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Employer‘s savings program for employees

Employer‘s savings program for employees

Full support of implementing and assisting employees' with 3PP product in your company
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Additional motivation for employees

Tax allowance

Improves the employer’s image

Support in introduction of the motivation programme

More favourable solution than a salary raise

  Salary raise, € Contributions to the employee's pension fund, €
Amount of motivation 100 100
Employer's social payments 23,59 0
The employer's total costs 123,59 100
The employee's social payment costs 10,50 0
The employee’s personal income tax (PIT) 17,90* 0
The employee's overall benefit 71,60 100**

*The calculation uses the 2021 tax rates – which may change following amendments to regulatory enactments
**When paying out the capital, the following are withheld from the employee: PIT from the employer's contributions (20%, 23%, or other rate in force at the time) capital gains tax at 20% of profit

Why should employees choose the 3rd pension pillar?

20% tax refund for the contributions made*

Access your savings at the age of 55

The accrued capital can be inherited

Stable long-term performance**

Receive 28% more from your employer***

*PIT allowance for the amount not exceeding 10% of gross yearly salary (counted together with premiums on life insurance with savings), but not exceeding €4,000. Calculation example: receive a PIT refund of €20 on each €100 contributed.
**Based on data as of 31.20.20, the Luminor Progressive pension plan annually earned its participants average of 3.55% over a period of 5 years, while the Balanced pension plan made 1.62%. The historical performance of a particular pension plan does not guarantee the same results in the future. 
***28% are formed by PIT and social insurance contributions. PIT from the employer's contributions (20%, 23%, or other rate in force at the time) Capital gains tax of 20% of profit.

You could take the first step towards long-term motivation program and well-being of your employees by starting savings for the future of employees in the 3rd pension pillar.

We recognize that each organization has its individual values, needs and long-term goals. Our experienced team works closely with you to offer pension solutions that align with your company's culture and your employees' aspirations.

Our experienced pension product expert Aiga Kube will support your company fully for joining employer's pension solution. Aiga is here to simplify the process, providing clear explanations and answering your questions. We ensure that your employees are informed to make confident decisions.

Contact Aiga already today to learn more about our Luminor Employer ‘s savings program for employees and take the first step towards a prosperous retirement journey.

Your employees deserve nothing less!

Aiga Kube

Partnership Manager
aiga.kube@luminorgroup.com
+371 264 09 680

Are you ready for your income drop by 60%?

According to the forecast of the Bank of Latvia savings in the 1st and 2nd pension pillars combined will be able to ensure no more than 40% of your average income. This means just €400 euros instead of €1000*.

*Average salary after taxes and average pension in Q4 2020.

Useful links

Pension plan applications
Accounts for contributions and bank account specification
Basic information for pension plan members
Pricelist

Luminor 3rd pillar pension plans are administered by Latvijas atklātais pensiju fonds, reg. No. 40103331798, Skanstes iela 12, Rīga, LV-1013, and is managed by Luminor Asset Management IPAS, Skanstes iela 12, Rīga, LV-1013. The custodian bank is Luminor Bank AS Latvian branch.
Disclaimer
Before choosing the specific pension plan you should consider the following risks:
• the more investments thereunder are being made into stocks and other instruments comparable to them the more risk of income fluctuation this entails (both to positive and negative direction);
• historical income results generated by specific pension plans do not guarantee the same results in the future;
• choose the pension plan with active investment strategy only if you understand the risks it entails and can financially bear them;
• the closer you are to the retirement age the more conservative pension plan would be the best option for you.
Luminor Latvijas atklātais pensiju fonds AS (hereafter - Pension Fund), informs that pursuant to the Clause 29 sub-clause (7) of the Law on Private Pension Funds, the engagement policy and voting rights on behalf of Pension Fund implements manager of funds - Luminor Asset Management IPAS, which engagement policy is available here.

Pension plans` performance

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