How to receive the occupational annuity after retirement of public institutions?

After retirement, the staff of public institutions can choose to pay the occupational annuity according to the number of months corresponding to their retirement time. Once the funds in the individual occupational annuity account are released, no additional funds will be released. However, the balance in the personal account of occupational annuity can be inherited according to law.

Second, one-time use.

After retirement, the staff of public institutions can also choose to use the occupational annuity to purchase related products of commercial endowment insurance at one time. In this way, they can receive monthly claims in accordance with the relevant provisions of the insurance contract. At the same time, these funds also enjoy the right of inheritance.

Once any of the above collection methods is selected, it cannot be changed. However, if a staff member dies in the line of duty, the balance in his personal occupational annuity account can be inherited according to law, and these occupational annuities can be withdrawn in one lump sum by the legal heir or designated beneficiary.

A staff member who intends to settle abroad and has gone through the corresponding formalities and prepared the entry and exit documents may ask the occupational annuity management department of a public institution to withdraw funds from his personal occupational annuity personal account at one time.

What is an occupational annuity?

Occupational annuity is a supplementary old-age insurance system established by institutions and their staff on the basis of participating in the basic old-age insurance of institutions and institutions. Mainly applicable to government agencies and institutions and their staff. Occupational annuity consists of unit contributions, individual contributions, income from investment and operation of occupational annuity funds and enterprise income stipulated by the state.

When a staff member changes his work unit, the funds in his personal occupational annuity account can be transferred accordingly. If a staff member fails to implement the occupational annuity system during the period of continuing education, joining the army, unemployment or new employment, his personal occupational annuity account will continue to be managed and operated by the original management institution.