https://www.citadele.lv/en/private/3rd-pension

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https://www.citadele.lv/en/private/3rd-pension

3RD PENSION PILLAR SAVINGS

Capital and more opportunities for a well-provided future

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Service provided by Citadele Group company AS CBL Atklātais pensiju fonds.

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Free choice for payments

Receive your saved capital at age 55

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Tax rebate

Claim back 20% on your income tax

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Inheritable savings

Choose a person who will inherit your savings, if you prefer

Choose the most suitable pension plan

CBL Aktīvais CBL Sabalansētais
Age 18 - 53 53+
Asset management Active Active
Distribution of investments 50% stocks, 50% bonds 75% bonds, 25% stocks
Currency EUR, USD EUR
Level of risk Moderately high Medium
Apply Apply
CBL Aktīvais
Age 18 - 53
Asset management Active
Distribution of investments 50% stocks, 50% bonds
Currency EUR, USD
Level of risk Moderately high
Apply
CBL Sabalansētais
Age 53+
Asset management Active
Distribution of investments 75% bonds, 25% stocks
Currency EUR
Level of risk Medium
Apply

3rd Pension Pillar Calculator

The contribution is made by:
10 EUR
4000 EUR
Frequency of contributions:
1 %
8 %
Receiving:
Total contributions: 12 000.00 EUR
Planned return on investment:
Pension plan investments are made with the aim of producing profit, however, profitability is not guaranteed and there may also be losses and a reduction in pension capital. Please bear in mind that past profitability does not guarantee future profitability.
12 370.88 EUR
Estimated savings: 24 370.88 EUR
Capital gains tax (20 %): 2474.18 EUR
Possible pit refund: 2400.00 EUR
15 years, 7 months

Approximate duration of pension payment

21 896.70 EUR

Amount after taxes

Calculations are merely informative and are made based on the income tax and capital gains tax rates in force as of January 1st, 2018. In accordance with the Republic of Latvia income tax law, tax rebates can be claimed on contributions amounting to no more than 10 % of your annual taxable income, and no more than 4000 EUR.

You can familiarize yourself with the plan reviews and historical profitability at https://www.citadele.lv/lv/private/3rd-pension/plans/. Pension plan investments are made with the aim of bringing profit, however, profitability is not guaranteed and there is also the possibility of suffering losses and reducing the supplementary pension capital. Past profitability does not guarantee similar profitability in the future. This information is general and is not adapted to your goals and should not be observed as an investment consultation.

Smaller commission - bigger savings!

  • Special offer! Sign a level 3 pension agreement with savings worth €500 (550 USD) or more and pay an annual commission fee of just 0.6%.
  • Offer valid until 31.12.2023.
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Income tax rebate calculator

1000 EUR
120 000 EUR
At 3rd pension pillar:
In accumulative life insurance:
0 EUR
1000 EUR
Contributions to 3rd pension pillar and accumulative life insurance: as a % of annual income 8.00 %
Other possible contributions up to the maximum limit for receiving tax benefits: 200.00 EUR
Estimated tax refund for annual contributions
100.00 EUR
At 3rd pension pillar
60.00 EUR
In accumulative life insurance
In accordance with the Republic of Latvia’s Law On Personal Income Tax, you can receive an income tax rebate on payments not exceeding 10 % of your annual taxable income, and on no more than 4000 EUR, as long as the insurance agreement term is for no less than 10 years.

What is the difference between pension pillars?

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1st Pension Pillar is a statutory non-funded pension scheme, or Mandatory social insurance contributions. These are used to pay the pensions to the existing pensioners. Using information about your saved pension capital, the government will pay you a pillar 1 pension from the social contributions of those working in the future.

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2nd Pension Pillar is a state-funded pension scheme—compulsory for those born after July 1st, 1971. For this pillar, part of your monthly social insurance contributions is directed towards your chosen financial manager and invested in the financial and capital market. Thus, your capital is saved and increased. The 1st and 2nd pension pillars can contribute a predicted future pension of 50% of your current income.


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3rd Pension Pillar is a voluntary pension scheme. You or someone else, such as your employer, can make unlimited contributions. These payments are also invested in the financial and capital market, and your saved capital is inheritable.

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Together all three pillars may provide a predicted future pension of 70% of your current income.

Didn’t find the answer to your question?

Visit our interactive assistant and find the information you need

Interactive assistant
How to draw up a 3rd pension pillar agreement?

If you want to create future savings by making contributions to the 3rd pension pillar with CBL Atklātais pensiju fonds, it is possible to enter into an individual membership agreement.

You can draw up an agreement in the Online Banking (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 the bank’s telephone number 67010000.

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, if necessary, correct it.

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

In the section “Regular payment”, indicate the amount and periodicity of the 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 to make payments and specify the date of payment.

You can change the amount and frequency of the regular payment at any time in the section Payments > Regular payments of the Online Banking.

Click “Next”.

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

To continue and sign the agreement, please read the important information and terms. Then tick that you have read the information. Sign the agreement with a code from your authorization device.

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

What are the tax benefits when making contributions to the 3rd pillar pension?

If the contributions are made by an individual, each year, for the previous calendar year, a pension fund member may obtain a refund of 20 % of the personal income tax (PIT). In this case, the contribution for the calendar year may not exceed 10 % of the gross income received during that year, however, not more than EUR 4 000 per year. More information in the section on personal income tax refund.

Do I have to withdraw the accumulated pension capital upon reaching the age of 55?

Upon reaching the age of 55, a member is entitled, not obliged, to withdraw accrued supplementary pension capital. You can postpone the withdrawal of your retirement pension until you need it. The accumulated capital continues to operate in accordance with the pension plan's investment policy. In addition, if you earn income and pay taxes, you can still contribute to a pension fund and receive tax benefits beyond the age of 55.

What are the account numbers for making contributions to pension plans?

Contributions to pension plans:

  • CBL Balanced (for contributions in EUR) account No. LV86PARX0000299400003
  • CBL Active USD (for contributions in USD) account No. LV32PARX0000299400005
  • CBL Active (for contributions in EUR) account No. LV46PARX0000299401014

Payment purpose: name, surname, beneficiary's personal id number, agreement number.

Business customers: How to draw up a collective membership agreement?

If you, as an employer (legal entity), want to create future savings for your employees by making contributions to 3rd pension pillar with CBL Atklātais pensiju fonds, it is possible to enter into 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 to make an appointment). You can also apply for a telephone consultation by calling the bank’s telephone number 67010000.

How to add/change a beneficiary?

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

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: Pension plan, Agreement number, 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 another beneficiary, the previously specified beneficiary is automatically cancelled.

Application on the person (s) entitled to the accrued Supplementary Pension Capital in the event of the Participant’s death

Pension plan: (CBL Sabalansētais/ CBL Aktīvais/ CBL Aktīvais USD)
Individual agreement No./Company name:
Telephone:
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; telephone; share, % (total 100%).

* When indicating a person who has not been assigned a personal identification code in the Republic of Latvia, the date of birth, identity document No., date, country and the institution that issued the document must be indicated. A copy of this person’s identification document must be attached.
** by making a choice as to the person (s) entitled to the Supplementary Pension Capital in the event of the Participant’s death, the Participant shall at the same time revoke all its previous instructions regarding the recipients of the Supplementary Pension Capital, if any.
*** The participant is responsible as the controller of personal data for the transfer of personal data of these persons to the Pension Fund.

If you do not have access to the Online Banking, make an appointment for a visit to the branch here.

Do I have to pay taxes for the private pension capital upon its withdrawal?

Personal income tax will not be deducted on your 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.
The investment result calculated as a result of the management of the pension plan assets at the time of disbursement will be subject to a 20% tax on capital gains. The tax will be withheld at the time of payment of the savings by the CBL Open Pension Fund.

More questions
How to draw up a 3rd pension pillar agreement?

If you want to create future savings by making contributions to the 3rd pension pillar with CBL Atklātais pensiju fonds, it is possible to enter into an individual membership agreement.

You can draw up an agreement in the Online Banking (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 the bank’s telephone number 67010000.

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, if necessary, correct it.

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

In the section “Regular payment”, indicate the amount and periodicity of the 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 to make payments and specify the date of payment.

You can change the amount and frequency of the regular payment at any time in the section Payments > Regular payments of the Online Banking.

Click “Next”.

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

To continue and sign the agreement, please read the important information and terms. Then tick that you have read the information. Sign the agreement with a code from your authorization device.

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

What are the tax benefits when making contributions to the 3rd pillar pension?

If the contributions are made by an individual, each year, for the previous calendar year, a pension fund member may obtain a refund of 20 % of the personal income tax (PIT). In this case, the contribution for the calendar year may not exceed 10 % of the gross income received during that year, however, not more than EUR 4 000 per year. More information in the section on personal income tax refund.

Do I have to withdraw the accumulated pension capital upon reaching the age of 55?

Upon reaching the age of 55, a member is entitled, not obliged, to withdraw accrued supplementary pension capital. You can postpone the withdrawal of your retirement pension until you need it. The accumulated capital continues to operate in accordance with the pension plan's investment policy. In addition, if you earn income and pay taxes, you can still contribute to a pension fund and receive tax benefits beyond the age of 55.

What are the account numbers for making contributions to pension plans?

Contributions to pension plans:

  • CBL Balanced (for contributions in EUR) account No. LV86PARX0000299400003
  • CBL Active USD (for contributions in USD) account No. LV32PARX0000299400005
  • CBL Active (for contributions in EUR) account No. LV46PARX0000299401014

Payment purpose: name, surname, beneficiary's personal id number, agreement number.

Business customers: How to draw up a collective membership agreement?

If you, as an employer (legal entity), want to create future savings for your employees by making contributions to 3rd pension pillar with CBL Atklātais pensiju fonds, it is possible to enter into 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 to make an appointment). You can also apply for a telephone consultation by calling the bank’s telephone number 67010000.

How to add/change a beneficiary?

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

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: Pension plan, Agreement number, 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 another beneficiary, the previously specified beneficiary is automatically cancelled.

Application on the person (s) entitled to the accrued Supplementary Pension Capital in the event of the Participant’s death

Pension plan: (CBL Sabalansētais/ CBL Aktīvais/ CBL Aktīvais USD)
Individual agreement No./Company name:
Telephone:
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; telephone; share, % (total 100%).

* When indicating a person who has not been assigned a personal identification code in the Republic of Latvia, the date of birth, identity document No., date, country and the institution that issued the document must be indicated. A copy of this person’s identification document must be attached.
** by making a choice as to the person (s) entitled to the Supplementary Pension Capital in the event of the Participant’s death, the Participant shall at the same time revoke all its previous instructions regarding the recipients of the Supplementary Pension Capital, if any.
*** The participant is responsible as the controller of personal data for the transfer of personal data of these persons to the Pension Fund.

If you do not have access to the Online Banking, make an appointment for a visit to the branch here.

Do I have to pay taxes for the private pension capital upon its withdrawal?

Personal income tax will not be deducted on your 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.
The investment result calculated as a result of the management of the pension plan assets at the time of disbursement will be subject to a 20% tax on capital gains. The tax will be withheld at the time of payment of the savings by the CBL Open Pension Fund.

More opportunities

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2nd pension pillar

Pension plans with low commission fees, sustainable investments and the largest team of experts in Latvia. Choose CBL Pension Fund as your manager and ensure your pension savings grow more. Service provided by Citadele subsidiary CBL Asset Management.
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Short terms savings

A way of saving for your goals using the benefits of the Savings account+ account and Term Deposits. Apply through the online bank and achieve your dreams.
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Accumulative life insurance

Financial support in case of accidents, at the same time helping you to save for various goals. apply and receive an annual income tax rebate of up to 20 %. Service provided by Citadele subsidiary AAS CBL LIfe.
Learn more

You can familiarize yourself with the plan reviews and historical profitability at https://www.citadele.lv/lv/private/3rd-pension/plans/. Pension plan investments are made with the aim of bringing profit, however, profitability is not guaranteed and there is also the possibility of suffering losses and reducing the supplementary pension capital. Past profitability does not guarantee similar profitability in the future. This information is general and is not adapted to your goals and should not be observed as an investment consultation.

Pension Fund: AS “CBL Atklātais pensiju fonds”
Pension plans: CBL Aktīvais, CBL Aktīvais USD, CBL Sabalansētais
Asset manager of the pension plans: IPAS “CBL Asset Management”
Custodian bank of the pension plans: AS “Citadele banka”.
Legal address for the units mentioned above: Republikas laukums 2A, Riga, LV-1010.
Information about the pension plans: the pension plans, their politics and conditions are available at www.citadele.lv in section 3rd pension pillar.
For more information please call: +371 6701 0147