There are four voluntary ways for Ukrainians to boost their pension.

Citizens who lack the necessary work experience to receive pensions in Ukraine or who are concerned about insufficient payouts can increase their savings amount. To achieve this, they can make voluntary insurance contributions by signing the appropriate agreement with the Pension Fund. The portal of the fund provides information on the types of voluntary contributions available and how to arrange them, as explained.

Pensions in Ukraine — Details

The agency clarified that the option for voluntary insurance contributions is provided in the law "On Mandatory State Pension Insurance". Articles 1 and 2 of the regulatory act state that there is a concept known as "agreement on voluntary payment of insurance contributions." This agreement pertains to the third level of the pension security system, allowing citizens to use it for voluntary savings.

The article from the Pension Fund mentioned four types of voluntary insurance contributions.

1. Supplement to the minimum insurance contribution calculated from the salary. The supplement can be made if the mandatory insurance payments from the salary were less than the minimum contribution.
2. Payment of pension contributions for the current period. Citizens have the option to deposit funds into their personal account at the Pension Fund. The money will be credited as a contribution for the current month. If a person was not insured, their salary for that month will be considered when calculating their future pension. If a person was insured, the specified amount will increase their salary (which affects the payouts).
3. Payment of a single contribution for previous periods. A special agreement on voluntary pension insurance is concluded for a duration of at least one year.
4. Charitable contributions for pension payments to specific citizens. Any legal entity or individual can contribute funds to the insurance account of a citizen, the agency clarified. In this case, the money will either go to a specific person or be placed in the general accounts of the Pension Fund (depending on the agreement).

How to Arrange Voluntary Pension Contributions

The Pension Fund outlined the conditions for voluntary contributions for pensions in Ukraine:

• voluntary contributions can be made by citizens over 16 years old — insured or uninsured;
• information about the individual must be in the State Register of Mandatory State Social Insurance;
• the citizen must not be receiving a pension under the solidarity system yet.

To arrange additional pension contributions:

• conclude an agreement on voluntary payment of insurance contributions. The agreement can be made through the Pension Fund portal (via link);
• or arrange a charitable donation agreement within the solidarity system. The agency offers a two-minute instruction video that explains the entire procedure in detail.

We remind you that starting from March 1, certain categories of Ukrainians will receive pension payments that will increase by 20%. Meanwhile, the main department of the Pension Fund in the Poltava region explained how the mandatory insurance experience required for retirement has changed for age pensions.