Assets of pension plans are invested in various financial instruments (e.g. bonds and stocks), and their return and price is affected by various events throughout the world.
Returns of pension plans are not guaranteed, and with time it may fluctuate both upwards and downwards and the accrued capital can be lower or higher than contributions made.
Pension savings are long-term savings whose value can fluctuate, but in the long-run a positive return is expected. Historical performance does not guarantee similar return in future.
To not only protect your accrual but also grow it, it is important not to change the pension plan for the long term. To react to short-term fluctuations in financial markets, direct investments in securities could be suitable.
When assessing which pension plan to choose, it is recommended to consider how it suits your abilities and risk appetite and the planned period of saving.
- If the period is rather long, e.g. 20 years or more, an active plan can be considered (with a larger weighting of investments in stocks) as, although short-term fluctuations are possible, the return can be higher in the long-term.
- If the saving period is shorter and the appetite for for higher return fluctuations is lower, a more conservative pension plan with a larger weighting of investments in bonds could be more suitable.
The pension plan can be changed, transferring the entire accrual or a part thereof, on the Internet banking site or at any Swedbank branch.
From the list, pick the needed pension plan, check and approve its change, and it will be done within 2-3 business days (free of charge).
After changing the pension plan, it is possible to continue to save in several plans or cancel the automatic contribution into the previously selected plan and make a new into another plan.
To receive the accrued capital, make an application on the Internet banking site or at any Swedbank branch.
You can apply for a disbursement of the entire amount or a part thereof. The disbursement will be done within 3-10 business days (free of charge).
After a full disbursement, you can continue contributing and saving or cancel the automatic contribution and close the individual pension account.
In order to receive resident income tax repayments, the contributions should be left invested in the year of making the contribution and also in the next calendar year.
Please remember that according to the Private Pension Funds Low, the capital accrued in the 3rd pension pillar can be received from the age of 55. The accrual can be withdrawn earlier in these cases:
- if you work in a profession that has an earlier retirement age according to Cabinet Regulations 466;
- if you have 1st group disability (for life).
From other pension fund
To transfer the accrued 3rd pillar pension capital from another pension fund to the Swedbank Open Pension Fund, you have to enter into the 3rd Pillar Pension Individual Participation Agreement with Swedbank, and it can be done on the Internet banking site or at any Swedbank branch.
After that, make an application to the another pension fund electronically or in person for transferring the capital to the Swedbank Open Pension Fund, providing the selected Swedbank plan name and account number:
| Beneficiary |
Account number of the pension plan |
Registration number |
| Swedbank Pension Plan Stability+25 |
LV19HABA0551004769650 |
40003606528 |
| Swedbank Pension Plan Dynamics+60 |
LV47HABA0551004769825 |
40003606528 |
| Swedbank Pension Plan Dynamics+100 |
LV03HABA0551015454488 |
40003606528 |
| Swedbank Pension Plan Dynamics Index |
LV49HABA0551051441727 |
40003606528 |
Beneficiary bank: Swedbank AS
SWIFT code: HABALV22 |
To other pension fund
In order to transfer your accrued 3rd pillar pension capital from Swedbank Atklātais Pensiju Fonds to other pension fund in Latvia, conclude a 3rd pension pillar individual participation agreement with the pension fund to which you wish to transfer the capital.
Fill out the “Application for transfer of supplementary pension capital” in section Pension / About 3rd pension pillar of Internet Banking of Swedbank AS, after log in. If you do not use Internet Banking, the application may be submitted at any Swedbank branch or electronically by signing it with eSignature and e-mailing it to pensijas3@swedbank.lv.
The capital will be transferred within 30 days (free of charge).
documentFill out the application
The pension fund is under supervision by the Bank of Latvia and a certified auditor firm.
The cash, financial instruments and other assets of the pension plans are to be held, recorded and managed separately from the asset manager’s own assets and other assets under its management.
If the pension fund, asset custodian or the asset manager is declared insolvent or is liquidated, the pension plan assets may not be included in the property of the indebted pension fund, asset custodian or asset manager. The pension plan participant retains the right to the supplementary pension capital in their personal account.
