Banks, Financial Services, Funds, Latvia, Pensioners
International Internet Magazine. Baltic States news & analytics
Thursday, 18.04.2024, 12:39
Contributions to private pension funds in Latvia up 10.2% in nine months
Contributions made by participants of the pension plans grew
7.4% year-on-year to EUR 40.302 mln in the first nine months of 2018, while
contributions made by employers climbed 20% to EUR 8.575 mln.
At the end of September 2018, the capital accumulated in the
private pension funds totaled EUR 460.767 mln, up 6% from the end of last year.
Meanwhile, EUR 18.096 mln were paid out from the private
pension capital in the first nine months of this year, down 21 % from the
respective period in 2017. Of this amount, 94.1% or EUR 17.021 mln were paid
out as the participants of the pension plans reached the retirement age.
According to the FCMC, the average yield of the pension plans in the first nine months of 2018 was -0.7%, while for individual pension plans the yield rate was in the range from -2.3% to 2.1%.
The number of participants in the private pension plans grew
by 11,400 or 4% in the first nine months of 2018 to 297,879 at the end of
September, or 30.1% of Latvia’s working-age population.
At the end of September 2018, there were six private pension
funds operating in Latvia, including five open and one closed fund, offering 18
pension plans.