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  2. Inheritance savings

INHERITANCE SAVINGS

Controlled inheritance and fast access to your savings when it matters most. A private solution for Private Banking clients.

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Fast disbursement to your beneficiaries

Tell us who will inherit your savings.

No need to go through the inheritance process

Money is paid out an average of 1-2 weeks after submitting an application.

Flexible deposits and withdrawals

Choose what you pay in and withdraw your capital from age 55.

* Inheritance Savings are part of your 3rd pension pillar — your savings are invested in your chosen investment plan. Service provided by AS Citadele banka group company AS CBL Atklātais pensiju fonds.

Inheritance savings

Inheritance savings are 3rd pension pillar savings which allow you to build capital for the future, as well as ensuring they can be passed on quickly to those you nominate.

  • Your old age.
  • The specific beneficiaries nominated by you (doesn’t have to be a family member).
  • Or your legal heirs (inheritance procedure applies).
  • The savings are invested in your chosen 3rd pension pillar plan.
  • Your capital works actively, rather than being “frozen”.
  • You can change investment plans and add to your savings.
  • Feel safe knowing that your personal finances have been arranged in advance.
  • No need to process an inheritance certificate (min. 3 mon.).
  • Funds are disbursed an average of 1-2 weeks after applying.

You can change your beneficiaries as many times as you wish over the course of your lifetime, adapting to your family or financial situation.

What is the difference between pension pillars?

The 1st pension pillar is a compulsory state pension scheme from state social tax payments. This is used to pay the pensions of current pensioners. Using information about your pension savings, the government will make your 1st pillar pension payments from the social taxes of future workers.

The 2nd pension pillar is a state-funded pension scheme which is compulsory for those born after 1st July, 1971. For this pillar, some of your monthly social insurance payments are transferred to your chosen pension provider and invested on the financial and capital market. This means that your capital is saved and grown. Pillars 1 and 2 are predicted to constitute a pension of up to 50% of your current income.


The 3rd pension pillar is a voluntary pension scheme. You or someone else, like an employer, can make unlimited contributions to this pillar. These savings are also invested on the financial and capital market, and the capital you accrue can be inherited.

All three pillars together can provide a potential future pension of up to 70% of your current income.

Jānis, age 42


Aim: to provide his family with a financial cushion in unexpected situations.


  • Pays 50 000 EUR into his 3rd pension pillar.
  • Adds his wife as a beneficiary.

Result: in its time of need, the family has faster access to the savings and additional financial support when it’s needed most.

Choose the most suitable pension plan

C Akciju indeksu pensiju plāns 18-45 C Aktīvais pensiju plāns 46-55 C Sabalansētais pensiju plāns 56+
Age 18 - 45 46-55 56+
Asset management Passive Active Active
Distribution of investments 100% stocks 50% stocks, 50% bonds 75% bonds, 25% stocks
Currency EUR EUR EUR
Level of risk High Moderately high Medium
Fees from contributions:
Payment to Bank of Latvia from each contribution 0% 0.245% 0.245%
Annual fees from accumulated capital:
Pension fund administration fee 0.25% 0.75% or 0.2%*** 0.75% or 0.2%***
Asset management commission 0.2% 0.45% 0.45%
Holding bank fee 0.08% 0.10% 0.10%
Total 0.53% 1.3% or 0.75%*** 1.3% or 0.75%***
Apply Apply Apply
 
C Akciju indeksu pensiju plāns 18-45
Age 18 - 45
Asset management Passive
Distribution of investments 100% stocks
Currency EUR
Level of risk High
Fees from contributions:
Payment to Bank of Latvia from each contribution 0%
Annual fees from accumulated capital:
Pension fund administration fee 0.25%
Asset management commission 0.2%
Holding bank fee 0.08%
Total 0.53%
Apply
 
C Aktīvais pensiju plāns 46-55
Age 46-55
Asset management Active
Distribution of investments 50% stocks, 50% bonds
Currency EUR
Level of risk Moderately high
Fees from contributions:
Payment to Bank of Latvia from each contribution 0.245%
Annual fees from accumulated capital:
Pension fund administration fee 0.75% or 0.2%***
Asset management commission 0.45%
Holding bank fee 0.10%
Total 1.3% or 0.75%***
Apply
 
C Sabalansētais pensiju plāns 56+
Age 56+
Asset management Active
Distribution of investments 75% bonds, 25% stocks
Currency EUR
Level of risk Medium
Fees from contributions:
Payment to Bank of Latvia from each contribution 0.245%
Annual fees from accumulated capital:
Pension fund administration fee 0.75% or 0.2%***
Asset management commission 0.45%
Holding bank fee 0.10%
Total 1.3% or 0.75%***
Apply
 

Commission fee rates are effective from May 1, 2025. Detailed information, as well as commissions for previously concluded contracts, can be found in the Price List.
*** Commission fee rate is applied if the amount of capital saved is greater than or equal to 100 000 EUR.

Need help?

Get instant answers to your questions 24/7 from our website help tool: our virtual financial consultant, Adele.

If you want to build future savings by making 3rd pension pillar contributions with CBL Atklātais pensiju fonds, you can enter into an individual membership agreement.

You can set up an agreement through the Online Bank (see instructions below) or in any Citadele branch by making an appointment for a visit in advance (click here to make an appointment). You can also apply for a telephone consultation by calling  +371 6701 0000.

To draw up an Individual Membership Agreement for the 3rd pension pillar, log in to the full version of the Online Banking.

In the section Pension > 3rd pension pillar, select “Enter into a new agreement”.

   – Required fields are marked with a red asterisk.
   – Choose one of the Pension Plans. Information about the plans can be viewed here.
   – Check whether all the information in the section “Pension plan participant” is correct, and if necessary, correct it.

If you want another person to be able to make contributions to your 3rd pension pillar agreement, be sure to enter this person’s information in the next section.

In the section “Regular payment”, indicate the amount and frequency of your planned contributions.

If you want the payments to be made from your account automatically, select the answer “Yes” to the question “Do you want to issue an order for the regular payment of a fixed amount?”. Then select the account from which you would like payments to be made, and specify the payment date.

You can change the amount and frequency of your regular payment at any time through the Online Bank under Payments > Regular payments.

Click “Next”.

Check the information entered. If you want to change the information in any of the fields, press the button “Back”.

To continue and sign the agreement, please:
1. read the important information and terms;
2. tick that you have read the information;
3. sign the agreement with a code from your authorization device.

You can monitor the status of your order in the section “Document History”.

If you make contributions into your 3rd pension pillar yourself, then you can receive a 25.5% personal income tax (PIT) refund every year for the previous calendar year’s contributions. In this case, total contributions for the calendar year may not exceed 10% of the gross income received during that year, and no more than 4000 EUR per year. More information in the section on personal income tax refund.

A beneficiary is the person entitled to receive capital in the event of the customer’s death.
To add/change a beneficiary for your 3rd pension pillar savings, log in to the full version of the Online Bank.

Select “Correspondence with the bank” > “Order to the bank”. Copy the template below, insert it in the text of the order, and enter the required information:
1. pension plan;
2. agreement number;
3. information about the beneficiary.
You can specify one or more beneficiaries, each with a percentage of the bequest (the total must be 100%.)
Note that if you specify a different beneficiary, the previously specified beneficiary is automatically cancelled.

If you do not have access to the Online Bank, book a branch visit here.

Template

Application on the person (s) entitled to the accrued supplementary pension capital in the event of the Participant’s death

Pension plan: (C Sabalansētais pensiju plāns 56+/ C Aktīvais pensiju plāns 46-55/ C Akciju indeksu pensiju plāns 18-45)
Individual agreement No./Company name:
Phone number:
Person (s)* entitled to the accrued Supplementary Pension Capital in the event of the Participant’s death**: Name, surname; personal identification code***; the person’s relationship with the pension plan participant; phone number; share, % (total 100%).

* when deciding on the person (s) entitled to their Supplementary Pension Capital in the event of the Participant’s death, the Participant at the same time revokes all previous instructions regarding the recipients of their 3rd pension pillar capital, if any.
** The Participant is responsible as the personal data overseer for transferring the personal data of these persons to the Pension Fund.
*** When nominating a person who has not been assigned a personal identification code by the Republic of Latvia, please indicate their date of birth, plus the document number, expiry date, issuing country, and issuing institution of their identification document. A copy of this person’s identification document must be attached.

Personal income tax will not be deducted from accumulated pension capital that is formed of your own contributions, but personal income tax will be deducted from your employer's contributions to your pension fund savings.

Your investment results at the time of disbursement — calculated as a result of how your pension plan assets were managed — will be subject to a 25.5% tax on capital gains. The tax will be withheld by CBL Atklātais pensiju fonds when the assets are disbursed.

To change your pension plan, you must sign a new 3rd pension pillar agreement, choosing one of our plans: C Akciju indeksu pensiju plāns 18-45, C Aktīvais pensiju plāns 46-55 or C Sabalansētais pensiju plāns 56+. Find out more on how to sign a 3rd pension pillar plan agreement here.

Once a new 3rd pension pillar agreement is opened, you can request the transfer of your existing 3rd pension pillar savings to another pension plan of your choice by submitting an order through the Citadele Online Bank: 

  1. log into online banking;  
  2. at the top, above the menu bar, select Correspondence With Bank; 
  3. on the left, select New Order;  
  4. an order number will appear automatically, but you must fill in the remaining fields yourself:  

Topic: Order for pension plan change  
Account number for authorisation: (select your current account)  
Order text: Please transfer the capital from my 3rd pension pillar plan [current pension plan] (individual agreement number XX-XXXXXXXXXXX) to my 3rd pension pillar plan [new pension plan] (new individual agreement number XX-XXXXXXXXXXX). 
Press “Next” and authorise the order.

The pension fund participant can submit a free-form order for the disbursement of their 3rd pension pillar savings, including: 
1. The pension plan from which savings are to be paid out;
2. The pension plan participant’s personal information and contact information, or that of their beneficiary / nominated person; 
3. The reason for requesting the capital;
4. The disbursement method (bank account information);
5. The amount to be disbursed and the further actions to be taken with the pension agreement (cancellation or continuation).

The application must include copies of the documents which confirm your right to use the 3rd pension pillar capital. 

Otherwise, you can present your personal identification document at any Citadele Customer Service Centre, first booking an appointment here, and fill out an application for disbursement of your 3rd pension pillar capital.

Your 3rd pension pillar capital can be disbursed all at once, or in instalments over a longer period. 3rd pension pillar capital is paid out by transfer to any bank account.

If the pension fund member does not have a current account with any bank, the 3rd pension pillar capital can be paid to a Citadele current account opened free of charge. 3rd pension pillar capital is disbursed every Thursday. If Thursday is a public holiday or the last calendar day of the month, then on the previous working day, of receipt of the application by CBL Atklātais pensiju fonds, as long as all the necessary information has been submitted by the participant.

If you, as an employer (legal entity), want to build future savings for your employees by making 3rd pension pillar contributions through CBL Atklātais pensiju fonds, it is possible to set up a collective membership agreement.

You can draw up an agreement at any Citadele branch by making an appointment for a visit in advance (click here). You can also apply for a telephone consultation by calling the bank on +371 6701 0000.
 

If you want to build future savings by making 3rd pension pillar contributions with CBL Atklātais pensiju fonds, you can enter into an individual membership agreement.

You can set up an agreement through the Online Bank (see instructions below) or in any Citadele branch by making an appointment for a visit in advance (click here to make an appointment). You can also apply for a telephone consultation by calling  +371 6701 0000.

To draw up an Individual Membership Agreement for the 3rd pension pillar, log in to the full version of the Online Banking.

In the section Pension > 3rd pension pillar, select “Enter into a new agreement”.

   – Required fields are marked with a red asterisk.
   – Choose one of the Pension Plans. Information about the plans can be viewed here.
   – Check whether all the information in the section “Pension plan participant” is correct, and if necessary, correct it.

If you want another person to be able to make contributions to your 3rd pension pillar agreement, be sure to enter this person’s information in the next section.

In the section “Regular payment”, indicate the amount and frequency of your planned contributions.

If you want the payments to be made from your account automatically, select the answer “Yes” to the question “Do you want to issue an order for the regular payment of a fixed amount?”. Then select the account from which you would like payments to be made, and specify the payment date.

You can change the amount and frequency of your regular payment at any time through the Online Bank under Payments > Regular payments.

Click “Next”.

Check the information entered. If you want to change the information in any of the fields, press the button “Back”.

To continue and sign the agreement, please:
1. read the important information and terms;
2. tick that you have read the information;
3. sign the agreement with a code from your authorization device.

You can monitor the status of your order in the section “Document History”.

If you make contributions into your 3rd pension pillar yourself, then you can receive a 25.5% personal income tax (PIT) refund every year for the previous calendar year’s contributions. In this case, total contributions for the calendar year may not exceed 10% of the gross income received during that year, and no more than 4000 EUR per year. More information in the section on personal income tax refund.

A beneficiary is the person entitled to receive capital in the event of the customer’s death.
To add/change a beneficiary for your 3rd pension pillar savings, log in to the full version of the Online Bank.

Select “Correspondence with the bank” > “Order to the bank”. Copy the template below, insert it in the text of the order, and enter the required information:
1. pension plan;
2. agreement number;
3. information about the beneficiary.
You can specify one or more beneficiaries, each with a percentage of the bequest (the total must be 100%.)
Note that if you specify a different beneficiary, the previously specified beneficiary is automatically cancelled.

If you do not have access to the Online Bank, book a branch visit here.

Template

Application on the person (s) entitled to the accrued supplementary pension capital in the event of the Participant’s death

Pension plan: (C Sabalansētais pensiju plāns 56+/ C Aktīvais pensiju plāns 46-55/ C Akciju indeksu pensiju plāns 18-45)
Individual agreement No./Company name:
Phone number:
Person (s)* entitled to the accrued Supplementary Pension Capital in the event of the Participant’s death**: Name, surname; personal identification code***; the person’s relationship with the pension plan participant; phone number; share, % (total 100%).

* when deciding on the person (s) entitled to their Supplementary Pension Capital in the event of the Participant’s death, the Participant at the same time revokes all previous instructions regarding the recipients of their 3rd pension pillar capital, if any.
** The Participant is responsible as the personal data overseer for transferring the personal data of these persons to the Pension Fund.
*** When nominating a person who has not been assigned a personal identification code by the Republic of Latvia, please indicate their date of birth, plus the document number, expiry date, issuing country, and issuing institution of their identification document. A copy of this person’s identification document must be attached.

Personal income tax will not be deducted from accumulated pension capital that is formed of your own contributions, but personal income tax will be deducted from your employer's contributions to your pension fund savings.

Your investment results at the time of disbursement — calculated as a result of how your pension plan assets were managed — will be subject to a 25.5% tax on capital gains. The tax will be withheld by CBL Atklātais pensiju fonds when the assets are disbursed.

To change your pension plan, you must sign a new 3rd pension pillar agreement, choosing one of our plans: C Akciju indeksu pensiju plāns 18-45, C Aktīvais pensiju plāns 46-55 or C Sabalansētais pensiju plāns 56+. Find out more on how to sign a 3rd pension pillar plan agreement here.

Once a new 3rd pension pillar agreement is opened, you can request the transfer of your existing 3rd pension pillar savings to another pension plan of your choice by submitting an order through the Citadele Online Bank: 

  1. log into online banking;  
  2. at the top, above the menu bar, select Correspondence With Bank; 
  3. on the left, select New Order;  
  4. an order number will appear automatically, but you must fill in the remaining fields yourself:  

Topic: Order for pension plan change  
Account number for authorisation: (select your current account)  
Order text: Please transfer the capital from my 3rd pension pillar plan [current pension plan] (individual agreement number XX-XXXXXXXXXXX) to my 3rd pension pillar plan [new pension plan] (new individual agreement number XX-XXXXXXXXXXX). 
Press “Next” and authorise the order.

The pension fund participant can submit a free-form order for the disbursement of their 3rd pension pillar savings, including: 
1. The pension plan from which savings are to be paid out;
2. The pension plan participant’s personal information and contact information, or that of their beneficiary / nominated person; 
3. The reason for requesting the capital;
4. The disbursement method (bank account information);
5. The amount to be disbursed and the further actions to be taken with the pension agreement (cancellation or continuation).

The application must include copies of the documents which confirm your right to use the 3rd pension pillar capital. 

Otherwise, you can present your personal identification document at any Citadele Customer Service Centre, first booking an appointment here, and fill out an application for disbursement of your 3rd pension pillar capital.

Your 3rd pension pillar capital can be disbursed all at once, or in instalments over a longer period. 3rd pension pillar capital is paid out by transfer to any bank account.

If the pension fund member does not have a current account with any bank, the 3rd pension pillar capital can be paid to a Citadele current account opened free of charge. 3rd pension pillar capital is disbursed every Thursday. If Thursday is a public holiday or the last calendar day of the month, then on the previous working day, of receipt of the application by CBL Atklātais pensiju fonds, as long as all the necessary information has been submitted by the participant.

If you, as an employer (legal entity), want to build future savings for your employees by making 3rd pension pillar contributions through CBL Atklātais pensiju fonds, it is possible to set up a collective membership agreement.

You can draw up an agreement at any Citadele branch by making an appointment for a visit in advance (click here). You can also apply for a telephone consultation by calling the bank on +371 6701 0000.
 

You can view statements and profit history for our plans here: https://www.citadele.lv/en/private/3rd-pension/plans/. Pension plan investments are made with the aim of making a profit, but profitability is not guaranteed and you may suffer losses and a reduction in your extra pension capital. Please bear in mind that past profitability does not guarantee similar profitability in the future. The information presented here is of a general nature, it has not been adapted for specific goals and cannot be regarded as an investment consultation.

Pension plans: C Aktīvais pensiju plāns 46-55, C Sabalansētais pensiju plāns 56+, C Akciju indeksu pensiju plāns 18-45.
Pension plan asset manager: IPAS “CBL Asset Management”, legal address: Republikas laukums 2A, Riga, LV-1010.
Pension plan asset holder: AS “Citadele banka”, legal address: Republikas laukums 2A, Rīga, LV-1010.
Information on the pension plans and their investment policies can be viewed on the AS “Citadele banka” website www.citadele.lv under Pillar 3 Pension.
Information line: 6701 0147.


** The current prospectus, basic information document for investors (including investment plan management fees (both fixed and variable portions)) and other information for the advertised C Akciju indeksu plāns 15-50 pillar 2 pension plan can be found by clicking on the name of the plan in this text.
Asset manager: "CBL Asset Management" IPAS, legal address and location of the management board: Republikas laukums 2a, Riga, LV-1010, Latvija.
Asset holder: AS “Citadele banka”, Republikas laukums 2a, Riga, LV-1010, Latvia.