Banks, Financial Services, Funds, Latvia, Pensioners

International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2019, 17:49

Contributions to private pension funds in Latvia up 10.2% in nine months

BC, Riga, 12.12.2018.Print version

Contributions made by participants of the pension plans grew 7.4% year-on-year to EUR 40.302 mln in the first nine months of 2018, while contributions made by employers climbed 20% to EUR 8.575 mln.


At the end of September 2018, the capital accumulated in the private pension funds totaled EUR 460.767 mln, up 6% from the end of last year.


Meanwhile, EUR 18.096 mln were paid out from the private pension capital in the first nine months of this year, down 21 % from the respective period in 2017. Of this amount, 94.1% or EUR 17.021 mln were paid out as the participants of the pension plans reached the retirement age.


According to the FCMC, the average yield of the pension plans in the first nine months of 2018 was -0.7%, while for individual pension plans the yield rate was in the range from -2.3% to 2.1%.


The number of participants in the private pension plans grew by 11,400 or 4% in the first nine months of 2018 to 297,879 at the end of September, or 30.1% of Latvia’s working-age population.

At the end of September 2018, there were six private pension funds operating in Latvia, including five open and one closed fund, offering 18 pension plans.

 






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