The payout
Once you reach retirement age, the whole accumulated balance is yours — no minimum and no maximum. The law sets out three ways to take it, each on its own terms.
The whole balance, not a calculated pension
On reaching retirement age you are entitled to the full value accumulated in your own individual account — invested, with real market gains or losses. This is not a pension calculated from an earnings history, so there is no formula here that turns past salaries into a payout: no such formula exists in the law.
Three ways to take it
You can draw the balance in one of three ways, each on its own terms:
| Mode | What it means |
|---|---|
| Lump sum | The whole balance, in one payment. Available outright if you reach retirement age within 5 years of your first contribution; otherwise available up to a limit the Pension Agency sets, which this Law does not itself state. |
| Programmed withdrawal | Periodic payments, recalculated every year in your birth month — the remaining balance divided by your remaining life expectancy (National Statistics Office data), on one table shared by both sexes. |
| Insurance annuity | Using the balance to buy an annuity from an insurer on the open market. This is a private contract — the Law neither sets nor prices its terms. |
The exact table used for programmed withdrawal (remaining life-expectancy figures) is not published in this Law — the National Statistics Office maintains it separately. This page therefore does not offer a concrete divisor or a worked example.
No minimum, no maximum
The law sets neither a minimum nor a maximum payout — you receive exactly what accumulated. The state’s own 60 000 ₾ annual figure appears on the contribution page, but it caps only the state’s own co-contribution on that year’s income — not your account balance or your eventual payout.
Indexation and recalculation
There is no separate, standing “indexation” rule that uprates a pension already in payment: a lump sum is paid once, an insurance annuity’s terms are set by a private insurer, and the programmed- withdrawal amount is simply run through the same formula again each year — remaining balance over remaining life expectancy — which is a recalculation, not a separate growth rule.