Pension second pillar contract cannot be a trading object

According to the Funded Pensions Act, the existence or transfer of a second pillar pension contract to a particular bank cannot have an impact on the conditions of the loan, insurance or investment service.
In other words, a bank cannot offer better terms to a customer if the customer brings a second pension pillar to that bank or the second pension pillar is already in that bank.

“The idea of the Funded Pensions Act, and also our desire, is that the second pillar contract for the pension will not be a trading object. We want consumers to be aware of their rights and not allow a situation where they would be influenced to change the choice of their pension fund in order to obtain better conditions for loan, insurance or investment services. The decision to collect the second pension pillar should not in any way depend on other financial decisions when granting the loan; the only important fact may be that the client will retain the ability to collect savings for retirement, even if the loan burden is added,” noted SEB board member and head of retail banking, Ainar Leppänen.

The aim of SEB is to make our customer communications clear in this regard and we have further emphasised this to advisors and other employees who introduce products to customers.