Citadele’s subsidiary “CBL Life” has begun offering a pension for life as an insurance service. This service is topical for members of the public nearing pension age.
The pension for life is an insurance service which allows someone to take out their level 2 pension as they wish, namely, choosing the frequency and amount of pay-outs. Another benefit is that it can also be left to a relative or anyone else at their discretion.
“People see a pension for life as something new and incomprehensible, however in the rest of the world it is normal practice which allows the soon-to-be pensioner to decide for themselves how to spend their savings,” comments Jolanta Jērāne, Chairman of the Board for “CBL Life”. “The opportunity to leave the money saved in a level 2 pension as an inheritance, choose the frequency and amount of pay-outs or delay pay-outs if, for example, they are still receiving a wage and only wish to receive their pension after a few years – this is the fundamental benefit of our pension.”
“Whatever a person has saved in a level 2 pension by working and paying taxes their whole life can now be left to their family members – spouse, children or other loved ones,” adds J. Jērāne.
By participating in the 2nd level pension for longer, each year those who can sign a pension for life contract will have more in savings. Currently 63 and 64 year olds have joint savings of around 23.5 million Euro, and 61 and 62 year olds around 73.3 million Euro.
Even if you aren’t pre-pension age, you may have relatives, friends, acquaintances or parents who this would apply to. Research current offers together.
You can learn more about the pension for life at www.muzapensija.lv.