Recalculation of your pension may increase it. Ways to increase the benefit are also submitting an application for re-determination of the initial capital and adopting the value of life expectancy from more favorable tables.
The condition for acquiring the right to old-age pension according to the new rules is reaching the general retirement age. From October 1, 2017, it is 60 for women and 65 for men. It is enough to have at least one pension contribution paid. Thus, obtaining a new pension does not depend on having a specific period of insurance.
This is how you can increase your pension. When ZUS will recalculate the pension
Again pension conversion can increase it. Krystyna Michałek, the regional spokesman for ZUS in the Kuyavian-Pomeranian Voivodeship, explains that every pensioner has the right to recalculate his benefit if there are grounds for it, e.g. additional work experience or additional earnings before or after granting the pension. In the case of reformed pensions. ZUS will add the contributions paid after the benefit was granted.
All pensions (early retirement, statutory age, partial and bridging pensions) can be recalculated. However, the teacher’s compensation benefit is not recalculated in the event of being insured after the benefit has been awarded.
To have your pension converted, you must submit an application for this. It is worth doing this because we do not take any risk. If the new calculation turns out to be less favorable than the previous one, the Social Insurance Institution will pay the old-age pension in the current amount, i.e. more favorable. It will not reduce the pensioner’s benefit.
When should I apply for a retirement benefit recalculation?
The benefit you receive determines when you can apply for a pension conversion.
In the case of working pensioners with “old pensions”, the application must be submitted after the end of the calendar quarter, and in the case of working pensioners with “new pensions” – not earlier than after the end of the calendar year or after the end of the pension and disability pension insurance.
In other cases, the application to ZUS can be submitted at any time.
Who can apply for the re-determination of the seed capital?
Another way to increase the benefit is to submit an application for a redetermination of the initial capital. The start-up capital is an important part of your pension and has a big influence on the amount. It can be recalculated, for example, due to the childcare leave, which is currently calculated as the contribution period with the initial capital.
– This applies to those who received the decision before May 1, 2015 and did not apply for the conversion of their pension. It is also worth checking whether the earnings from the entire period of employment before January 1, 1999 were submitted for the calculation of the capital – suggests Krystyna Michałek.
It often happens that we have trouble documenting our earnings from the past. The reason could be its destruction or liquidation of the workplace, which did not take care of proper archiving. Before 2009, the Social Insurance Institution accepted “0” remuneration for these periods of work. After this date, ZUS may replace undocumented earnings with the minimum wage under an employment contract. However, if we find or obtain documents regarding the actual salary for previous years, the conversion of earnings may also affect the amount of the pension.
Who can apply for life expectancy values from more favorable tables?
A final way to increase your pension is to take life expectancy values from the more favorable tables A pensioner may submit an application for the recalculation of the old-age pension using the life expectancy value from the most favorable table, if he has not used this conversion option so far.
– This applies only to pensions granted under the new rules and only to people who applied for a pension after reaching the retirement age, when the next tables were in force, or those who retired at an increased retirement age – sums up Krystyna Michałek.