Glossary
Pension
A source of income during the retirement period, forming part of each person's life course. There are different types of pensions, which are granted upon meeting the corresponding legal requirements.
Pension for Insured Length of Service and Age
This type of pension is linked to employment and can be granted on various grounds and under different conditions, depending on the nature of the work performed.
Pension Fund Unit
A unit representing the value of assets owned and managed by a pension fund. Units reflect the proportional share of each insured person in the total value of the fund. They are calculated daily, with the value of one unit determined by dividing the net asset value of the fund at a given moment by the total number of issued units. The accumulated funds in a number of individual account are represented as a number of units, which are multiplied by the current unit value to determine the current value of the account.
Pension - glossary for children
Money that people receive every month when they stop working because of age or health reasons.
Pension Insurance
State schemes for the accumulation, management, and disbursement of funds for pension payments. There are different models of pension provision – based on pay-as-you-go schemes, capital accumulation schemes, or a combination of both, with accumulated funds managed and disbursed in different ways.
Pension Insurance Company
A licensed joint-stock company that, under the Social Insurance Code, manages pension funds and provides supplementary pension insurance. It collects and manages contributions, invests the accumulated funds according to regulatory requirements, and pays pensions or other insurance benefits to insured individuals. Its activities are supervised by the Financial Supervision Commission and carried out in accordance with principles protecting the interests of the insured.
Pension Insurance Contract
An agreement between an insured person (or an insurer) and a pension insurance company that regulates the conditions for participation in supplementary pension insurance. It specifies the rights and obligations of the parties, the amount and method of payment of insurance contributions, the rules for accumulation, management, and disbursement of funds, as well as the conditions for receiving pensions or other insurance benefits. The insurance contract serves as the basis for opening an individual account and guarantees the insured person access to the accumulated funds upon the occurrence of the circumstances stipulated by law or by the contract.
Pension System
A combination of different forms of social security and management principles aimed at ensuring stable and adequate pension income in the face of economic and demographic challenges, such as population aging and changes in the workforce.
Perceived Customer Value
The subjective benefit a customer derives from a product or service, based on the trade-off between the satisfaction received (quality, usefulness, convenience, experience) and the cost, time, effort, and risk invested. It reflects the value an organization delivers to its target audience by meeting needs, solving problems, or creating a desired experience.
Personal Accident Insurance
An insurance product that provides protection against unexpected and unintended events leading to bodily injury, permanent disability, or death of the insured as a result of an accident. Such policies may also cover medical expenses, temporary incapacity for work, or other financial consequences arising from the accident. They can be concluded individually or collectively, for a fixed period or on a continuous basis, and may apply both in personal life and in connection with professional or sporting activities.
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