Investment policy

 Investment policy – Luminor Progressive pension plan (approved by the FCMC on 04.04.2022) 
 Investment policy – Luminor Balanced pension plan (approved by the FCMC on 04.04.2022) 
 Investment policy – Luminor Index Pension Plan Sustainable future (approved by the FCMC on 04.04.2022) 

We would like to inform you that on January 24, 2022, the Board of Luminor Latvijas atklātais pensiju fonds AS approved changes in the regulations (prospectus) and investment policies of Pension plans, which were registered with the Financial and Capital Market Commission on April 4, 2022. Please find information about the changes here (in Latvian).

 Investment policy – Luminor Progressive pension plan
 Investment policy – Luminor Balanced pension plan
 Investment policy – Luminor Index Pension Plan Sustainable future

Prospectus

 Pension plan prospectus - Luminor Progressive pension plan (approved by the FCMC on 04.04.2022) 
 Pension plan prospectus - Luminor Balanced pension plan (approved by the FCMC on 04.04.2022) 
 Pension plan prospectus – Luminor Index Pension Plan Sustainable future (approved by the FCMC on 04.04.2022) 

We would like to inform you that on January 24, 2022, the Board of Luminor Latvijas atklātais pensiju fonds AS approved changes in the regulations (prospectus) and investment policies of Pension plans, which were registered with the Financial and Capital Market Commission on April 4, 2022. Please find information about the changes here (in Latvian).

 Pension plan prospectus - Luminor Progressive pension plan
 Pension plan prospectus - Luminor Balanced pension plan
 Pension plan prospectus – Luminor Index Pension Plan Sustainable future

Provisions for disbursement of accrued supplementary pension capital

The accumulated supplementary pension capital is available for disbursement upon reaching the age of 55

However, it is possible to continue participating in the pension plan and increase the amount of supplementary pension capital until the desired age. The supplementary pension capital is available for participants prior reaching the age of 55 in the following situations:

  • you have 1st group disability for life or
  • you have worked at least 10 years in one of the special professions specified in Cabinet Regulations 466.

The accumulated supplementary pension capital can be withdrawn all at once or in installments

After full accumulated capital withdrawal, you can continue contributing and saving or terminate the Individual participation agreement.

There are several ways to apply for accumulated supplementary pension capital

  • You can apply in person at the Luminor’s branch.
  • If you can sign the documents electronically, you can apply for the capital payment by filling in the web form on Luminor’s website. After the form is filled, the bank’s employee will contact you and send the application for signing to the e-mail address specified in the application
  • If for receiving the accumulated capital, it is necessary to submit an additional document confirming the right to receive it, the payment can be made remotely only in case, if the additional document is electronically signed by its issuer (for example, an employer's electronically signed certificate confirming seniority and profession).

The minimum amount of partial capital disbursement is 50 EUR. The disbursement will be done within 10 working days.

Information on taxes and the sequence of capital disbursement

You can withdraw the contributions for which you have used the personal income tax refund in the calendar year after the following year, so that the recovered tax amount does not have to be returned to the state. For example, if you made the contribution in 2020, received tax refund in 2021, you can withdraw this contribution in 2022.

In accordance with the Law “On Personal Income Tax”, personal income tax is deducted at the time of payment by the Pension fund:

  • 20% of income from pension plan’s capital investments (profit);
  • 23% of the employer's contributions. 

In case of disbursement of the part of accumulated pension capital, the payment is made in the following order:

  • participant’s contributions or contributions made on behalf of the participant are paid first, in proportion to the participant's, employer's or other contributions.
  • if the amount of contributions is less than the requested pay-out amount, then the income from the investment of pension capital (profit) is paid out.

​ Accumulated supplementary pension capital withdrawal methodology in Latvian

Pension plans` performance