Analytics, Financial Services, Funds, Latvia, Pensioners

International Internet Magazine. Baltic States news & analytics Sunday, 21.07.2024, 09:01

Latvia: Contributions to private pension funds grow 11.3% y-o-y in 2019

BC, Riga , 27.03.2020.Print version
A total of EUR 85.68 mln were paid into Latvia's private pension funds in 2019, which is a 11.3% increase against 2018, according to the data of the Financial and Capital Market Commission writes LETA.

Contributions made by individual participants of the pension plans last year grew by 10.9% y-o-y to EUR 69.7 mln, while contributions made by employers rose 2% to EUR 11.774 mln. Other contributions reached EUR 4.206 mln.

At the end of last year, the assets accumulated by the private pension funds were worth EUR 559.044 mln, up 21.2% y-o-y.

In 2019, the private pension funds paid out EUR 36.884 mln, which is by 47.7% more than in 2018. Most of the payouts or 96.4% were made because the participants of the private pension plans had reached the retirement age.

The number of private pension plan participants grew by 21,000 people or 6.9% in 2019 to 334,829 at the end of December 2019.

At the end of 2019, there were six private pension funds operating in Latvia, including five open funds and one closed fund that offered altogether 16 pension plans.

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