The State Social Insurance Agency (SSIA) will inform fund managers on a quarterly basis about the 2nd pension pillar participants whose funds they manage. The SSIA will provide fund managers with the participants' data: name, surname, personal identity number, address of declared residence and information on the investment plan chosen by the participant.
This is foreseen in the amendments to the Law on State Funded Pensions which enter into force on 1 July.
This change is introduced to allow fund managers to assess whether a participant is in an investment plan appropriate to his/her age. If the choice is not age-appropriate, fund managers will advise on the choice of a more appropriate plan that would allow the participant to save more for old age.
Currently, eight fund managers manage the funds of the 2nd pension pillar, offering 33 investment plans. There are 1.3 million members in the 2nd pension pillar, of which 74% have chosen active investment plans, 14% conservative investment plans and 12% balanced investment plans.
You can find out your chosen fund manager and investment plan on www.latvija.gov.lv, by selecting the e-service “SSIA information and services”.
The performance of investment plans can be viewed at www.manapensija.lv.
You can change your fund manager once per calendar year and your investment plan twice per calendar year with each of the fund managers by submitting an application via www.latvija.gov.lv or by visiting any customer service centre of the SSIA in person.