Pension Insurance+

A convenient way of saving money in the 3rd pillar pension

  • A partial guarantee applies to contributions.
  • You may get a tax rebate on your contributions.*
  • You enjoy flexibility in regard to payments into and withdrawals from the pension.
  • The risk level of investments decreases automatically depending on the time remaining until the end of the savings period.

*Income tax will be refunded from third pillar pension contributions that are up to 15% of your gross income but not more than 6,000 euros per calendar year. Income tax from the contributions will be refunded to you if you submit an income tax return. You will only be able to gain a refund on third pillar pension payments if you have concluded the respective transactions yourself.

What should I know before entering into a Pension Insurance+ contract?


Pension Insurance+ is an additional savings insurance contract with an investment risk. To assess whether Pension Insurance+ would suit you, fill in our suitability questionnaire.

Fill in questionnaire

We recommend making regular contributions. Investing regularly gives you the opportunity to buy fund units when the markets are up or down, which generally gives you a better average purchase price than one-off investments.

Investments structure

  • Pension Insurance+ contributions are invested in equity and bond funds.
  • The proportion of investments with an equity risk decreases depending on the amount of time remaining until the contract expires. More detailed overview of investment structure
  • The value of investments may fluctuate greatly over shorter periods.

Pension Insurance+ is suitable for you if:

  • you aim to save money over a longer period (at least five years);
  • you are prepared to take greater risks during the savings period in order to achieve a higher yield and accept fluctuations in the value of the amount you have saved;
  • you take into account that the guarantee no longer applies if you terminate the contract ahead of time or partly withdraw money.
  • How do I make contributions to the Pension Insurance+ contract?

    You can pay money in via a monthly direct debit or at a time and in an amount that suits you. We recommend making regular contributions – preferably on a monthly basis. Investing regularly gives you the opportunity to buy fund units when the markets are up or down, which generally gives you a better average purchase price than one-off investments.

  • Can contributions to the Pension Insurance+ contract be increased, decreased and suspended?

    Yes – you can do all of this in the Internet Bank or at any branch. Making such changes is free of charge. While payments are suspended the fees linked to the contract continue to be deducted, as a result of which it makes sense to resume making payments at the earliest opportunity.

  • What does 'investment risk' mean in the Pension Insurance+ contract?

    Pension Insurance+ is an additional savings insurance contract with an investment risk that is borne by the policyholder. Investment risk means that the income earned or the expenses incurred by the policyholder on the contributions made to the insurance contract depend on the performance of the underlying assets of the contract and the changes in its market prices. The value of the contributions made to the contract changes over time according to the changes in the market value of the financial instruments that form the underlying asset of the contract.

  • What does 'partial guarantee for contributions' mean?

    Pension Insurance+ guarantees that the amounts invested by you will only be reduced to a certain extent if the performance of the funds is negative. In the event of a significant fall on the markets where the underlying asset of the contract loses the majority of its value, the money being saving for retirement paid out after the maturity of the contract will only be decreased by the amount of the contract fees. The payout upon contract maturity equals the greater of the value of the savings (the value of the underlying assets minus contract fees) at that moment or the guaranteed amount (the total sum of contributions minus contract fees). The guarantee does not apply to money paid into the fund if the contract is terminated early.

  • Can I change the allocation of the investment between equities and bonds?

    You cannot change the allocation yourself. While you are saving money in Pension Insurance+, the allocation of equity and bond funds is changed automatically in accordance with the time left until the maturity of the contract. Most of the money is paid into equity funds at the start of the contract, and the share of bond funds increases as the maturity date of the contract approaches.

  • How can I terminate the contract and how much will it cost me?

    You can also make use of your savings before your retirement, although the valid rate of income tax will then be deducted from the payments. Starting from the age of 55, if you’ve been contributing to the 3rd pillar for five or more years, the income tax rate is much more favourable when you withdraw money – just 10%. The same rate applies if you’re incapacitated and unable to work. Lifelong payouts are not subject to income tax.

    Pension Insurance+ contract can be terminated at a bank branch or using the Internet bank. To terminate the contract using the Internet bank, you should first call the Investment Helpline, phone 613 1606, or contact them by the e-mail address You will have to pay a service charge of 1% of the disbursement, but no less than 20 euros, upon the termination of the contract if the termination application is submitted when less than five years have expired from the entry into the contract. When five years have already expired, no service fee shall apply upon termination of the contract. In case of the early cancellation of the contract, the market value of the fund units is disbursed, i.e. the guarantee is not effective then.

  • Can I insure my life with the Pension Insurance+ contract?

    Pension insurance+ is a contract for the supplementary funded pension. If the owner of the contract dies, the disbursement is made to the beneficiary indicated in the contract. The amount to be disbursed is the accumulated pension assets, to which the insurer adds 2% (based on the law the minimum amount disbursed in the event of death is 102% of the value of the accumulation reserve). As the objective of the contract is still to accumulate pension assets, it is impossible to agree on higher insurance cover in the contract. If you want to offer your family greater security, we advise you to select a solution from among the life insurance options offered by Swedbank.

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