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Tuesday 19.06.2018 | Name days: Nils, Viktors
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FCMC: amount of contributions to 3rd level pension plans reaches new record

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUResidents’ interest for pension savings remains high. The volume of contributions to private pension plans in the first six months of 2017 reached a new historic maximum, as reported by representatives of the Finance Capital and Market Commission.

A total of EUR 29.4 million was paid to 3rd pension plans in the first half-year of 2017. This means 14.4% more than was paid in the same period of 2016. Contributions from participants grew 16.3% and contributions from employers grew 5.1%. The total volume of capital saved on different pension funds reached EUR 398.4 million at the end of June, growing 4.7% in the first six months.

EUR 16.4 million was paid from pension plans in the first six months of 2017, which is 1.6% less than the year before. 98% was paid in relation to recipients entering pension age.

The average yield of pension plans in the first half-year of 2017 was 1.5%. For individual plans, it ranged from -4.5% to +3.8%. The decline of US dollar value before euro (by 8% in six months) had negatively impacted results of pension plans that use US dollar.

At the end of June, a little more than half of pension plans’ portfolios consisted of contribution fund certificates, 45% of which focused on fixed income contribution tools and 48% were based on contributions in stocks or their indexes. The second largest ratio in portfolios consisted of securities with fixed income (37%). Most (71%) of them are state-emitted or guaranteed securities.

In Latvia, the volume of contributions declined EUR 7.9 million in the first half-year, reaching EUR 101.1 million at the end of June. With that, the volume of contributions in the total portfolio declined from 28.5% to 25%.

The total number of pension plan participants grew by 6.7 thousand in the first six months of 2017. This means 2.5% more. At the end of June, the number of different pension plan participants reached 278,925 – 28.5% of Latvia’s economically active residents.

Ref: 225.109.109.5201


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