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Wednesday 18.10.2017 | Name days: Rolanda, Rolands, Ronalds, Erlends
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Future pensioners’ retirement fund capital has increased by 13 million

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOver the course of Q3 2013, 2nd level pension capital of future pensioners had increased by LVL 12 million. That of 3rd level pension level had increased by LVL 1.2 million, according to the overview of pension funds compiled by Association of Commercial Banks of Latvia.

Ever since the launch of the state funded pension plan, pension plan managers have earned approximately LVL 180 million, which is 16% of the plan’s total assets (LVL 1.13 billion). This amount is the result of investments from which all asset management and administrative costs have been deducted (remuneration for managers, banks and other expenses), ACBL reports.

Q3 2013 was the first full quarter when the state funded pension plan’s deposits were administered at an increased rate of 4%. Statistical data suggests that deposits reached LVL 41 million this quarter. Profits from investments are estimated at LVL 12 million. The number of participants of the state funded pension plan reached 1.2 million at the end of September.

The average private pension capital increased by LVL 18 (3%) and reached LVL 718 per participant Q3 2013.

In total, 3rd level pension plan average profitability reached 1.49% at the end of September. Profitability of long-term pension plans remains largely stable, especially within the group of balanced pension plans. Returns of deposit made to 3rd level pension plans provide profitability of over 4.5% annually.

215,706 residents of Latvia keep their savings on 3rd level pension plans. Their numbers increased by 1% (2,541) in Q3 2013. The largest activity in participation in private pension plans is shows by private persons, not employers, as it is in Western Europe. 74% of all Latvian participants in the 3rd level pension plan are private persons who deposit money for their own sake.

Ref: 102.109.109.9938


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