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Ceturtdiena 20.02.2020 | Name days: Smuidra, Vitauts, Smuidris
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5.8% of 2nd pension level participants in Latvia want their pension savings inherited

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Latvia, pension, transfer, inheritance, VSAABy 10 February 2020 a total of 74 825 people or 5.8% of all 2nd level pension participants have used their right to have savings of their pension transferred to someone else if they die prior to reaching retirement age, as reported by the State Social Insurance Agency (VSAA).

There is an ongoing trend observed when the majority of people or 67% decide to have their 2nd pension savings inherited by someone else in accordance with the Law on the Civil Process, 31% want their pension savings transferred to a specific person’s 2nd level pension, whereas the rest want their pension savings transferred to the state budget.

Currently VSAA has on record a total of 476 of 2nd level pension level participants who died in January. 450 people had not made the choice if favour of their pension being inherited by someone else. As a result, their pension savings have been transferred to the state special pension budget. The total amount transferred to the state budget is EUR 1.079 million.

Every day VSAA receives more than two thousand requests for pension inheritance options, as reported by the agency.

Statistical information from VSAA shows that 5 282 participants of 2nd level pension system had died last year before reaching retirement age. EUR 11.3 million was transferred to the state special pension budget after their deaths.

VSAA reminds that every 2nd pension level participant that has yet to have made up his or her mind in regards to their pension have the right to pick what should happened to their pension capital if they die before reaching retirement age. This right is available to them since January 2020. The person can change their choice and VSAA will take into account their choice.

Read also: 67 826 Latvian residents want their pension savings passed on after death


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