Pension by Power of Attorney: New Payment Rules and Mandatory Conditions

Pension by Power of Attorney: New Payment Rules and Mandatory Conditions

Payment of pensions by power of attorney is only possible with a notarized power of attorney, according to the requirements of the law. This is provided for in Article 47 of the Law of Ukraine 'On Mandatory State Pension Insurance'. The document certifying the power of attorney must have certain mandatory requisites.

The power of attorney must be certified by a notary and contain:

• place and date of execution;
• information about the principal;
• information about the representative;
• scope of authority of the representative;
• term of validity of the document.

It is important to note that a power of attorney without a date of signing and signatures is invalid. The payment of pensions by power of attorney is limited to a term of 12 months.

When receiving a pension by mail, the power of attorney must be shown to the postal employee. In addition, the pensioner is obliged to personally appear at the service center of the Pension Fund of Ukraine to continue receiving pensions by power of attorney. If the pensioner does not submit a request for extending the payment, the payment is transferred to the postal service office.

The bank is obliged to notify the Pension Fund Organ about the receipt of pension by power of attorney, if it lasts more than a year, no later than the 28th day of the month when such circumstances arose. Thus, compliance with all the specified conditions is mandatory for the uninterrupted payment of pensions by power of attorney.

Significance of New Rules

The introduction of new rules for the payment of pensions by power of attorney is an important step towards improving control and transparency in the pension provision process. These changes may help prevent abuse and ensure that pensioners receive their payments on time and in the proper amount. It is important for all interested parties to familiarize themselves with the new requirements to avoid payment delays.