15:34 - 5.11.2025

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November 5, Fineko/abc.az. It has been clarified whether a new mechanism will be created for the early use by citizens of the capital accumulated in the pension fund.

ABC.AZ informs, referring to the Ministry of Labor & Social Protection of the Population, that according to the Law on Labor Pensions, pension capital is, respectively, the amount of funds registered in the insurance part of an individual personal account and the accumulative part of an individual personal account.

It was noted that the legislation does not provide for the use of accumulated pension capital by a person without the occurrence of a pension insurance event (reaching retirement age, disability, loss of the head of the family, etc.). Pension capital is intended for the purposes of pension provision for a person in old age or disability or pension provision for family members on the occasion of the loss of the head of the family.

Upon reaching retirement age or disability before reaching retirement age, a monthly pension based on pension capital is assigned to him.

It was noted that in case of death, in exchange for pension capital, a pension is assigned and paid to family members. That is, the pension capital accumulated by a person is directed to the social security of his family members even after his death.