3RD PENSION PILLAR SAVINGS

Special offer! Sign a level 3 pension agreement with savings worth 500 EUR or more and pay an annual commission fee of just 0.6%. Offer valid until 30.06.2024.

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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

Pension plans


  • Passive management with the aim of reducing expenses related to management.
  • Up to 100% of capital is invested in global stock markets.
  • Reflects specific market indices.
  • Uses the potential growth of market indices.
  • High risk for potentially higher returns.
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  • Active management.
  • With higher risk for potentially higher returns.
  • Diversified investment portfolio.
  • Up to 100% of plan assets may be invested in debt securities.
  • Up to 50% of plan assets can be invested in term deposits of credit institutions.
  • Up to 50% of plan assets can be invested in shares, venture capital market, real estate and various investment funds.
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  • Active management.
  • With little risk to gain potentially more stable and safer capital growth.
  • Diversified investment portfolio.
  • Up to 100% of plan assets may be invested in debt securities.
  • Up to 50% of plan assets can be invested in term deposits.
  • Up to 25% of plan assets can be invested in shares, venture capital market, real estate and various investment funds.
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Choose the most suitable pension plan

CBL Indeksu CBL Aktīvais CBL Sabalansētais
Age 18 - 45 18 - 53 53+
Asset management Passive Active Active
Distribution of investments 100% stocks 50% stocks, 50% bonds 75% bonds, 25% stocks
Currency EUR EUR, USD EUR
Level of risk High Moderately high Medium
Management fees percentage of annual pension plan assets:
Pension fund administration fee 0.25% 0.2% - 1.7% ** 0.2% - 2% **
Asset management commission 0.2% 0.3% - 0.8% ** 0.3% - 0.7% **
Holding bank fee 0.08% 0.1% - 0.15% ** 0.1% - 0.15% **
Apply Apply Apply
CBL Indeksu
Age 18 - 45
Asset management Passive
Distribution of investments 100% stocks
Currency EUR
Level of risk High
Management fees percentage of annual pension plan assets:
Pension fund administration fee 0.25%
Asset management commission 0.2%
Holding bank fee 0.08%
Apply
CBL Aktīvais
Age 18 - 53
Asset management Active
Distribution of investments 50% stocks, 50% bonds
Currency EUR, USD
Level of risk Moderately high
Management fees percentage of annual pension plan assets:
Pension fund administration fee 0.2% - 1.7% **
Asset management commission 0.3% - 0.8% **
Holding bank fee 0.1% - 0.15% **
Apply
CBL Sabalansētais
Age 53+
Asset management Active
Distribution of investments 75% bonds, 25% stocks
Currency EUR
Level of risk Medium
Management fees percentage of annual pension plan assets:
Pension fund administration fee 0.2% - 2% **
Asset management commission 0.3% - 0.7% **
Holding bank fee 0.1% - 0.15% **
Apply

** Commission fee rate applied depending on agreement type and the amount of capital saved.

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 30.06.2024.
  • Offer is valid for current plans: CBL Aktīvais, CBL Aktīvais USD, CBL Sabalansētais.
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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 4000 EUR per year. More information in the section on personal income tax refund.

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/ CBL Indeksu)
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.

Is it possible to stop contributing to the 3rd pillar pension?

Termination of contributions must not be agreed with the pension fund. Any member may freely choose to reduce or suspend contributions, or to terminate them at all. Investment result will be calculated every month for the amount already paid into the pension plan.

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.

What are the possibilities for receiving a accumulated pension upon reaching the age of retirement (55 years)?

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.

When can I get the accumulated pension capital?

Supplementary pension capital is available at the age of 55.
In some cases, the supplementary pension capital may also be paid out earlier:

  • If the member has been employed for a certain period in a profession included in the Cabinet Regulation No. 46 dated 01.08.2020. More information here.
  • If the member is recognized as a Group 1 disabled person for life;
  • The heir or named beneficiaries in the event of the death of a member of the pension plan.

What happens if the employer has made contribution to the member’s pension fund and this member, after some time, changes the employer?

  • The member can find out at the new place of employment whether there is a possibility that the new employer will contribute to the pension fund under the member’s individual or new collective agreement;
  • The member may enter into an individual membership agreement and continue to cooperate with the pension fund as a natural person by transferring supplementary pension capital from the collective agreement to his / her individual agreement;
  • The member can leave everything unchanged; the previous employer contributions to the employee's account will continue to work, in accordance with the pension plan investment policy.

How can I get the private pension?

A member of the pension fund must present a personal identification document at any Citadele Banka Customer Service Centre and fill out an application for payment of the accrued supplementary pension capital.
The private pension can be paid all at once or in instalments over a longer period. Private pension 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 accumulated supplementary pension capital can be received on a current account with Citadele Banka opened free of charge. Payment of the supplementary pension capital shall take place within two weeks of receipt of the application by CBL Open Pension Fund.

How can I find out what happens to my accrued 3rd pillar pension capital?

Once a year, the CBL Open Pension Fund sends a report through the Citadele Online Banking or by mail or email (by request of the custmer) to clients who do not have Internet Banking, regarding the status of their individual account, including information on contributions, disbursements, commission deductions, investment performance, and other information.
Pension plan members using Citadele Online Banking can keep track of changes in their accumulated pension capital through the Online Banking. The member can obtain information about his / her accumulated capital by coming to any Citadele Banka Customer Service Centre and presenting an identity document.

How do I change my CBL level 3 pension plan?

To change your pension plan, you must sign a new level 3 pension agreement, choosing a specific plan: CBL Index, CBL Active, CBL Active USD or CBL Balanced. Find out more on how to sign a level 3 pension plan agreement 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.

Can I change my pension plan and pension fund?

A member of a pension fund may at any time transfer the supplementary pension capital to another pension plan or pension fund. The order will be executed within two weeks after receipt of all necessary documents in the pension fund.

What are the guarantees for the security of the funds invested in pension plans?

Legislation requires that pension fund members’ cash and other assets be kept off-balance sheet of the bank by both the pension fund AS CBL Open Pension Fund, the asset manager IPAS CBL Asset Management and the asset custodian AS Citadele Banka. The supplementary pension capital accumulated in an individual account can not become the property of an asset manager, an asset custodian or an employer.
The Private pension funds law sets out the financial instruments and their percentages - where and to what extent money can be invested, with maximum distribution of all types of risk.
Pension fund members’ funds are additionally supervised by the Latvian Bank and international auditors.

Is it possible to make contributions to several pension funds?

There are no restrictions; the client can be a member of several private pension funds. It is only to be noted that the personal income tax relief applies to all contributions made to pension funds in total, up to a maximum of 10% of the gross annual salary, however, not exceeding 4000 EUR per year.

What is the minimum contribution amount? Do I have to make payments regularly?

There are no requirements for the regularity of payments. Contributors may make contributions whenever they wish, by determining the size and regularity of their contribution.

How can I make a contribution to the pension fund?

Contribution to the pension fund can be made:

  • As with any other type of payment: online banking.
  • Using the bank service Regular payment.
  • Make a payment from other banks (specifying the recipient, IBAN, purpose of payment (contract number))
  • Make a deposit in branches.

Can the accumulated private pension capital be inherited?

In the event of the death of a member, his or her heirs are entitled to the accumulated supplementary pension capital, unless the member in the membership agreement has specified another person (or several persons) who will receive the accumulated supplementary pension capital outside the order of succession.

How do I transfer my funds to my new level 3 pension plan?

You can request the transfer of your existing level 3 pension savings to your new chosen pension plan by submitting an order through the 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 level 3 pension plan CBL [current pension plan] (individual agreement number XX-XXXXXXXXXXX) to my level 3 pension plan CBL [new pension plan] (new individual agreement number XX-XXXXXXXXXXX).  

Press “Next” and authorise the order.   

We will then transfer the funds from your old agreement to your new one.

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
  • CBL Indeksu (for contributions in EUR) account No. LV04PARX0000299400024

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

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 4000 EUR per year. More information in the section on personal income tax refund.

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/ CBL Indeksu)
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.

Is it possible to stop contributing to the 3rd pillar pension?

Termination of contributions must not be agreed with the pension fund. Any member may freely choose to reduce or suspend contributions, or to terminate them at all. Investment result will be calculated every month for the amount already paid into the pension plan.

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.

What are the possibilities for receiving a accumulated pension upon reaching the age of retirement (55 years)?

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.

When can I get the accumulated pension capital?

Supplementary pension capital is available at the age of 55.
In some cases, the supplementary pension capital may also be paid out earlier:

  • If the member has been employed for a certain period in a profession included in the Cabinet Regulation No. 46 dated 01.08.2020. More information here.
  • If the member is recognized as a Group 1 disabled person for life;
  • The heir or named beneficiaries in the event of the death of a member of the pension plan.

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.  Service provided by Citadele subsidiary CBL Asset Management.
Learn more
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Short terms savings

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

Use the opportunity to invest part of the paid insurance premiums and create savings, for example, for children's education. Apply and receive an annual income tax rebate of up to 20 %. Service provided by Citadele subsidiary AAS CBL LIfe.
Learn more

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: CBL Aktīvais, CBL Aktīvais USD, CBL Sabalansētais, CBL Indeksu.
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 CBL Indeksu 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.