Ministry of Social Equality: launching a first pilot called "Pension Spotlight" for over 55 and up

Posted on Sep 12, 2021 by Ifi Reporter

The Capital Market Authority and the Ministry of Social Equality are launching a first pilot called "Pension Spotlight" - a new initiative for volunteers and pension agents to provide pension services. The target audience of the project will be citizens aged 55 and over, who are paid and receive a work grant - a negative income tax - with which pension counseling may benefit and is expected to improve their well-being after retirement.
The Ministry of Social Equality explained that the decisions made at the time of retirement are critical decisions, whose impact on the level of income of the retiree is significant. Therefore, it is very important to make informed decisions about retirement savings before retirement.
As a result, the Ministry of Social Equality and the Capital Market, Insurance and Savings Authority conducted tests on the public's preparation for retirement, which showed that the lower the socio-economic status of citizens towards retirement age, the lower their income from work and the amount of pension provisions. More.
Thus, they do not exhaust the possibilities for receiving services related to retirement planning and pension savings, and they are exposed to factors that may abuse the designated services available to the citizen in order to locate funds.
In the first phase, registration was opened for pension advisers interested in volunteering and joining the project, and now, in the second phase, the Ministry of Social Equality and the Capital Market Authority have opened the registration for citizens who need and are interested in the same pension advice. As part of the pilot, 15 agents were registered, who can provide a solution to about 201 pension counseling cases (201 senior citizens in need).
Upon completion of the registration process, the staff of the Ministry of Social Equality between the citizen and a volunteer counselor or licensed pension agent, recognized by the Capital Market Authority, in their area of ​​residence, who will accompany him in several meetings to examine pension insurance data, needs clarification, advice and recommendation. And the implementation of the recommendations in accordance with the insured's decision, including accompanying the insured in the transition to another pension fund.


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