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  1. Private customers
  2. Lifetime pension insurance

Lifetime pension insurance

Apply if you will soon reach 64 years and 9 months or if you plan to retire early.

The photo depicts a smiling woman enjoying a moment by the sea, symbolizing the peace and joy that Lifetime Pension Insurance brings.
Apply for a consultation

Service provided by Citadele Group company AS CBL Life.

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Set your payment frequency

Receive your pension monthly, quarterly, biannually or annually

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No additional payments to make

Your pension is disbursed from the capital saved in your level 2 pension

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Your pension can be bequeathed to any beneficiary

The beneficiary will continue to receive the pension until the end of the agreement

What is Lifetime Pension insurance?

It is a sum of money which is paid out from the money saved in your level 2 pension. These payments are disbursed by the insurance company according to the process and amount set out in your Lifetime Pension agreement until the end of your life.
When you sign a Lifetime Pension insurance agreement, you will be able to:

  • Determine how often you wish to receive payments
  • Nominate a beneficiary, and change this during the guaranteed disbursement period
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Lifetime pension calculator

1
January
1951
How do I find out how much is saved in my level 2 pension?
Disbursement frequency:
I want to add a beneficiary:
In the event of the death of the insured person, the Beneficiary specified in the contract will continue to receive the Lifetime Pension Insurance until the end of the Guaranteed Period.
For your information:If the Beneficiary is specified in the Agreement, this may affect the amount of the calculated Lifetime Pension Insurance.
Disbursement start date: Jun 2024
End of guaranteed disbursement period: 04 Jun 2026
Your calculated Lifetime Pension
54.75 EUR

Biannual disbursement

The offer was prepared on 27.04.2024. and is valid for 2 working days. When paying out the Life Pension insurance, taxes are withheld in accordance with the legislation in force at the time of payment. This calculation is for your information only, and every customer's situation is evaluated individually. The exact Lifetime Pension payment amount depends on the Terms and Conditions of your agreement. Bear in mind that our method of calculating the Lifetime Pension has changed as of 01.01.2023.This information is given based on your individual situation, knowledge and financial opportunities, and is for your information only. This information only offers a general overview, and may be subject to change or additional requirements not mentioned here, but which may have to be adhered to. The information does not count as a consultation or a recommendation to make any transactions or use any of the services provided by Citadele or CBL Life. Citadele and CBL Life take no responsibility for any direct, indirect or resultant losses incurred as a result of using the above information.
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Apply and sign online

1. Fill in an application

When you plan on retiring, you should contact the State Social Insurance Agency (SSIA). When you fill in the SSIA’s application form, indicate that you wish to receive Lifetime Pension insurance.

2. Wait for a reply

You will soon receive a message back from SSIA. You will need this in order to sign a Lifetime Pension Insurance agreement with CBL Life.

3. Sign the agreement

To sign your agreement, you have several options:
1. If you are our customer, go to the online bank under Order to the Bank, and attach your filled-in application form, the calculations from our Lifetime Pension calculator, and the message from SSIA.
2. If you are not a Citadele customer, send your filled-in application form, the calculations from our Lifetime Pension calculator, the message from SSIA, and a copy of your ID, to life@citadele.lv. All attachments must be signed using a secure electronic signature.
3. If you are not a Citadele customer, and you have a qualified Smart ID, send your filled-in application form, the calculations from our Lifetime Pension calculator, your message from SSIA and a copy of your ID through the Dokobit portal, naming life@citadele.lv as the addressee.

You can also receive answers to all your questions by calling 6701 0000 or booking an appointment at one of our branches and bringing along your letter from SSIA.

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How and where can I find the information about the capital saved in my level 2 pension?

  • By visiting any SSIA customer service center in person.
  • Through the Portal of State Administration Services www.latvija.lv, by searching the following: "An account statement of a participant of the State-funded pension scheme (2nd pillar pension)".
  • In the Citadele Online Bank under "Pensions"

Does a Lifetime Pension count as taxable income?

According to current legislation, personal income tax is deducted at the time of disbursement.

If your Lifetime Pension combined with your state old-age pension does not exceed the non-taxable minimums set by the state, then every year, by submitting a personal annual income declaration to the SRS, the insured person can receive a tax refund from the state in accordance with the procedures specified in the legislation of the Republic of Latvia.

When can I start receiving capital saved in my level 2 pension?

In 2024, those who have reached the age of 64 years and 9 months can receive the capital saved in their level 2 pension, on the condition that they have worked for no less than 15 years.

How will the Beneficiary receive my Lifetime pension?

If your Lifetime Pension agreement specifies a Beneficiary and Guaranteed Disbursement period, then in the event of the death of the Insured Person during the Guaranteed Disbursement period, the Beneficiary will continue to receive the Lifetime Pension in the amount and arrangement specified in the Lifetime Pension agreement until the end of the Guaranteed Disbursement period.

What should I take into consideration when signing a Lifetime Pension agreement?

After the SSIA has reviewed the capital accumulated in your level 2 pension, and after you have signed your Lifetime Pension agreement, you will no longer be able to withdraw from the contract, change your insurance company or add accumulated capital to your level 1 pension. However, you will still be able to freely change the beneficiary during the guaranteed disbursement period specified in your Lifetime Pension agreement.

Can I sign a Lifetime Pension contract with several insurance companies?

No. A person can sign a Lifetime Pension contract with only one insurance company at a time.

What will happen to the capital saved in my level 2 pension if, on reaching the national retirement age, I decide to continue to work?

Regardless of whether you continue to work or not, you can turn to the SSIA to calculate your pension and when disbursement will begin in accordance with the legislation of the Republic of Latvia.

The capital saved in your level 2 pension can be used in the following situations:

  1. By adding it to the capital saved in your level 1 pension, therefore receiving one pension payment calculated in accordance with the Law On State Pensions;
  2. For the purchase of a Lifetime Pension policy;
  3. If you decide to continue to work after reaching national retirement age, any social contributions made will be directed to your level 1 pension

More questions
How and where can I find the information about the capital saved in my level 2 pension?

  • By visiting any SSIA customer service center in person.
  • Through the Portal of State Administration Services www.latvija.lv, by searching the following: "An account statement of a participant of the State-funded pension scheme (2nd pillar pension)".
  • In the Citadele Online Bank under "Pensions"

Does a Lifetime Pension count as taxable income?

According to current legislation, personal income tax is deducted at the time of disbursement.

If your Lifetime Pension combined with your state old-age pension does not exceed the non-taxable minimums set by the state, then every year, by submitting a personal annual income declaration to the SRS, the insured person can receive a tax refund from the state in accordance with the procedures specified in the legislation of the Republic of Latvia.

When can I start receiving capital saved in my level 2 pension?

In 2024, those who have reached the age of 64 years and 9 months can receive the capital saved in their level 2 pension, on the condition that they have worked for no less than 15 years.

How will the Beneficiary receive my Lifetime pension?

If your Lifetime Pension agreement specifies a Beneficiary and Guaranteed Disbursement period, then in the event of the death of the Insured Person during the Guaranteed Disbursement period, the Beneficiary will continue to receive the Lifetime Pension in the amount and arrangement specified in the Lifetime Pension agreement until the end of the Guaranteed Disbursement period.

What should I take into consideration when signing a Lifetime Pension agreement?

After the SSIA has reviewed the capital accumulated in your level 2 pension, and after you have signed your Lifetime Pension agreement, you will no longer be able to withdraw from the contract, change your insurance company or add accumulated capital to your level 1 pension. However, you will still be able to freely change the beneficiary during the guaranteed disbursement period specified in your Lifetime Pension agreement.

Can I sign a Lifetime Pension contract with several insurance companies?

No. A person can sign a Lifetime Pension contract with only one insurance company at a time.

What will happen to the capital saved in my level 2 pension if, on reaching the national retirement age, I decide to continue to work?

Regardless of whether you continue to work or not, you can turn to the SSIA to calculate your pension and when disbursement will begin in accordance with the legislation of the Republic of Latvia.

The capital saved in your level 2 pension can be used in the following situations:

  1. By adding it to the capital saved in your level 1 pension, therefore receiving one pension payment calculated in accordance with the Law On State Pensions;
  2. For the purchase of a Lifetime Pension policy;
  3. If you decide to continue to work after reaching national retirement age, any social contributions made will be directed to your level 1 pension

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