As a second pillar pension scheme participant that has not yet claimed the retirement pension you can fill an application (or in person in State Social Security Agency) and indicate, who should inherit your second pillar pension capital: 

• If you would like to assign your pension capital for other pensions, choose “include in the state special pension budget”
• If you would like to assign your pension capital to a specific person, adding your pension capital to the chosen person’s own second pillar pension capital, choose “add to the state funded pension capital to the chosen person” 
• If you would like to assign your pension capital to the relatives (spouse, children, etc.), choose “add for inheritance in accordance to the civil law”. In this case the inheritance will be received by the inheritors (based on the relative type or will) and will be able to decide to either withdraw the inheritance in funds or to add to the own second pillar pension savings.

Asset manager can be changed once in a calendar year and the investment plan within the same asset manager can be changed twice a year.

When deciding on the asset manager and the investment plan, pay attention to the following: 

• Investment policy of the investment plan and yield results 
• Experience, reputation and stability of the asset manager
• Commissions charged for the asset management services 
• Reputation of the custodian bank, where the assets of the investment plan will be safekept

Total commission for the asset management services of Active investment plan Integrum is 0.6%. It includes both – remuneration to the asset manager and remuneration to the custodian bank. Integrum does not charge any performance fee for the asset management services, therefore our interests as the asset manager are aligned with the interests of our clients in the long-term capital appreciation.

At least 50% of the assets of the Active investment plan Integrum are invested in the fixed income financial instruments and in deposits with the financial institutions that ensures stable appreciation of the asset value with limited short term volatility. 

To enhance the long-term value appreciation, up to 50% of the assets of the investment plan can be invested in the investment funds that may invest in stocks and other similar financial instruments by risk type as well as in alternative investment funds. 

Investments are done on differing maturity dates in EU countries and other countries ensuring that at least 70% is invested in EUR denominated assets. Investment concentration in the specific geographical region or industry is not intended.

he results of all the second pillar pension plan asset managers and commissions charged can be obtained in the portal www.manapensija.lv.

Data regarding the savings of the second pillar pension can be obtained:

• In person in any SSSA branch
• In the united portal of the state and municipalities www.latvija.lv

The amount of savings in the second pillar pension is dependent on the following:

• Your salary and the amount of social payments
• The rate of the installments in the second pillar pension (since year 2016 it is 6% from the gross salary)
• The yield on the chosen investment plan
• Length of the participation in the second pillar pension scheme prior to the retirement

Total amount of the investments in the pension capital is 20% from your gross salary that is currently already automatically paid from your social security payments and divided by the first pillar pension (14%) and second pillar pension (6%). Therefore, by joining the Active investment plan Integrum, additional social security payments are not required.

Second pillar pension allows you to ensure the larger pension after retiring, because part of your social security payments that are assigned to retirement pension is invested in the financial and capital markets – securities and deposits with the financial institutions. Therefore, the accumulated capital is working in your favor and helps you to grow your pension. Furthermore, if the first pillar pension installments are used to fund the pensions of the current pensioners, then the installments that are made in the second pillar pension are used only for your own pension when retire.