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3rd pillar pension

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Why are savings important for employees?

Human resources are the key to success in business in any circumstances. Savings are one of the most important benefits that an employer can offer for additional financial security of employees.

Savings in a private pension fund in favour of employees:

  • Boost long-term motivation of employees and increase loyalty to the employer.
  • Allow taking advantage of tax relief.
  • Improve the company’s prestige and competitiveness on the labour market.
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It has proved true historically that in case of comparatively long accrual periods (over 10 years), choosing pension plans with higher equity investment proportions offers best value as they have been able to produce better yield indicators. It has proved true historically that in case of comparatively shorter accrual periods (less than 10 years), choosing pension plans with lower proportion of investments in equities offers a better performance as they are less exposed to fluctuations on equity markets.

Tax relief

Employer's pension deposits in private pension funds are not being taxed as long as they do not exceed 10% of employee's gross wage.

Motivated employees

Pension contributions in private pension funds allow for improving your corporate motivation system for employees, which increases competitiveness of the enterprise.

Socially responsible employer

Creates a positive employer image in society. Employer who cares for the employees not only in the present moment, but also in the longer term, and who also stimulates creating of savings.

Transparence and service

Companies can easily set up contributions via Internet Banking, while employees can keep track of growth of their savings via Internet Banking as capital is calculated and pension plan performance indicators are updated on a daily basis.

Employer's contributions to private pension funds according to a collective or a private participation agreement, as long as they do not exceed 10% of employee's gross wage, are not taxed with following taxes:

  • Employer's social security contributions - 23,59%
  • Employee's social security contributions - 10,50%
  • Corporate income tax - 20%
  • At the time of making contributions, one is also exempted from personal income tax

When a person reaches 55 years of age or later, the following will be withheld at the time of paying of the capital:

  • personal income tax at the rate of 23% (or other rate then in force) from the employer’s contributions;
  • personal income tax at the rate of 20% from the increase in capital (the profit).

The tax will be withheld automatically by Swedbank Atklātais Pensiju Fonds upon disbursement of the supplementary pension capital.

Service Price
Application acceptance Free of charge
Setting up regular contributions Free of charge
Fees on contributions:
- To the Bank of Latvia 0% Payments to the Bank of Latvia are covered by Pension Fund.
Fees on savings (per year) Pension plan
Stability + 25 Dynamics + 60 Dynamics + 100 Dynamics Index
- To the pension fund 0.26% 0.26% 0.26% 0.26% The fee is deducted automatically from the savings.
- To custodian bank 0.09% 0.09% 0.09% 0.09% The fee is deducted automatically from the savings.
- To the asset manager 0.34% 0.34% 0.34% 0.22% The fee is deducted automatically from the savings.
Change in the sum of contributions Free of charge
Pension account statement on Internet Banking site, at branches Free of charge
Switching the pension plan Free of charge
Payout of accrued amount Free of charge The minimum amount for partial payout of reserve - 30 EUR. The minimum reserve after partial withdrawal of the reserve is at least 30 EUR.

Effective from 12.01.2023.

Useful links


Boost the competences of your employees. Seminars with financial experts about secure online shopping, Latvian pension system, savings and other topics.


Personal financial consultations for your employees. Take the well-being of your employees to a new level.

Making contributions

The easiest way for the employer to make contributions into a pension fund for their employees is to use the Pension Payment (similarly to salary payments) option under “Payments” section on the Business Internet Banking site. When contributions are made using the Pension Payment option, the employer saves time as all contributions for employees can be made by importing a single file and transferring them in a single payment. To see an example of pension payment, click here. Before the Pension Payment option can be used, it needs to be enabled at any Swedbank branch and the company’s representative who will be able to do it must be specified.

Alternatively, the employer can make the contributions by a regular transfer, specifying in the payment details the employee’s forename, surname, identity number and personal pension account for which the contribution is being made in the pension fund. This is a convenient option in case of contributions for only a couple of employees.

If the number of employees is quite large and for some reason the Pension Payment option cannot be used, the employer can make a single transfer for all employees and, subject to prior arrangement, send the details about the contributions to Swedbank Atklātais Pensiju Fonds AS by e-mail to, followed by the original of the details of contributions by post to Swedbank Atklātais Pensiju Fonds AS, Balasta dambis 15, Rīga LV-1048.

Participants’ access to capital

The pension fund participants are entitled to receive the accrued supplementary pension capital at the age of 55. However, one can also choose to start receiving the accrued capital later, at the end of active working life, e.g. at the age of 60 - 65. The capital can be received:

  • in parts over a longer period of time, e.g. a set monthly amount (the portion of capital left in the pension fund will continue to generate investment income);
  • all at once in a single payment.

After starting to take out the supplementary pension capital, contributions still can be continued. To receive the accrued supplementary pension capital, the employee must fill out an application on the Internet Banking site or go to any Swedbank branch. The supplementary pension capital will be paid out within 10 working days. The supplementary pension capital is heritable.

If contributions into the pension fund were made by the employer, then, upon receipt of the accrued supplementary pension capital, the personal income tax is payable, whereas capital gains is payable on the investment profit.

Pension plans

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years return*


Balanced investment strategy
Actively managed
Plan currency - EUR

Suitable also, if:

  • you do not want to risk with your money
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years return*


Balanced investment strategy
Actively managed
Plan currency - EUR

Suitable also, if:

  • you are ready to take a partial risk on fluctuations of your investments
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years return*


Active investment strategy
Actively managed
Plan currency - EUR

Suitable also, if:

  • you are ready to take a significant risk on fluctuations of your investments
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Active investment strategy
Passively managed
Plan currency – EUR

Suitable also, if:

  • you are ready to take a significant risk on fluctuations of your investments
  • you want to invest by closely following stock market indexes**

*Source of return data is quarterly report of respective Pension Plan for 2nd quarter of 2023.
**The investments of plan are made in accordance with sustainability criteria, which may lead to deviation of actual investments and difference in volatility of the investment plan compared to the composition of the global developed countries stock market index, which does not apply sustainability criteria.
Before investing in a pension plan it is recommended to evaluate risks associated with investments, taking into account that, if Pension Plan invests more in shares and similar securities, then higher is risk that the value of pension plan investments may rise or fall in positive or negative direction. Pension plan for past performance is no profitability in the future.
3rd pillar pension plans offered by Swedbank are defined-contribution plans without guaranteed return and without the biometric risks covered. Swedbank does not offer defined-contribution plans with guaranteed return or defined-benefit plans.
The suitable pension plan is determined based on the customer’s age, with the assumption that the accrued supplementary pension capital will be received upon reaching 55 years of age.

Description EUR
Supplementary pension capital 0.00
Contributions, total 0.00
Profit 0.00
Personal income tax from capital gain1 0.00
Personal income tax from capital gain1 0.00
Upon supplementary pension capital payout,the employee receives 0.00
Employer’s economy2 0.00

  • The accrued supplementary pension capital becomes available upon reaching 55 years of age
  • 1 For calculations it is assumed that the personal income tax rate will not change during the accrual period and yearly contributions are less than 10% of yearly gross salary
  • 2 Assuming that the employee chooses to make contributions in the Pension Fund as an alternative to net pay rise
  • The accumulation is made in one of the selected pension plans with an average imagined yield after all fees mentioned in prospectuses - "Stability+25" 2.31%, "Dynamics+60" 4.31%, "Dynamics+100" 6.31% and “Dynamics Index” 6,43%
  • The actual return of pension plans may differ from returns used in the calculations and historic yield is not a guarantee for an equivalent performance in the future.

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