Estonia, Financial Services, Funds, Investments, Pensioners

Tuleva is a commercial association uniting its members for making pension investments, the website of the undertaking says. In order to establish the pension fund, it is planned to set up a fund manager. According to the data of the commercial register, neither had yet been founded by Tuesday.

The investors plan to open the first pension fund after mustering up the necessary number of contributors and a starting capital of 3 million euros of which 200,000 euros has been raised to date. The undertaking is also subject to regulatory approval.

Tuleva plans to invest pension collectors' money in stocks of the whole world and bonds from all over Europe in proportion to their market weight.

According to the website, the Tuleva fund will charge a management fee of 0.55%.

By comparison, management fees of Estonia's biggest pension fund manager, Swedbank Investeerimisfondid AS, are in a range of 0.61% to 1% depending on the fund.

The founders of Tuleva are Annika Uudelepp, Daniel Vaarik, Priit Lepasepp, Tonu Pekk, Henrik Karmo, Taavi Lepmets, Indrek Kasela, Taavet Hinrikus, Kristo Kaarmann, Loit Linnupold, Veljo Otsason, Rain Rannu, Sandor Liive, Heikko Mae, Gerd Laub, Triinu Tombak, Kadi Lambot, Kirsti Pent, Mall Hellam, Allan Kaldoja, Indrek Neivelt and Jaak Roosaare.