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What is the Lifetime Pension?

What is the Lifetime Pension? The Lifetime Pension Insurance is a way to receive the capital accumulated in the 2nd pension pillar in a convenient way suitable to your needs during retirement years

  • Guaranteed pension pay-out until the end of your life
  • Pay-out of the pension will be adapted to your individual needs
  • An opportunity to take care of your loved ones by specifying the beneficiary who, in case of your death, will continue to receive your earned pension

Reaching the State retirement age or in case of premature retirement, you have to make a choice of how to receive your capital accumulated in the 2nd pension pillar:

  • to add the accumulated capital to the funds of the 1st pension pillar and receive it together with the old-age pension;
  • to enter into the Lifetime Pension Insurance contract with an insurance company, under which the pension will be paid to your account.

By signing the Lifetime Pension Insurance contract with SEB Dzīvības apdrošināšana, you will get:

  • Guaranteed pension pay-out until the end of your life.
  • An option to receive pension monthly, quarterly, semi annually or annually.
  • An opportunity to take care of your loved ones -by specifying the beneficiary who, in case of your death, will continue to receive your earned pension.
  • Regardless of your place of residence, you can contact your private consultant regarding any matters.

Preparation of the Lifetime Pension Insurance contract by SEB Dzīvības apdrošināšana is free of charge.

The amount of the Lifetime Pension can be established by using Lifetime Pension Insurance calculator (LAT).

Please provide your contact information, and the SEB Dzīvības apdrošināšana experts will contact you to discuss your options to use the Lifetime Pension Insurance.

If you have any questions, please call 67079800.

How can I find out the amount of accumulated capital in my 2nd Pension Pillar?

You may find out the amount of your accumulated capital at any branch of SSIA or by visiting the portal www.latvija.lv (selecting the report "Account Statement of the Member of State Funded Pension Scheme (2nd pension pillar)" under "E-services").

Reaching retirement age, am I required to apply for receiving the capital of my 2nd Pension Pillar?

No, you are not required to apply. Also, if you apply for receiving the old-age pension (1st pension pillar), pay-out of 2nd pension pillar capital may be postponed.

Can I get the whole sum of savings of the 2nd Pension Pillar in a single pay-out?

No, the procedures in effect in the country does not provide for such a possibility.

How can the 2nd Pension Pillar capital be handled by a pensioner who continues working?

You are free to choose when to begin receiving the 2nd pension pillar savings. Once you have decided to do it, you should contact SSIA. More information is available in the section "How to apply for the Lifetime Pension".

Is my money safe if I choose the Lifetime Pension Insurance?

Yes, because the service is strictly governed by the laws of the Republic of Latvia, and the Lifetime Pension is protected by the guarantees of the Insured Protection Fund.

May I withdraw from the signed Lifetime Pension Insurance contract?

A person may withdraw from the contract within 15 days after entering into the Lifetime Pension Insurance contract. When the contract has come into force (starting with day 16), it is not possible to terminate the contract, change the terms of the contract or add capital to the State pension.

What happens if I receive the Lifetime Pension, but at the same time I continue working?

In this case, the account of the participant in the 2nd pension pillar is closed and the social insurance contributions are directed entirely to the 1st pension pillar. Once a year recalculation of the State pension is performed.

May I enter into Lifetime Pension Insurance contracts with several insurance companies?

No, the Lifetime Pension Insurance contract may be signed with only one insurance company.

Does the recipient of the Lifetime Pension have to pay taxes?

At the moment of payment of each Lifetime Pension, the personal income tax is withheld in accordance with the applicable rate. If the amount of the Lifetime Pension together with the State retirement pension does not exceed the statutory non-taxable minimum, each year, the insured can get a tax refund from the State by submitting an income statement to the SRS.

Who can be a beneficiary?

A beneficiary can be any person chosen by the client of the Lifetime Pension Insurance. The beneficiary may be changed unlimited times during the guaranteed payment period.

What is the guaranteed payment period?

It is the period during which the beneficiary, in case of death of the client of Lifetime Pension Insurance, continues to receive the pension intended for the client. The Lifetime Pension is paid to the beneficiary to the extent and regularity it is given in the Lifetime Pension Insurance contract.

How and how long does the payment of the Lifetime Pension take place to the beneficiary?

The payment of the pension will be paid to the beneficiary in the same amount, as provided to the client of the Lifetime Pension Insurance.

If you have any questions, please call 67079800.

I would like an SEB employee to contact me

You will receive a call from the SEB employee to discuss your possibilities to use the Lifetime Pension Insurance.

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