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HomeLatviaContributions to private pension funds up 17.9% y-o-y in 2023

Contributions to private pension funds up 17.9% y-o-y in 2023

A total of EUR 113.645 million were paid into Latvia’s private pension funds in 2023, which is a 17.9 percent increase against a year before, according to data from the Bank of Latvia.

Contributions made by individual participants of the pension plans last year grew 19 percent year-on-year to EUR 91.688 million, while contributions made by employers rose 13.8 percent to EUR 21.808 million.

In 2023, the private pension funds paid out EUR 44.951 million, which is by 26.7 percent less than in 2022. Most of the payouts or 94.8 percent were made because the participants of the private pension plans had reached the retirement age.

The number of private pension plan participants grew by 27,536 people, or 7.2 percent, to 411,877 at the end of 2023.

At the end of 2023, there were seven private pension funds operating in Latvia, including six open funds and one closed fund that offered altogether 21 pension plans.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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