Pursuant to the declaration on transfer of part of the contribution to retirement pension insurance to an Open Pension Fund (OFE), submitted to the Social Insurance Institution (ZUS), part of the contribution (2.92% of the contribution assessment base) will be transferred to OFE chosen by the insured person. Contributions will remain if OFE until the insured reaches the age of 10 years lower than the retirement age. Then, within the framework of the so-called "security slider", they will be gradually transferred to the Social Insurance Institution.When the insured reaches the age of 10 years lower than the retirement age, the Social Insurance Institution informs OFE about the fact. Having received this information, the open pension fund redeems part of participation units each month and transfers funds corresponding to the value of the redeemed units to the retirement pension fund (Social Insurance Fund) in ZUS. After all the funds have been transferred, the Social Insurance Institution removes the member from the Central Register of Members of Open Pension Funds. The amounts of the withdrawn funds are recorded in a sub-account in ZUS.
In the case of a decision to transfer part of the contribution to OFE, the retirement pension contribution (19.52%) will be divided as follows:
- 12.22% will go to an individual account in ZUS (the first pillar),
- 4.38% will go to an individual sub-account in ZUS (the second pillar) and will be inheritable under the same conditions as in OFE,
- 2.92% will go to OFE (the second pillar).
Financial results of respective Open Pension Funds are published on websites of the Polish Financial Supervision Authority.
If an insured person is not satisfied with financial results achieved by an Open Pension Fund selected by this person, the insured may change the fund. For this purpose, the insured should contact another selected open pension fund (via the Internet, telephone). It is worth noticing that a contract with an open pension fund may be concluded by mail. When concluding an agreement with OFE, the insured should also declare to be familiar with the information on OFE published by the Polish Financial Supervision Authority. Having submitted a signed OFE declaration to OFE, the insured is required to notify the previous OFE in writing about the contract. The agreement with the previous OFE terminates on the date when the change is entered in the Central Register of Members of Open Pension Funds.
Even if the insured has declared the transfer of part of the contribution to the retirement pension insurance to OFE, such person will still have the possibility to change the decision. However, the insured will able to make such change every four years, within the period from 1 April to 31 July, starting in 2016. It will require a relevant declaration. Once such declaration has been submitted, contributions to retirement pension insurance will go to the Social Insurance Institution and will remain there.