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Lifetime pension insurance

Apply if you will soon reach 65 years 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.
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Set your payment frequency

Receive your pension monthly, quarterly, biannually or annually

No additional payments to make

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

Your pension can be bequeathed to any beneficiary

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

Service provided by Citadele Group company AS CBL Life.

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

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: Jul 2025
End of guaranteed disbursement period: 04 Jul 2027
Your calculated Lifetime Pension
58.45 EUR

Biannual disbursement

The offer was prepared on 22.05.2025. and is valid for 30 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.

Need help?

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

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

There are several ways to find out how much you have in your 2nd pension pillar savings.

1. Citadele Online Bank

Under: Pensions > 2nd pension pillar > Learn your accrued 2nd pillar pension funds.

2. The Latvian State Portal

At the https://latvija.gov.lv/ homepage, under: E-services > Information and services > Request service.

Log in and you will be shown your 1st, 2nd and 3rd pension pillar savings.

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?

If you continue to work once you reach retirement age, you can do the following with the capital saved in your 2nd pension pillar:

  • Use it to purchase a Lifetime Pension Insurance policy, and decide the amount and frequency you would like your pension payments to be.
  • Add it to the capital saved in your 1st pension pillar, and receive your pension payments in accordance with the Law on State Pensions.
  • If you continue to work, your social contributions will be added to your 1st pension pillar.

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

Until the 31st December, 2024, those who have reached the age of 64 years and 9 months and who have worked for no less than 15 years can receive their 2nd pension pillar savings.

Meanwhile, as of the 1st January, 2025, those who have reached the age of 65 and who have worked for no less than 20 years will be able to receive their 2nd pension pillar savings.

Does a Lifetime Pension count as taxable income?

When your Lifetime Pension is disbursed, personal income tax is deducted from the payment. 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 State Revenue Service, you can receive a tax refund from the state. 

How will the Beneficiary receive my Lifetime pension?

For your beneficiary to receive your Lifetime Pension, they must submit:

  • an application to receive a Lifetime Pension;
  • a copy of their passport or ID card, after showing us the original;
  • a copy of your death certificate, after showing us the original (if requested by the insurer).

Pension payments will resume with the next regular payment date once all necessary documents have been submitted.

Your Lifetime Pension will be paid to your beneficiary until the end of the guaranteed period as detailed in the policy. The insurer will also disburse the unpaid portion of your pension for the period between your date of death and us receiving the application.

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

No. You can only sign a Lifetime Pension agreement with one insurance company. 

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

When signing a Lifetime Pension agreement, bear in mind:

  • Change of beneficiary. During the guaranteed disbursement period, you are free to change your beneficiary;
  • Breaking the agreement. You can cancel the agreement within 15 days of signing;
  • Adding capital. You will not be able to add your saved capital to your 1st pension pillar savings;
  • Change of contact details. You can change your contact details and account number for the entire duration of your agreement.

What is Lifetime Pension?

Lifetime Pension Insurance, or a Lifetime Pension, is a way of receiving your 2nd pension pillar savings. The amount and method of receiving your savings is stipulated in your insurance agreement.

How to change the account into which Lifetime Pension is paid?

To change the account into which your Lifetime Pension is paid:

  • Citadele Online Bank users: under Correspondence With Bank, submit a free-form order informing us of your up-to-date account number;
  • If you are not an online bank user: send us a letter signed by secure online signature to life@citadele.lv, or visit your nearest Citadele branch.

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

There are several ways to find out how much you have in your 2nd pension pillar savings.

1. Citadele Online Bank

Under: Pensions > 2nd pension pillar > Learn your accrued 2nd pillar pension funds.

2. The Latvian State Portal

At the https://latvija.gov.lv/ homepage, under: E-services > Information and services > Request service.

Log in and you will be shown your 1st, 2nd and 3rd pension pillar savings.

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?

If you continue to work once you reach retirement age, you can do the following with the capital saved in your 2nd pension pillar:

  • Use it to purchase a Lifetime Pension Insurance policy, and decide the amount and frequency you would like your pension payments to be.
  • Add it to the capital saved in your 1st pension pillar, and receive your pension payments in accordance with the Law on State Pensions.
  • If you continue to work, your social contributions will be added to your 1st pension pillar.

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

Until the 31st December, 2024, those who have reached the age of 64 years and 9 months and who have worked for no less than 15 years can receive their 2nd pension pillar savings.

Meanwhile, as of the 1st January, 2025, those who have reached the age of 65 and who have worked for no less than 20 years will be able to receive their 2nd pension pillar savings.

Does a Lifetime Pension count as taxable income?

When your Lifetime Pension is disbursed, personal income tax is deducted from the payment. 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 State Revenue Service, you can receive a tax refund from the state. 

How will the Beneficiary receive my Lifetime pension?

For your beneficiary to receive your Lifetime Pension, they must submit:

  • an application to receive a Lifetime Pension;
  • a copy of their passport or ID card, after showing us the original;
  • a copy of your death certificate, after showing us the original (if requested by the insurer).

Pension payments will resume with the next regular payment date once all necessary documents have been submitted.

Your Lifetime Pension will be paid to your beneficiary until the end of the guaranteed period as detailed in the policy. The insurer will also disburse the unpaid portion of your pension for the period between your date of death and us receiving the application.

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

No. You can only sign a Lifetime Pension agreement with one insurance company. 

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

When signing a Lifetime Pension agreement, bear in mind:

  • Change of beneficiary. During the guaranteed disbursement period, you are free to change your beneficiary;
  • Breaking the agreement. You can cancel the agreement within 15 days of signing;
  • Adding capital. You will not be able to add your saved capital to your 1st pension pillar savings;
  • Change of contact details. You can change your contact details and account number for the entire duration of your agreement.

What is Lifetime Pension?

Lifetime Pension Insurance, or a Lifetime Pension, is a way of receiving your 2nd pension pillar savings. The amount and method of receiving your savings is stipulated in your insurance agreement.

How to change the account into which Lifetime Pension is paid?

To change the account into which your Lifetime Pension is paid:

  • Citadele Online Bank users: under Correspondence With Bank, submit a free-form order informing us of your up-to-date account number;
  • If you are not an online bank user: send us a letter signed by secure online signature to life@citadele.lv, or visit your nearest Citadele branch.

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