Savings for Pension
|You can take small, albeit important, steps already now to have a really enjoyable retirement. We recommend that you begin making contributions to Nordea pension plans to supplement your state-provided pension.|
Your pension savings will be managed by Nordea experts, who will take good care of the stability of your money deposited with one of the largest European banks and make sure that nothing disturbs your peace of mind.
Nordea – Experts in Management of Pension Savings
- 1233 professionals who work in all Nordic countries
- Total amount of funds managed by Nordea experts – EUR 48,1 billion
- The amount of assets managed by Nordea experts has increased over 40 % in the past 5 years
- Largest provider of retirement and life insurance services in Nordic countries with the largest market share of 11,8 %
Pension System in Latvia
Latvia has a three-pillar pension system where the first pillar pension contributions are mandatory, partly mandatory for the second pillar and voluntary for the third pillar pensions. The three-pillar system ensures the successful separation of state and individuals’ responsibilities for their retirement pensions. In essence, the size of a retirement pension largely depends on the amount of contributions, the period over which the contributions are made, and the selected pension plan. That is why you should invest in the 2nd and 3rd pillar pensions already now.
1st Pillar Pensions
The state guarantees 1st pillar pensions for all residents who have been making social contributions for a period of at least 10 years. Part of the contributions is used to pay pensions to the existing pensioners. When an individual reaches retirement age, his or her pension is calculated taking into account the person’s length of service and the amount of contributions made.