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Pension

Start accumulating now to receive higher income in old age

Swedbank pension is your first step towards a bigger pension. The earlier you start, the more you will accumulate. Why should you choose us for pension accumulation?

  • Almost 40 per cent of all Lithuanians who accumulate pension in the pillar II pension funds have chosen Swedbank.
  • Since 2004 till December of 2021 Swedbank pension funds generated over EUR 856 million for the customers.
  • In order to ensure a stable and profitable return for you, we invest in sustainable business.
Start accumulating

Do You have any questions?

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Swedbank pension provides a possibility to accumulate additional funds in pillar II pension funds and later receive the retirement income from two sources: Sodra and your pension fund.

Accumulation is simple because you will choose the suitable fund according to your birth year and will be able to accumulate in it until your pensionable age.

A contribution to your personal pension fund account will be comprised of two parts: a contribution calculated from your salary (gross) and an incentive contribution from the state budget calculated from the average national wages.

Calculation of these contributions and transfer thereof to pension funds is administered by Sodra, thus you don’t have to worry about it.
  • The Sodra old-age pension will not decrease because of the accumulation in pillar II pension funds.
  • Your accumulated funds are inheritable (until they are paid out).
  • By accumulating in pension funds, you assume the investment risk and there are no guarantees that the value of investment will grow. The results achieved in the past do not guarantee future results.
  • More detailed information is available in the Rules of the Pension Fund and the Investment Strategy Document.
  • Swedbank pension funds invest following the responsible investment policy.
  • Pension funds‘ assets are kept in a depository „Swedbank“, AB (Konstitucijos pr. 20A, Vilnius, Lietuva).

The amount of a contribution to your pension fund depends on your chosen accumulation model – minimum or maximum accumulation.

If you opt for maximum accumulation, your contribution to the pension fund will include:

  • A 3% contribution calculated from your salary (gross);
  • A 1.5% incentive contribution from the state budget calculated from the gross average national wages*.

For those who accumulate at a minimum rate, the contribution rates will gradually increase by 2023 until they reach the maximum contribution.

You can opt for maximum accumulation and increase your contribution to pillar II pensions funds already now on the Internet Bank or upon registration and arrival at a Swedbank branch of your choice.

* An incentive contribution from the state budget is calculated from the gross monthly national wages according to the official data of the Statistics Lithuania on the average wages of the year before last.

No worries

Having chosen a fund according to your birth year once, you will be able to accumulate in it until your pensionable age.

It is easy to start

You can start accumulating in pillar II pension funds or switch to Swedbank from another pension accumulation company without leaving home.

Life-cycle pension funds are balanced target group pension funds where investments are dynamically changed according to your age. The younger you are, the bigger share is invested in equity markets in order to get a bigger return on investment. As you are approaching the pensionable age, the share of equity in the fund (and the risk) gradually decreases, whereas the share of bonds and other more secure investment instruments (deposits, cash) increases in order to secure accumulated funds.

List of GC funds

You were born in 1996–2002 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 97% at the beginning of the accumulation period to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. At the beginning of the accumulation the share of risk assets may vary from 87% to 100%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1989–1995 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 97% at the beginning of the accumulation period to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. At the beginning of the accumulation the share of risk assets may vary from 87% to 100%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1982–1988 (inclusive).

In 2019, the IPE (Investments & Pensions Europe) magazine ranked Swedbank’s life-cycle fund “Pension 1982–1988” among the top three pension funds of Central and Eastern Europe.
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 97% at the beginning of the accumulation period to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. At the beginning of the accumulation the share of risk assets may vary from 87% to 100%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1975–1981 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 97% at the beginning of the accumulation period to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. At the beginning of the accumulation the share of risk assets may vary from 87% to 100%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1968–1974 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 97% at the beginning of the accumulation period to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. At the beginning of the accumulation the share of risk assets may vary from 87% to 100%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1961–1967 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 60% in 2019 to 15% at the end of the accumulation period, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. In 2019 the share of risk assets may vary from 50% to 70%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

You were born in 1954–1960 (inclusive).
  • The investment risk of the fund is gradually reduced with regard to the age of the participants of the fund. The aim of the fund is to accumulate maximum amount of the pension assets before the retirement date.
  • The strategic share of risk assets (for example, market shares, alternative investments) is dynamically reduced down from 25% in 2019 to 15% in 2022, thus achieving the optimum investment results throughout the whole accumulation period.
  • Bearing in mind the situation in the financial markets and its prospects, the share of risk assets can be increased or reduced within a 10% limit. In 2019 the share of risk assets may vary from 15% to 35%, and at the end of the accumulation period – from 5% to 25%.
Pension funds results

Documents

Documents

You were born before 1954.
  • The aim of the fund is to ensure the maximum protection of the participants’ accumulated assets from significant changes in unit values of pension funds and the risk of inflation.
  • The investment strategy does not depend on the age of participants.
  • Not less than 50% of the fund’s assets are invested into government bonds and deposits, up to 30% of the assets the fund may invest into corporate bonds, and up to 20% – into share markets.
Pension funds results
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Pension fund manager UAB Swedbank investicijų valdymas together with AB Swedbank Robur Fonder, operating in Sweden, have been seeking good fund performance.
  1. Choose a life-cycle fund.
  2. Choose the share of your salary you want to allocate to your pension fund. If you opt for maximum accumulation, you will pay 3 per cent of your salary to the pension fund and get a maximum 1.5 per cent incentive contribution from the state budget. By 2023, the contributions of all pillar II pension fund participants will be gradually increased to 3 per cent of their salaries.
  3. Conclude the Swedbank pension agreement.

That’s it – you will start accumulating in your personal pension fund account.

Important! If you conclude a pension accumulation agreement for the first time, you will be able to unilaterally terminate it within 30 days from its conclusion by submitting an application on the Internet Bank or at the bank’s branch. Afterwards, you will not be able to terminate it.

Start accumulating

Switching a pension company and executing the transition from another company is simple. You can do this by logging in to Swedbank’s Internet Bank:

  1. Choose a life-cycle fund.
  2. Choose the share of your salary you allocate to your pension fund. If you have chosen maximum accumulation, you will transfer 3 per cent of your salary to the pension fund and you also will receive a maximum 1.5 per cent incentive contribution from the state budget. We remind you that by 2023, the contributions of all pillar II pension fund participants will be gradually increased to 3 per cent of their salaries.
  3. Conclude the Swedbank pension agreement.

That’s it – your accumulated amount will be transferred to your personal pension account in the Swedbank pension fund within several days.

Important! A company switching fee of 0.05 per cent applies to switching a pension accumulation company. For example, if you have accumulated EUR 1000, the switching fee will be EUR 0.5.

Start accumulating in Swedbank

In the Internet Bank you can always check on the quantity of the contributions transferred and the amount accumulated, monitor the profitability of the pension funds or view the annual report about the funds accumulated in your pension account.

The right to receive a pension payout is granted to you upon reaching a retirement age or if you are awarded an early state social insurance retirement pension.

The retirement age is gradually being extended until it reaches 65 in 2026. You can check your retirement date in the calculator here.

You will have to apply to the bank regarding the conclusion of a pension payout agreement. You will be able to do this by coming to the nearest Swedbank’s branch. You must necessarily book a visit online or by calling 1884.

How are the funds paid?

Depending on the accumulated amount, the funds may be paid in one of the following ways:

Up to EUR 5000
Single payout

First, you will have to submit a payout application upon registration and arrival at the Swedbank branch of your choice. There you will sign the payout agreement and the entire accumulated amount will be transferred to your bank account.

At your request you could acquire a pension annuity instead of a single payout.
EUR 5000–10 000
Regular payouts

First, you will have to submit a payout application upon registering and coming to the Swedbank’s branch of your choice.

The accumulated amount will be paid by instalments until you reach the age of 85 years. Payments will be made on a monthly or quarterly basis. The amount of a regular payout will be calculated in pension fund units that will be periodically converted to money and paid to your indicated account. The amount of a regular payout in euros may change – both increase and decrease, depending on the fund unit value. While units will be periodically converted to money, the quantity of units will decrease in your pension account; however, the remaining unpaid funds i the fund will be further invested. In the event of your death, the funds will be inherited by the specified heirs.

At your request you could acquire a pension annuity instead of a single payout.
Over EUR 10 000
Pension annuity

A pension annuity will secure regular payouts for life.

In accordance with the current legislation, acquisition of a pension annuity is mandatory, if the accumulated amount exceeds EUR 10 000. If an annuity is acquired, Sodra will make payouts.

You may acquire a pension annuity by submitting an application to Sodra:

  • in any Sodra’s resident service office or having logged in to the webpage gyventojai.sodra.lt;
  • in any Swedbank’s branch. Please book a consultation via internet or by phone 1884.

Before applying, choose one of the annuity types offered by Sodra: standard, standard with a guarantee or deferred. You may find further information on annuity types and calculations having logged in to Sodra’s webpage here.

If you submit an application for the acquiring of a pension annuity to Sodra, then within 3 working days you will have to submit an application to Swedbank for a payment from the pension fund (booking of a consultation is required). Otherwise, the application for an annuity submitted in Sodra will be annulled.
Over EUR 60 000

After accumulating more than EUR 60 000: An annuity contract is signed for the amount of EUR 60 000, and the remaining part (exceeding EUR 60 000) can be paid as a lump sum.

If you want to receive the amount accumulated and exceeding EUR 60 000 as a lump sum, submit an application at any Swedbank branch (pre-registration required).

Information on the characteristics and risks of types of pension benefits
Pension fund

Property management fee*

Management enterprise switching fee*
Pension 1996-2002 0,5 % 0,05 %
Pension 1989-1995 0,5 % 0,05 %
Pension 1982-1988 0,5 % 0,05 %
Pension 1975-1981 0,5 % 0,05 %
Pension 1968-1974 0,5 % 0,05 %
Pension 1968-1974 0,5 % 0,05 %
Pension 1954-1960 0,5 % 0,05 %
Asset preservation pension fund 0,2 % 0,05 %

The fund switching fee within the management enterprise is free of charge in all “Swedbank” pension funds.

* The annual fee is calculated for each working day from the average annual value of the funds accumulated in the fund, thus reducing the value of the pension fund units. In life cycle pension funds, when the assets of pension funds reach EUR 2.5 billion, this contribution will not exceed 0.4%.

** Calculated from the value of accumulated funds transferred to another pension fund enterprise.

More detailed information is available in the Rules of the Pension Fund and the Investment Strategy Document.

What is sustainability in pension accumulation? First of all, it is a conscious choice to invest in businesses and companies that operate sustainably. The sustainability assessment of enterprises includes the following criteria:

Society

  • Social factors include assessing the impact of a company on society: how it takes care of the safety of its employees and their working conditions, observes basic human rights requirements and maintains relationships with customers.

Environment

  • While assessing environmental criteria the impact of business activities on air, water or soil pollution, also, impact on ecosystems and human health is taken into account.

Management

  • Management assessment is related to management practices applied in the company, employee remuneration policies, gender diversity in management or how transparency provisions are implemented.

By choosing to accumulate in Swedbank’s pension funds, you contribute to the promotion and growth of sustainable businesses. The funds invested have a positive impact on the environment, human health and contribute to other United Nations Sustainable Development Goals. Investing in a sustainable business is also likely to have a higher return on investment.

  • Higher expected return on investment. Based on our estimates*, the decision to redirect even more pension funds to sustainable businesses earned an additional EUR 40 million return on investment for customers in 2021. Enterprises that focus more on sustainability gain a full competitive advantage, i.e. their goods and services are more favoured by consumers, and it becomes easier for such enterprises to attract new investments.
  • Your positive impact on reducing climate change and air pollution. We have calculated that the CO2 emissions of the companies that make up the investment portfolio of our funds have decreased four times** as we have invested the assets of these funds in companies that meet the sustainability criteria.

* Comparative analysis was based on the data of Swedbank and Bloomberg. The additional amount earned was estimated by calculating the difference between Swedbank’s tier II pension fund return in euros and the theoretical return ratio. The latter was obtained by multiplying the value of our investments by the weighted return earned by the equity funds that invest based on the traditional criteria.

** From 205 tons of CO2 per million USD of revenue in 2019 down to 49 tons of CO2 per million USD of revenue in 2021.
  1. Investment opportunities: By optimizing the composition of our fund portfolios, we include sustainability risks in investment decisions. For example, we choose to invest in financial instruments that meet the sustainability criteria, contribute to climate change mitigation and help achieve the United Nations Sustainable Development Goals.
  2. Participation in operations: We cooperate with companies where we directly manage larger holdings, where sustainability risks are particularly high or where there are opportunities to set higher sustainability goals. Such participation includes, for example, voting at shareholders' meetings and continuous cooperation with the Board or the Management of the Company.
  3. We do not invest in certain areas, such as tobacco, alcohol, fossil fuels, weapon industries, companies that create content for adults.
Let’s take a sustainable step – for the benefit of all
Documents and information which are publicated based on the requirements of Regulation (EU) 2019/2088 Of The European Parliament and of The Council on sustainability‐related disclosures in the financial services sector, can be found here.
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