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NEWS - 5. June 2018 03:05

In August, the price list and the terms and conditions of the standing payment order for fund saving of AS SEB Pank will change

On 6 August 2018, changes will enter into force regarding the

  • price list and
  • the terms and conditions of the standing payment order for fund saving of AS SEB Pank.

When changing the price list, we

  • moved the service fees of the (voluntary) third pillar pension fund unit transactions to a separate chapter;
  • established service fees for the application for choosing the pension fund for the third pillar, the application for changing fund units of the third pillar, and the application for a disbursement from the third pillar (see the table of changes);
  • relocated service fees regarding transactions made with inherited units of the third pillar into the chapter of voluntary i.e. third pillar pension funds, and rounded the fees to the nearest ten cents (see the table of changes);
  • removed the section of fund transactions of funds managed by SEB Varahaldus from the securities transactions chapter;
  • removed the service fee that is currently applied in the case of sales of units of a voluntary pension fund initiated by a bailiff.

The changes of the price list

Service Service fee 
Current As of 6 August 2018
Submitting an application for choosing a pension fund None 1.60 euros
Submitting an application for changing fund units None 3.20 euros
Submitting application for a disbursement None 3.20 euros
Reselling inherited fund units 6.39 euros 6.40 euros
Entry of inherited fund units To the securities account of the successor, 6.39 euros To the pension account of the successor, 6.40 euros
Reselling inherited fund units with an insurance agreement 6.39 euros 6.40 euros
Sale of units on the initiative of a bailiff 3 euros Service not offered anymore

When changing the terms and conditions of the standing payment order for fund saving, we

  • simplified the wording and coordinated the terminology;
  • changed the structure: the text is now divided better and the important information stands out clearer;
  • added specific provisions regarding the standing payment orders for fund saving of units of the third pillar pension funds to the terms and conditions. This summer, Estonia will transition to a common pension register information system and the units of the third pillar pension funds will be registered on the pension account instead of the Nasdaq CSD SE securities account. Starting from the date of transition, the purchase of third pillar pension fund units will no longer be considered a securities transaction, but a money transfer to the third pillar pension fund, as a result of which, units are issued. For this reason, we are applying the terms and conditions of standing payment order agreements to the standing payment order for fund saving of pension fund units.

The terms and conditions of the standing payment order for fund saving as of 6 August 2018

If you

  • agree to the changes, you will not need to do anything: in this case, the new price list and the amended terms and conditions of the standing payment order for fund saving will apply to your agreement(s) as of 6 August 2018;
  • do not agree to the changes, you have the right to terminate the standing payment order(s) for fund saving concluded with the bank by notifying us thereof on 6 August 2018 at the latest.

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