Funds accumulated in open-ended retirement funds (OFE) are inherited after the person who collected them dies. Not everyone knows about it. Moreover, the Social Insurance Institution, which has these funds, is not obliged to pay them automatically. What do you do to get that money back?
Funds from the OFE on the ZUS subsidiary account
The deceased person’s financial resources collected under the OFE are in the subsidiary account. A subsidiary account is a separate part of an insured person’s account. Sub accounts are available to members of Open Retirement Funds (OFE) and persons who, after January 31, 2014, have not decided to enter into an agreement with the OFE.
In the event of the death of a person with money in the subsidiary account, ZUS does not tell the potential heirs that they can receive the money. The heirs must determine this themselves and claim the money from the OFE from a close person in the ZUS.
There is no time limit during which you must apply for money from an OFE member’s sub-account. There are currently no legal regulations that would guarantee these funds to the ZUS or the state treasury.
How do I get a refund from ZUS?
It’s helpful to know what to do to get your OFE money back from a ZUS sub-account.
Refunds accumulated by the deceased person should begin with contacting the deceased’s home ZUS office.
Then you need to submit an application to withdraw or transfer this money. The ZUS USS form, which can be downloaded from the ZUS portal, is used for this.
The authorized person must attach to the USS application, among other things, an abbreviated copy of the death certificate of the insured and the original or certified copy of the final court decision confirming the receipt of the inheritance, or the registered inheritance certificate, informing the GS24 portal .pl.
Inheriting money from ZUS – no tax?
ZUS is obligated to pay the money within 3 months of submitting the USS application.
Obtaining OFE funds from a ZUS sub-account by inheritance is not subject to inheritance and gift tax.
However, the payment to the heir of the funds from the respective sub-account is subject to taxation – the ZUS, as the transferor, is obliged to collect flat-rate personal income tax.
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