Contributions to Private Pension Funds in Latvia Up 0.8% in 2018

RIGA, March 12 (LETA) - Contributions to private pension funds in Latvia in 2018 totaled EUR 77.014 million, down 0.8 percent from 2017, according to the information from the financial watchdog, the Finance and Capital Markets Commission (FCMC).

Contributions made by participants of the pension plans declined 6.8 percent year-on-year to EUR 62.826 million in 2018, while contributions made by employers climbed 25.1 percent to EUR 12.576 million.

At the end of 2018, the capital accumulated in the private pension funds totaled EUR 461.256 million, up 6.2 percent from the end of 2017.

Meanwhile, EUR 24.965 million were paid out from the private pension capital last year, down 29.1 percent from 2017. Of this amount, 94.3 percent or EUR 23.552 million were paid out as the participants of the pension plans reached the retirement age.

The number of participants in the private pension plans grew by 17,300 or 6.1 percent in 2018 to 303,849 at the end of December. The number of active participants increased by 4.2...