Pension funds profitable last year

The second level or state-invested pension plan brought almost 2% in profits, reported Latvian Radio Thursday.

The total assets of the so-called "2nd pension level" - mandatory contributions that are invested by a bank of the payer's choosing - have grown by €327m, as the mandatory of social security tax was boosted to 5% last May.

The profitability of this pension plan was at 1.93% last year, however Jānis Rozenfelds of the Latvian Bank Association said that in the longer term the profits are above 3%. 

About 250,000 people participate in the 3rd pension level, the contributions to which are non-obligatory. 

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