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

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

Lifetime pension insurance

Get great value out of your pension savings

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Apply for a consultation

Service provided by Citadele Group company AS CBL Life.

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Set your payment frequency

Receive your pension monthly, quarterly, biannually or annually

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No additional payments to make

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

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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
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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: Aug 2023
End of guaranteed disbursement period: 04 Aug 2025
Your calculated Lifetime Pension
51.68 EUR

Biannual disbursement

The offer was prepared on 02.06.2023. 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?

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Fill in an SSIA application

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

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

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.

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.

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.

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

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.

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.

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"

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.

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.

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.

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

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.

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.

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