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Description of the life situation “Amount and Receive of the Age Retirement” with VIDEO attachments
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Mandatory State Social Insurance Contributions is the main Old-age pension the building factor, therefore it is important to follow whether they are carried out and to what extent they are carried out.
Latvia operates a three-tier pension system:
The first level (the state's mandatory unfunded pension scheme), in which social insurance contributions are made from salary, which are listed both for retirement and paid to today's pensioners.
Second level (State funded pension scheme), which aims to increase pension capital and also the size of the pension itself by accruing part of the social contributions and investing in the financial and capital markets in securities and bank deposits.
The third level (voluntary private pension fund), which aims to voluntarily create an additional provision for its pension by investing part of its income in one of the private pension funds or accruing insurance.
Read more about the pension system in Latvia Ministries of Welfare on the website.
Since the main principle of the functioning of the pension system is that the higher mandatory national social security contributions are made today, the higher the pension will be tomorrow, it is important to follow whether the employer pays social security contributions for you.
To make sure you are paid mandatory national social security contributions, select from the portalLatvija.lvavailable e-service "Information on social insurance contributions and periods of insurance'or useElectronic declaration system of the State Revenue Service.
The length of service is compared to the length of insurance until 1996 and is taken into account in the calculation of the pension, so it is important to verify what information oninsurance (seniority)accrued by 1996At the State Social Insurance Agency(VSAA).
As the length of insurance is proven by documents up to 1996, it is possible that the SSIA does not have all the information. You can check this data by selecting the portalLatvija.lve-service "Information about the registered length of service (until 1996)”.
In the event of a finding of shortcomings, go to any of the following:For VSAA departmentstaking their workbook or other evidence of length of insurance (the workbooks are no longer used, but they are necessary in determining the length of service of persons who have worked before 1 January 1996. If the workbook is lost, it must be addressed in previous workplaces, orThe National Archives of Latvia or its departments).
Records from the notebook SSIA employee will receive the electronic database.
For information on accumulated tier one retirement capital from which to formamount of an old-age pension, can be usedLatvija.lve-service "Information concerning insured person pension capital”.
If an old-age pension has not yet been granted, it is possible to keep track of the information about his future pension. You can use the portal to get a forecast of the amount of the potential old-age pension.Latvija.lve-service "Information on the expected old-age pension”.
The projected pension is based on information at the disposal of the SAA on socially insured persons:
In order to obtain information on the total accumulated capital at the second level, including transfers, and transactions at the second level, may be usedLatvija.lve-service "State funded pension scheme’ s statement of account of the participant”.
There is an opportunity to change the fund manager or investment plan. This can be done through e-service "E-provision for the selection or change of the State funded pension capital manager and investment plan”. The fund manager may be changed once in a calendar year, but the investment plans managed by the fund manager may be changed twice in the calendar year.
When reaching the eligible old-age pension age, the capital accumulated at the second level can be used by adding to the pension capital accumulated at the first level or by purchasing a life-insurance (lifelong pension) policy.
More information on the use of capital accumulated at the second level can be obtained from the website of the State Social Insurance Agency description.
At the third level of the pension system, it is possible to voluntarily create additional provisions for their pension. This means that, in addition to the first and second levels of the pension system, you can voluntarily invest part of your income in one of the private pension funds or accrued insurance.
Private pension funds or insurers are investing in cash, with a view not only to maintaining but also to increasing the value of stocks over the long term. In long-term savings instruments offered by life insurers, a pension provision may be made up of a fixed yield percentage, or form a retirement provision by linking it to investment funds.
The accruals created over time will serve you as a supplement to the pension guaranteed by the State. Read more information in law on private pension funds.
Custodian banks, or banks holding the assets of the fund shall keep their accounts and transactions with the funds of the fund, the funds of the pension contribution shall be kept separately from their assets. Therefore, the money invested cannot be lost, even if the custodian bank failed, or manager of funds. Read more about joining the 3 rd Retirement Level here.
Private pension funds or accrued insurance may benefit from the age of 55, but it is possible to continue to build the provision beyond the age of 55 until the time it is desirable.
It can also be obtained more quickly, in cases where:
In order to receive a pension accrued at Tier 3, an application for the receipt of accrued pension capital must be submitted to his or her pension fund or to the insurer. The provision may be received in instalments, periodically or in one amount.
The money accumulated at level 3 of pensions may be inherited by the person specified in your contract or by the heirs in accordance with the procedures specified in the Civil Law (also under the age of 55).
You are entitled to the Overpaid Income Tax (IIT) for contributions to your pension level 3, which does not exceed 10% of your calendar year's gross income (maximum annual contribution of EUR 4000). If your employer also makes contributions to your private retirement provision, each may receive tax incentives for its share of contributions.
You will receive the overpaid IIT if you have submitted it to the State Revenue Service (SRS)annual income statementwhich states the contributions made at Tier 3 of pensions, even if they have been made by your spouse. The pension fund electronically sends information to the SRS regarding the contributions made to the pension level 3 in the previous year, therefore it is not necessary to submit documents certifying payments to the SRS.
For citizens who already have entitlement to an accrual, and who benefit from tax incentives, it should be noted that contributions made during the calendar year to the pension fund must be held for at least 2 years. So, in a given year, if you have received a tax rebate, you will only be able to withdraw it for two years after that. Read more in the Law On personal income tax”.
More on Pension Level 3, read manapensija.lv and On the VSAA website.
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