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About 3rd pension pillar

Get back 20% of your contributions into private pension funds!

Please be informed that the Law on Personal Income Tax entitles you to a personal income tax refund in the amount of 20% for private pension fund contributions in 2021 of up to 10% of your gross annual salary in the taxation year and the aggregate limit of 4000 EUR.

Gross monthly salary: 600 EUR
Monthly contribution into pension fund: 30 EUR
Sum of contributions into pension fund per year: 30 * 12 = 360 EUR
Personal income tax refund: 360 * 20% = 72 EUR

To claim your refund for personal income tax, you need to file the annual tax return ('income declaration') with the State Revenue Service.

To save for retirement and to get a chance to use tax benefits, become a participant in the 3rd pillar pension scheme!


When reaching the age of 55 you have the right but not the obligation to take out your accrued additional pension capital:

  • in a lump-sum payment
  • by parts over a longer period of time (the share of capital remaining in the pension fund continues to participate in the income derived from the made investments)

To take out your accrued additional pension capital You need to fill an application in the Swedbank Internet Bank or visit any branch of Swedbank. Additional pension capital will be paid out within 10 working days.

Additional pension funds are heritable

Accumulated pension funds are disbursed to the beneficiary mentioned in the agreement or are heritable according to the civil law.

How to supplement:

  • Regular contributions - Regular Investment - your chosen amount will be regularly transferred to your pension savings on your chosen date. Regular investment available in Swedbank internet-bank section: Pension / What is 3rd pension pillar? / Regular investment. Apply for here
  • Irregular or single contribution - Additional payment from your account. Additional payment available in Swedbank internet-bank section: Pension / What is 3rd pension pillar? / Additional payment. Make payment

Accounts for contributions and details for transfer from other bank:

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

About payments:

  • Contributions will be credited to the participants’ individual pension accounts on the next business day after the day when the funds have been credited to the account opened for the retirement plan.
  • Each participant and payer can select a different asset investment policy or currency and make contributions to a number of pension plans at the same time.
  • Contributions to pension plans can be temporarily discontinued and then resumed!

Remember - the sooner you start your savings, the bigger pension capital you will save in the long-term!

Contributions on your behalf can be made also by your employer. Before contributions employer should be indicated in your Individual participation agreement as contributor or employer can conclude Collective participation agreement. In more detail about contributions from employer side please look here.

Opportunities for employees of European Community institutions

Employees of European Community institutions who have savings in the pension fund of European Community institutions can transfer it to 3rd pension pillar of Swedbank.

We offer favourable terms of receiving accumulated funds and convenient access to information about your savings via Internet banking.

If you have any questions please contact us by or by calling 67 444 165.

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.

Provide your contact information and we will call you within 1 business day!
Swedbank AS will process the personal data specified in this application to contact and inform about this service. Swedbank AS is processing personal data according to the Principles of processing personal data, which are available on Swedbank AS webpage under Terms and Conditions and in customer service locations of Swedbank AS.

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How will you spend your life’s longest vacation?

Start saving under the 3rd pension pillar to have a chance to choose.

  • 20% tax refund – get back a portion of your contributions on an annual basis
  • Flexible contributions – choose the amount and frequency of contributions yourself
  • Low fees – from 0.57% which allows saving more
  • Access the accrued capital from already 55 years of age

Calculation and assumptions

The accrued supplementary pension capital becomes available upon reaching 55 years of age. Profit is indicated here before the withholding of personal income tax on interest income.

For calculations it is assumed that:

  • yearly contributions are less than 10% of yearly gross salary and 4000 EUR,
  • the personal income tax rate will not change during the accrual period,
  • 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%,
  • by choosing to invest the personal income tax refunded by the state, you apply the entire amount received towards the accrual once a year.

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.


When should I start saving and how much?

Majority of people expect their pension to be much higher than it will actually be. The earlier you start saving the easier your life in retirement will be.

To be eligible for the personal income tax refund, the contributions remain invested for at least the year in which they were made and in the following calendar year.
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  •  EUR
  •  EUR
  •  EUR
  •  EUR
Calculation and assumptions

About pension plan


Recommended for ages: up to 40

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year 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


Recommended for ages: between 40 and 50

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year 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


Recommended for ages: 50 and up

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year return*


Balanced investment strategy
Actively managed
Plan currency - EUR

Suitable also, if:

  • you do not want to risk with your money

Dynamics Index

Recommended for ages: up to 40

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year return*


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 4th 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.

Let’s have a talk about what’s important for you

Book a consultation with our specialist.

The pension you’ll receive from the state could account for just 50% of your salary. To maintain the standard of living you’re used to, the pension should amount to at least 70% of the income before retirement. That can be achieved by starting voluntary contributions under the 3rd pillar in good time.

Make use of the 3rd pillar pension benefits:

Find out more about pension savings

In managing pension investments, we strive to increase your accumulated capital in the long-term and we therefore invest in carefully selected companies that take care of sustainable business growth and are committed to engagement in dealing with global problems, plus we also invest in government securities, new innovative companies (through venture capital funds) and in real estate funds. This allows you to enjoy exposure to global financial markets through comparatively small contributions.

  • More money remains in your savings as we offer low fees, starting from 0.57% per year of your savings.
  • Your savings will be in safe hands because the pension plan assets are managed in cooperation with Swedbank Robur which is a management company with over 50 years of experience.
  • While making savings for your old age, you’re also taking care of a greener future for yourself and those around you as investments are made in sustainable companies.
  • You have access to a wide selection of 3rd pillar pension plans: from Dynamics+100, which invests 100% in stocks, to Stability+25, which invests only up to 25% of the assets in stocks.

You can easily keep track of your savings at any time via your Internet Banking user account. The pension plan performance results, updated every working day, are available on the Internet Banking site where you’ll also find investment lists and quarterly reports.

Pension plan performance

The amount and frequency of contributions to the pension plan is entirely up to you, however we suggest applying 5-10% of your monthly income towards the contributions to save up sufficient capital for a comfortable old age. The sooner you start regular contributions, the more you’ll be able to save.

Find out how to make contributions

Investments only are made in licensed pension plans that are under the supervision of the Bank of Latvia. For extra safety, 3rd pillar pension savings are held separately from the assets of the management company or the bank.

Making supplements

  • According to the law on Personal income tax you may receive a 20% personal tax refund for amounts transferred to private pension funds that do not exceed 10% of your annual gross salary , and the aggregate limit of 4000 EUR.
  • Before the 2nd of February the pension fund submits data about all pension deposits made in the previous calendar year, so you don't have to submit your payment orders yourself.
  • To receive the tax refund you have to fill in an Income statement and submit it to State revenue service. Find out more
  • To remain the tax refund in effect, contributions made by private individuals must remain invested in the savings for at least the year in which they were made and in the following calendar year.

Receiving the funds

  • Income from funds deposited in private pension funds (profit) is under a 20% tax.
  • You don't have to pay taxes for deposits made by private individuals.
  • Сontributions made by employers and contributions of solidarity tax are liable to the personal income tax 23%.
  • The tax from your additional pension capital will be withheld automatically by Swedbank Open Pension Fund at the moment of withdrawal.
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.

documentSwedbank’s 3rd pillar pension plan application execution procedure

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

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

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.

Your pension power

Swedbank pension plans promote environmental and social characteristics. Sustainable value creation refers to our ambition to create long-term returns for our customers, while also contributing to a positive development of the society and the environment.

Reducing CO2 emissions

Your investments encourage companies to reduce CO2 emissions and transform businesses into more sustainable ones.

Read more

Climate solutions

Your investments support companies with transition plans for climate solutions to reduce greenhouse gas emissions.

Read more

Local investments

By investing in local businesses, you help them grow, innovate and strengthen the regional economy.

Read more

Progressive society

You invest in the protection of health, the development of new technologies and the improvement of the quality of life.

Read more

We asked pension savers how they would allocate 1000 euros for sustainability-promoting investment. Here are their answers.

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Source: Swedbank survey 2022

Support sustainability with your pension savings

If your money is invested through pension savings in businesses that have a positive impact on the environment and society, it contributes to social and environmental well-being and responsible business.

Source: World Federation of Exchanges

  • CO2 Emissions
  • Energy usage
  • Natural resource usage
  • Waste and pollution
  • Climate change mitigation
  • Employee health & well-being
  • Human rights
  • Gender equality
  • Non-Discrimination
  • Fair pay
  • Business ethics
  • Transparency
  • Anti-corruption
  • Reporting
  • Responsible suppliers

Tips to get you started

Follow your values by choosing a pension provider with sustainability ambitions. As of 30.06.2023 Swedbank pension plans have invested:

  • 284 million euros to funds that follow environmental, social and governance principles (ESG aspects).
  • 2.4 billion euros in stock and bond baskets filtered with ESG aspects.

Keep track of which areas your pension plan supports. We choose very carefully where to invest your pension money. Read about our Responsible Investment Policy here.

Make sure your pension savings are invested with a sense of responsibility for the fate of the world. The average ESG rating of our pension plans is AA (source: MSCI, 2Q 2023).

Documents and information which are published based on the requirements of Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services sector, can be found here.

Reducing CO2 emissions

Reducing CO2 emissions is one of the most important goals for both the whole world and us. Part of your retirement savings is invested in companies that contribute to the reduction of carbon emissions.

  • Such companies tend to be more innovative, efficient and profitable as they are looking for more sustainable ways of using energy, water, production materials or recycling waste.
  • The emission intensity of our pension plan portfolio is 60 tonnes, which is almost 2.2 times lower than the market average of 135 tonnes.

CO2 intensity*

* CO2 tonnes of emissions /mln USD sales (Source: MSCI; data as at end Q2 2023)

Climate solutions

When you invest in climate solutions, you support businesses with transitional plans for reducing greenhouse gas emissions, as well as the growth of the renewable energy sector by planting forests, developing climate-friendly buildings or contributing to energy efficiency solutions.

Transition opportunities in our pension plan portfolio:*

  • Power generation – 28.6% of this comes from renewable energy sources (fuel breakdown, % of amount generated)
  • Companies with greenhouse gas emission reduction targets – 57.9%

These investments not only reduce climate change, but also support the development of innovative technologies, create green jobs and strengthen the economy.

* Source: MSCI; data as at end Q2 2023

Local investments

We are the largest local investor among pension fund management companies in Latvia.

  • 187 million euros * - this is the value of Swedbank’s pension plan investments in the development of Latvian business through alternative investment funds, equities, and bonds.
  • 513 million euros * - investments in Baltic businesses.

* Data from Swedbank Ieguldījumu Pārvaldes Sabiedrība as at end Q2 2023

Progressive society

The value of Swedbank’s pension plan investments in the health and technology sector amounts to about 538 million euros*.

ESG (environmental, social and governance) driver performance and distribution in pension plans:

  • Healthcare sector rating – 88.3%** of healthcare industry companies are rated between A and AAA (a rating between A and AAA, according to MSCI's methodology, represents a high-quality company that contributes to sustainability factors).
  • Technology sector rating – 83.3%** of technology industry companies are rated between A and AAA.

By investing in the healthcare industry, you contribute to the development of pharmaceuticals, biotechnology, healthcare equipment and technologies (e.g., medicines, medical equipment, diagnostics, etc.).

The information technology industry contributes not only to a more comfortable everyday life (e.g., robotics, the Internet of Things), but also to reducing emissions as digital solutions could potentially reduce global emissions by up to 20% (source: World Economic Forum).

* Data from Swedbank Ieguldījumu Pārvaldes Sabiedrība as at end Q2 2023

** Source: MSCI; data as at end Q2 2023





6% of your gross salary ends up in the 2nd pension pillar every month. Make sure you’ve chosen a pension plan most appropriate for your age to save more.

Build up savings for your child's future now, so you can have peace of mind and your child – their own capital.

Feeling confident and safe in any life situation is possible if you have a sufficient financial safety net!

Pension plans offered by pension fund "Swedbank Atklātais Pensiju fonds" AS, Balasta dambis 15, Rīga, Latvija: "Stability+25", "Dynamics +60", "Dynamics +100" and "Dynamics Index".
Funds manager "Swedbank Ieguldījumu Pārvaldes Sabiedrība" AS, funds holder "Swedbank" AS, address: Balasta dambis 15, Rīga, LV-1048.
3rd pension pillar plans' catalogues, investments policy and operating results can be found here.

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