https://www.citadele.lv/en/private/lifetime-pension

Notification on Cookie Use

On our website, we use our own and third-party cookies. Essential cookies, which help us run and secure the website, do not need your consent. For the use of statistics, analytics and marketing cookie, we need your consent in order to provide more convenient website and online service usage, and offer you relevant content and services depending on your usage habits. You can agree to this us of cookies by clicking Agree, and you can cancel or adapt this at any time using the following link: Cookie Settings. Find out more: Cookie Terms and Conditions.

Agree Disagree
PRIVATE BUSINESS PRIVATE BANKING ABOUT THE BANK X REWARDS
PRIVATE
BUSINESS
PRIVATE BANKING
ABOUT THE BANK
X REWARDS
search close
open close
https://www.citadele.lv/en/private/lifetime-pension
  1. Private customers
  2. Lifetime pension insurance

Lifetime pension insurance

Get great value out of your pension savings

photo
Apply for a consultation

Service provided by Citadele Group company AS CBL Life.

icon

Set your payment frequency

Receive your pension monthly, quarterly, biannually or annually

icon

No additional payments to make

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

icon

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
photo

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: Feb 2024
End of guaranteed disbursement period: 04 Feb 2026
Your calculated Lifetime Pension
54.17 EUR

Biannual disbursement

The offer was prepared on 07.12.2023. 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.
Apply for a consultation

How do I apply for Lifetime Pension insurance?

icon

Fill in an SSIA application

Fill in an SSIA application for the use of your level 2 pension capital.
icon

Email your application

Email your application to the SSIA at pasts@vsaa.gov.lv, by mail, or at any of their customer service centres.
icon

Apply for a visit

Apply for a visit at one of Citadele's branches by calling 6701 0000, or fill in an application for a consultation once you have received an estimate from the SSIA.
icon

Fill in an SSIA application

Fill in an SSIA application for the use of your level 2 pension capital.
icon

Email your application

Email your application to the SSIA at pasts@vsaa.gov.lv, by mail, or at any of their customer service centres.
icon

Apply for a visit

Apply for a visit at one of Citadele's branches by calling 6701 0000, or fill in an application for a consultation once you have received an estimate from the SSIA.

Didn’t find the answer to your question?

Visit our interactive assistant and find the information you need

Interactive assistant
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"

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.

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.

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.

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.

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

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

In 2022, those who have reached the age of 64 years and 3 months can receive the capital saved in their level 2 pension, on the condition that they have worked for no less than 15 years.

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"

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.

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.

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.

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.

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

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

In 2022, those who have reached the age of 64 years and 3 months can receive the capital saved in their level 2 pension, on the condition that they have worked for no less than 15 years.

More opportunities

photo

Accident insurance

Choose accident insurance for yourself and your family and avoid sudden expenses after accidental injuries, disability or even death. Service provided by Citadele subsidiary AAS "CBL Life".
Learn more
photo

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
photo

Investment funds

One of the most popular financial instruments, which offers the chance to maintain and even grow the value of your savings. Apply for a consultation and achieve your goals. Service provided by Citadele subsidiary CBL Asset Management.
Learn more