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Starting from 2021, there will be more options for saving for the future

 

Do not rush into making a decision

Take your time and weigh your options. You can make changes to your pension savings at any time

 

New alternatives for saving

Join a system where you pay 2% and the state contributes an additional 4% or continue saving by investing on your own

 

Favourable disbursement solutions when you reach retirement age

More favourable income tax rate applies to the money withdrawn

 

Greater freedom to suspend your payments and leave the pillar

Do not forget that with freedom comes the responsibility of saving for a dignified pension on your own

 

 

Find out your options by answering few questions

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I have joined II pillar

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Take this questionnaire again from the start

 

 

 

Important dates to consider in connection with the pension reform

Starting from 1 January 2021, you will be able to submit an application for withdrawing the money in the second pension pillar or for suspending your contributions. Disbursements will be made starting from September 2021.

Do not rush with making any decisions! You will be able to make changes in your pension plan also in the future.

 

 

January

Join II pillar

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From 2021, those born before 1983 and those who have not yet joined the II pillar will be able to start collecting by submitting an application. This means that 2% of your gross salary goes to the pension account and the state adds twice as much, i.e. 4%, at the expense of the social tax paid for you.

All those born in 1983 and later automatically join the II pillar, unless they have applied for exemption from II pillar payments before joining.

 

1 January – 31 March

II pillar collectors have the opportunity to submit an application

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From 1 January to the end of March, people who have joined the II pillar have the first opportunity to apply for either a II pillar withdrawal or an exemption from contributions. However, both options must be thought through.

 

31 March

Withdraw your application

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If you applied for a waiver of II pillar contributions between January and March, please submit your application before 31 March to withdraw your application.

 

1 April

Consider investing yourself

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From 1 April 2021, it will be possible to open a pension investment account and submit an exchange application for the full or partial transfer of the amount collected in the II pillar to this solution. Exchange applications made from April to the end of July will be realised and the assets will be move to the pension investment account in September.

 

1 April – 31 July

II pillar collectors have another opportunity to submit an application

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From 1 April to the end of July, people who have joined the II pillar have another opportunity to apply for either a II pillar withdrawal or an exemption from contributions. However, both options must be thought through.

 

31 July

Withdraw your application

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If you applied for a withdrawal from the II pillar between January and March, you have the option to withdraw it before 31 July. To do so, submit a withdrawal application.

If you applied for a waiver of II pillar contributions between April and the end of July, you have the option to withdraw it before 31 July. To do this, submit an application for payment of II pillar contributions.

 

1 August – 30 November

II pillar collectors have another opportunity to submit an application

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From 1 August to the end of November, people who have joined the II pillar have another opportunity to apply for either a II pillar withdrawal or an exemption from contributions. However, both options must be thought through.

 

September

Your applications take effect

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In September, applications submitted before 31 March will take effect – an application for withdrawal of funds from the II pillar or an application for exemption from payment of contributions to the II pillar.

People who have joined from January to the end of March and were born before 1983 will be obliged to pay pension contributions.

In September, exchange applications submitted from 1 April to 31 July will take effect to transfer the money collected by the II pillar pension fund to the pension investment account.

 

1 September

Contributions to the pension investment account

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From 1 September, II pillar contributions can also be transferred to the pension investment account. To do this, submit an application.

Show more important pension timeline dates
 

30 November

Withdraw your application

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If you applied for a withdrawal from the II pillar between April to the end of July, you have the option to withdraw it before 30 November. To do so, submit a withdrawal application.

If you applied for a waiver of II pillar contributions between August and the end of November, you have the option to withdraw it before 30 November. To do so, submit a withdrawal application.

 

1 December – 31 March

II pillar collectors have another opportunity to submit an application

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From 1 December to the end of March, people who have joined the II pillar have another opportunity to apply for either a II pillar withdrawal or an exemption from contributions. However, both options must be thought through.

 

January 2022

Your applications take effect

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Applications for withdrawal of funds from and/or payment of contributions to the II pillar made from April to the end of July 2021 will be realised. This means that money is paid out from and/or contributions are stopped to the II pillar.

 

1 January

Those born before 1983 who joined the II pillar are liable to pay contributions

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People who joined the II pillar between April 2021 and the end of July and were born before 1983 will be obliged to pay pension contributions.

 

31 March

Withdraw your application

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If you applied for a waiver of II pillar contributions between December 2021 and the end of March 2022, you must submit an application for contributions before 31 March to withdraw your application.

If you applied for a withdrawal from the II pillar between August and the end of November 2021, you have the option to withdraw it before 31 March 2022. To do so, submit a withdrawal application.

 

1 April – 31 July

II pillar collectors have another opportunity to submit an application

Read more

From 1 April to the end of July, people who have joined the II pillar have another opportunity to apply for either a II pillar withdrawal or an exemption from contributions. However, both options must be thought through.

 

1 May 2022

Those born before 1983 who joined the II pillar are liable to pay contributions

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People who joined the II pillar between August 2021 and the end of November and were born before 1983 will be obliged to pay pension contributions.

 

 

 

What comes next?

 

1.
Take some time and plan your future wisely

 

2.
During a comprehensive consultation, we can review your pension plan together

 

3.
Choose a suitable solution

 

 

 

Why secure your future
at SEB?

 

Our fund managers have over 20 years of investment experience. Our expertise in the field helps us manage your pension savings in both good and bad times.

 

SEB invests in responsible companies. In this way, you are also supporting an environmentally friendly and sustainable way of thinking

 

You will get the best overview of your pension savings in the Internet Bank. We can review your pension plan together via a video meeting.

 
 

 

We will review your pension savings

 


The above information should in no way be construed as an investment consultation, investment recommendation, nor product or service offer. Nor should any information or views presented herein be treated as an offer or recommendation to enter into any contract whatsoever. Legislation governing the tax system may change. Taxation depends on individual circumstances relating to a client, including his/her residence for tax purposes, etc. Before making an investment decision, please carefully review the information published about the product, including the fund prospectus and the terms and conditions. Information on SEB products can be found on the SEB web page www.seb.ee, and on other funds, from www.pensionikeskus.ee. If necessary, please register for a consultation via the SEB web page www.seb.ee.

 

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