The money accumulated in the second pension pillar can be withdrawn by people who have reached retirement age.
All pension fund units belonging to you are sold and the money received from the sale is transferred to your bank account.
You can fill in a one-off disbursement application in the Internet Bank or at a branch of the bank.
Good to know
The disbursement is transferred to the current account indicated in the application during the second half of the month following the month when the application was submitted.
Disbursements are made until no units remain on the pension account.
The amount of a regular pension disbursement depends on the period and frequency of disbursements and the number of units accumulated.
In the case of a funded pension, you can choose
- the frequency of disbursements (monthly, quarterly, or annually);
- the duration of disbursements. The law provides the minimum duration, which depends on your age. You may choose a longer period for disbursements.
Submit an application for receipt of regular disbursements in the Internet Bank or at a branch if you would like to receive a funded pension.
Changing your funded pension
In order to change the terms of your funded pension, first submit an application to terminate the existing funded pension. After that, submit a new application for a funded pension with the desired terms.
You can also stop disbursements from your funded pension. This means that the units will stay in the pension fund until you make a new decision.
Good to know
Disbursements from funded pension are made during the last month of the period. The first quarterly payment will be transferred to your account during the third month after submitting the application, while the annual payment will be transferred during the 12th month.
Good to know
You can keep saving while working. If you decide to keep working, the mandatory pension fund payment is still deducted from your wages until you decide to use the second pillar savings.
If you continue to work when disbursements have started, contributions to the second pension pillar will continue until the end of the year of the first disbursement. For example, if you submit the disbursement application in March, mandatory pension fund payments will be deducted from your wages until December.
You are not obligated to withdraw your savings. If you do not withdraw the savings in your second pension pillar, they will be left to your heirs. You should take into account that the value of units increases and decreases in accordance with the changes in their prices.
You need to submit an application to receive disbursements. You can submit an application for a one-off disbursement or funded pension at a branch of SEB or in the Internet Bank, where it is easier and cheaper.
Legislation governing the tax system may change. Taxation depends on individual circumstances relating to a client, including their residence, etc.