Conversion rate
In one sentence
The percentage that turns your second-pillar capital into a lifelong annual pension.
What it changes for you
A rate applied to a capital sum gives the pension: it is arithmetic, which is why a drop of a few tenths of a point shows immediately in the lifelong pension. The minimum rate is set by law for the mandatory portion; on the extra-mandatory portion the fund sets its own. It is the first figure to read on a pension statement, ahead even of the projected capital.