Source: https://www.riigiteataja.ee/en/eli/ee/521012019010/consolide
Timestamp: 2020-05-26 21:35:13
Document Index: 254228561

Matched Legal Cases: ['§ 521', '§ 541', '§ 66', '§ 723', '§ 9', '§ 10', '§ 10', '§ 12', '§ 42', '§ 541', '§ 66', '§ 101', '§ 723', '§ 4', '§ 10', '§ 10']

§ 521 Use of units in pension account after entry into pension contract
§ 541 Assessment of suitability and relevance of units of voluntary pension fund
§ 66 Implementation of obligation to make contribution and specification of submission of choice application in 2002-2010 [RT I, 03.01.2019, 1 – entry into force 13.01.2019]
§ 723 Specification of submission of choice application in 2020
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).
26.10.2017 RT I, 17.11.2017, 3 23.02.2018 - entry into force amended: entry into force on the date of implementation of Directive (EU) 2016/97 of the European Parliament and of the Council on insurance distribution (recast) (OJ L 26, 02.02.2016, pp.19–59) [RT I, 30.12.2017, 3] – Directive (EU) 2018/411 of the European Parliament and of the Council, 14 March 2018, amending Directive (EU) 2016/97 as regards the date of application of Member States' transposition measures (OJ L 76, 19.03.2018, pp. 28-29) – 01.10.2018
12.12.2018 RT I, 03.01.2019, 1 01.01.2021, partially 13.01.2019
(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.
[RT I, 28.11.2017, 2 – entry into force 01.01.2018]
(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.
(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) 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.
(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.
(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.
(21) In the cases provided in subsection 14 (2 1) of this Act a person shall submit the birth certificate of the child in respect to whom he or she has the right for supplementary contributions pursuant to § 10 of this Act together with the choice application to the account administrator
1) upon the receipt of money specified in § 12 of this Act and in subsections 10 (4) and (4 1) of the Social Tax Act by the registrar;
(21) The provisions of subsection 14 (5 1) and subsection 16 (7 1) of this Act apply to the application.
(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.
(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.
(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.
(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 policyholder bears the investment risk (hereinafter a unit-linkedpension 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.
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.
4) granting the application contradicts the provisions of §§ 42, 43 or 52 3 of this Act.
3) the basis for termination of the fund pension and the time pursuant to clause 52 3 (12) 6) of this Act.
§ 541. Assessment of suitability and relevance of units of voluntary pension fund
(1) Before making recommendations to a person for acquisition or exchange of the units of the voluntary pension fund the pension management company is required to assess the suitability of the units of the pension fund for the person (hereinafter assessment of suitability) in order to make sure that they are in compliance with the risk tolerance and loss absorbing capacity of the person. Upon assessment of the suitability it is required to identify the person’s:
1) 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) 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.
(3) The pension management company shall warn the person if:
1) on the basis of the received information there is reason to believe that the units of the voluntary pension fund are not relevant for the person;
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.
[RT I, 17.11.2017, 3 – entry into force 01.10.2018]
(4) The pension management company may present the warning specified in subsection (3) of this section in a standard form.
[[RT I, 17.11.2017, 3 – entry into force 01.10.2018]
(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.
(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.
§ 66. Implementation of obligation to make contribution and specification of submission of choice application in 2002-2010
[RT I, 03.01.2019, 1 – entry into force 13.01.2019]
(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.
(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.
(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.
(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.
§ 723. Specification of submission of choice application in 2020
(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.
1Council Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance (OJ L 228, 16.8.1973, p. 3, amended by: Directive 76/580/EEC OJ L 189, 13.7.1976, p. 13; Directive 84/641/EEC OJ L 339, 27.12.1984, p. 21; Directive 87/343/EEC OJ L 185, 4.7.1987, p. 72; Directive 87/344/EEC OJ L 185, 4.7.1987, p. 77; Directive 88/357/EEC OJ L 172, 4.7.1988, p. 1; Directive 90/618/EEC OJ L 330, 29.11.1990, p. 44; Directive 92/49/EEC OJ L 228, 11.8.1992, p. 1; Directive 95/26/EC OJ L 168, 18.7.1995, p. 7; Directive 2000/26/EC OJ L 181, 20.7.2000, p. 65; Directive 2002/13/EC OJ L 77, 20.3.2002, p. 17; Directive 2002/87/EC OJ L 35, 11.2.2003, p. 1); - Council Directive 88/357/EEC on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC (OJ L 172, 4.7.1988, p. 1, amended by: Directive 90/618/EEC OJ L 330, 29.11.1990, p. 44; Directive 92/49/EEC OJ L 228, 11.8.1992, p. 1); - Council Directive 92/49/EEC on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive) (OJ L 228, 11.8.1992, p. 1, amended by: Directive 95/26/EC OJ L 168, 18.7.1995, p. 7; Directive 2000/64/EC OJ L 290, 17.11.2000, p. 27; Directive 2002/87/EC OJ L 35, 11.2.2003, p. 1); - Directive 2002/83/EC of the European Parliament and of the Council concerning life assurance (OJ L 345, 19.12.2002, p. 0001–0051); - Directive 2014/50/EC of the European Parliament and of the Council on minimum requirements for enhancing worker mobility between Member States by improving the acquisition and preservation of supplementary pension rights (OJ L 128, 30.4.2014, pp.1–7); - Directive (EU) 2016/2341 of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (OJ L 354, 23.12.2016, pp. 37-85); - Directive 2016/2341/EC of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (OJ L 354, 23.12.2016, pp. 37-85). [RT I, 28.12.2018, 1 – entry into force 13.01.2019] ;