Thinking about the future, not achieving the goals retirement of the elderly This is one of the concerns of Colombians, either because the number of weeks of contributions necessary has not been reached, or because of age.
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To deal with this problem, Colpensions announced a change that will benefit people who are part of the periodic economic benefits program, BEPS.
The bone Periodic economic benefits, BEPSare a savings system for Colombians who have incomes below A legal monthly minimum wage in forceand is that thanks to voluntary and flexible savings, people who reach retirement age, women aged 57 and men aged 62, can access an income for life.
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Colpensiones has announced that people who are part of the BEPS program can convert the savings they have made in their individual account into weeks to be added to the contributions they have accumulated in the General pension systemand thus fulfill the conditions set by law for obtaining an old-age pension.
This becomes good news for people who do not have a formal job or who receive A SMLMVbecause they can manage the percentage they want to save and, in addition, they will receive help from 20% savings when applying for a pension through this system, which will depend on the contributions paid into the programme.
According to Colpensiones, people affiliated with the RPM Average premium planthey can be linked to the BEPS program and thus save in times when they cannot contribute.
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These savings from BEPS can be used to supplement the 1300 weeks compulsory to apply for the old-age pension, but you must take two points into account:
- BEPS savings cannot be included in work history in periods prior to the date the savings were recorded, i.e. one year’s savings are applied as BEPS weeks of the same year.
- The maximum number of weeks per year that can be calculated in the work history which includes weeks contributed to pension funds and BEPS savings will be 51.42 weeks.
If the person is affiliated with a private pension fund or if the Individual savings with RAIS Solidaire, you can also be linked to the BEPS program and thus keep savings during periods when you cannot contribute. These savings will be used to supplement the 1,150 weeks necessary to apply for the old-age pension.
To access the advantage, you must take into account that:
- BEPS savings cannot be included in work history in periods prior to the date the savings were recorded, i.e. one year’s savings are applied as BEPS weeks of the same year.
- The maximum number of weeks per year that can be calculated in the employment history between listed weeks in pension funds and BEPS savings will be 51.42. With these accumulated weeks, the affiliate’s pension fund will submit its request to the Minimum Pension Guarantee Fund to determine the amount of the old-age pension.
Colpensiones confirmed that if the old age pension is not recognized by the pension fund, the savings remain in the BEPS program and the person can continue saving to complete the BEPS weeks they need.
Being an individual savings, the account does not close and the person can be linked and save in the program.