2nd pension capital will be inheritable

The Latvian parliament on October 11 in the final reading adopted amendments to the Law on Government-Funded Penions, providing that the 2nd-level pension capital can be inherited.

The law stipulates that residents may themselves choose what happens to their money accumulated in the second pillar of the pension system in the event of their death.

Residents will have the right to decide whether the money accumulated in the second pillar of the pension system will be inherited by their spouses or added to the pension capital of a person they indicate. If the person has not indicated what should be done with the pension capital, in case of the person’s death it will be included in the special budget.

The amendments will come into force as of January 1, 2020.

Read more about the Latvian pension system HERE

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