits Act arises for the obligated person during raising a child specified in subsection (1) of this section and payment of the parental benefit continues in connection with raising the second child, the supplementary contributions in respect of the child specified in subsection (1) of this section shall be made at the rate provided in subsection (2) of this section until the termination of the right for parental benefit in connection with raising that child, but from the amount of the parental benefit assigned for raising the second child.
(4) The supplementary contributions into pension fund specified in subsections (2) and (3) of this section shall be made for the obligated person during the period of the payment of benefit as of the assignment of the benefit.
(5) An obligated person shall acquire units of pension fund specified in subsection 19 (3) of this Act for supplementary contribution.
(6) The Social Insurance Board is required to check on the basis of the personal identification code whether the recipient of the benefit specified in subsections (2) and (3) of this section is an obligated person, calculate the amount of supplementary contribution from the benefit paid to the obligated person at the rate provided in subsection (2), transfer the withheld supplementary contribution into the bank account of the Tax and Customs Board by the tenth day of the month following the month in which the payment was made and submit the declaration to the bank account of the Tax and Customs Board by the same date.
(7) The Social Insurance Board is required to issue to a person for whom the supplementary contributions provided in subsections (2) and (3) of this section were made, at the request of the person, a certificate with regard to supplementary contributions 1 February of the following year.
(5) The application specified in subsection (4) of this section shall set out the information provided in clauses 15 (1) 1) 2) and 8)-11) of this Act. The provisions of subsections 14 (5 1) and subsection 16 1)-8) of this Act shall be provided in respect of the application. The information of the written applications submitted from 1 August until 30 November 2009 shall be forwarded by the account administrator to the registrar at the earliest opportunity. The format of the application shall be established by the minister responsible for the area.
(6) In case of a person who has submitted the application specified in subsection (4) of this section, the contributions shall be made at the rate provided in § 9 of this Act on the fees specified in subsection 7 (1) of this Act that are paid from 1 January 2010. With regard to the specified person the provisions of subsections (1)-(3) of this section shall not be applied from 1 January 2010.
(3) The obligated person born in the years 1942-1954 who submitted the application specified in subsection 67 1 (4) of this Act has no right to submit an application for a temporary increase in the rate of contribution.
(4) The provisions of the first and second clause of 671 of this Act shall be applied in respect of the application for a temporary increase in the rate of contribution. The format of the application shall be established by the minister responsible for the area.
(5) A temporary increase in the rate of contribution provided in subsection (1) of this section shall be postponed by a year if the nominal growth of the GDP of the year 2012 and the respective subsequent year is less than 5 %. The temporary increase in the contribution shall not be applied later than from the year 2017.
(7) The postponement of the term for submission of the application for a temporary increase in the rate of contribution according to subsection (5) of this section shall not be applied in respect of the persons who submitted applications on the basis of subsection 67 1 (4) of this Act who were born in the year 1955 or later.
(1) Units of mandatory pension funds may be exchanged as of 1 January 2005 pursuant to the procedure provided in this Act.
Payments from mandatory pension funds to be made pursuant to subsections 29 (1) and 30 (1) of this Act shall not be made before 1 January 2007. In such case, the terms provided in the specified subsections shall be calculated as of 1 January 2007.
(1) The pension contracts provided in § 41 of this Act shall not be concluded, the fund pension provided in § 42 of this Act shall not be agreed upon and the payment corresponding to § 41 of this Act shall not be made from the mandatory pension funds before 1 January 2009.
(2) Withdrawal of the units of the mandatory pension fund units in the case provided in § 44 of this Act is allowed from 1 January 2008.
The Social Insurance Board shall calculate the average monthly income subject to social tax in Estonia specified in subsection 10 (1) of this Act for the year 2013 on the basis of the data of the social tax of the year 2011 pursuant to subsection (2) of the same section at the last test by 10 January in the year 2013.
The condition of no work ability provided in subsection 63 (3) of this Act is considered to be fulfilled with regard to a person whose total incapacity for work has been established on the basis of the State Pension Insurance Act.
(1) A person who was born in the period 1970-1982 who did not submit a choice application by the due date specified in subsection 66 (2) of this Act shall have the right to pay a mandatory funded pension payment and acquire units of the mandatory pension fund if he or she submits the choice application within the period from 1 January to 30 November 2020.
(2) T he provisions in this Act concerning the obligated person shall apply to a person who has submitted a choice application specified in subsection (1) of this section with the specifications arising from this section.
(3) The p erson who has submitted a choice application shall have the right and obligation to pay the mandatory funded pension payment as of 1 January 2021.
(4) The payer of social tax provided for in § 4 of the Social Tax Act is required to check from the pension register whether the person specified in subsection (1) of this section is required to pay the mandatory funded pension payment.
(5) The additional contributions established in § 10 of this Act shall be paid for the person who submitted the choice application specified in subsection (1) of this section for a child who was born on or after 1 January 2021.
(6) For a child who born between 1 July and 31 December 2020, the person who submitted the application specified in subsection (1) of this section shall have the right to choose between making additional contributions established in § 10 of this Act and the pension supplement payable on the basis of clause 24 ( 11 ) 2) of the State Pension Insurance Act.
(7) An application specified in subsection 10 (3) of this Act shall be submitted to the Social Insurance Board in order to apply for additional contributions.
(2) Until the establishment of the legislation specified in subsection 11 (3) of the Social Tax Act provided in clauses 11 (1) 4) and 5), subsection 12 (3), subsection 15 (2), subsection 16 (9), subsection 21 (9), subsection 35 (4), and clause 73 3) of this Act, the provisions of legislation specified in subsection 72 (2) of this Act apply, unless otherwise provided in this Act.

References: § 7
 § 3
 § 6
 § 38
 § 9
 § 10
 § 371
 § 65
 § 62
 § 363
 § 72
 § 173
 § 21
 § 481
 § 42
 § 481
 § 43
 § 46
 § 47
 § 48
 § 481
 § 47
 § 56
 § 222
 § 434
 § 429
 § 48
 § 43
 § 55
 § 17
 § 26
 § 56
 § 59
 § 57
 § 178
 § 4
 § 9
 § 41
 § 42
 § 41
 § 44
 § 4
 § 10
 § 10