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Pension Investment Account

For you if you want to grow your pension funds yourself.

  • Manage the self-created pension fund: decide your investment strategy and make the transactions.
  • The maintenance of the pension portfolio is free of charge and transaction fees are favourable.
  • With Swedbank’s Robur funds, you will always have access to world markets.
  • The leverage of the second pillar remains: the state adds two euros to each one euro of yours.

What is the PIA?

The Pension Investment Account (PIA) is a tool for those who want to invest their pension themselves.

Using a PIA, you will continue collecting pension with the benefits of the II pillar, as the PIA will allow you to receive regular contributions on the basis of the profitable 2 + 4 scheme:

  • 2% of the funds come from your gross wages;
  • 4% is added by the state at the expense of the social tax paid on your wages.

You can also transfer money already collected in the II pillar pension fund to your PIA. You can decide on your own whether to transfer all or part of the amount. In the same way, you can also transfer the money on the PIA back to the II pillar fund. Read more about withdrawing money from the PIA here.

Why open the PIA with Swedbank?

When using the PIA in Swedbank, the same favourable price list applies to your transactions as if you would be making investments using a Securities Account registered in Swedbank. Simple and without any hidden fees!

  • Transactions with Swedbank`s Robur funds are free of charge.
  • Transactions with Baltic shares are free of charge.
  • US and European stock exchange transaction fees start from €9.90.
  • Holding a portfolio is free of charge.

You may have several PIA’s, but contributions can only go to one account or pension fund at a time.

  1. Open PIA in the Internet Bank. If you haven’t joined II Pillar previously, when you open PIA, you will automatically join II Pillar system and your monthly contributions will be directed to PIA.
  2. After opening PIA, you can also direct there the monthly II Pillar contributions and previously accumulated pension assets.
  3. The contributions will be made to PIA immediately starting from next month, the collected pension assets are transferred 3 times a year. Submission of the exchange application from fund to PIA:
    • August 1 – November 30, the exchange takes place on the first working day of January;
    • December 1 – March 31, the exchange takes place on the first working day of May;
    • April 1 – July 31, the exchange takes place on the first working day of September.

You can only make applications and transactions related to PIA in the Internet Bank. The fees required for making transactions must be on PIA.

Second pillar pension

Effective as of 01.09.2021
Selection
Selection application free of charge
Selection application via an authorized natural or legal person 4,79 €
Switch
Switch free of charge
Switch via an authorized natural or legal person 7,99 €
Pension Investment Account (PIA) Transactions made from a securities account forming part of a PIA are subject to the bank's securities account and transactions price list.
Opening of PIA and registration in Pension Centre free of charge
PIA selection application free of charge
PIA switching application free of charge
Application to close PIA free of charge
Monthly fee for securities account forming part of PIA free of charge
Payments
One-off payment (for persons of retirement age) free of charge
Fund pension (for persons of retirement age) free of charge
Application for cancelling one-off withdrawal free of charge
Application for terminating funded pension free of charge
Withdrawal application 10 €
Application for cancelling withdrawal free of charge
Suspending/continuing contributions
Application for suspending contributions 5 €
Application for continuing contributions free of charge
Succession
Recovery of inherited pension fund units 20 €
Transfer of inherited pension units to successor’s pension account 3 €
Recovery of inherited pension fund units and transfer to successor’s pension account 20 €

Third pillar pension

 
Opening a pension account and selection of funds
Selection application free of charge
Selection application via an authorized natural or legal person 3,20 €
Contributions to third pillar pension fund
Standing order for purchasing voluntary pension fund units free of charge
Single payment for purchasing voluntary pension fund units free of charge
Switch No entry or redemption fees apply when switching between Swedbank’s voluntary pension funds and purchasing units thereof. A redemption fee is charged upon recovery (sale), incl. transfer to an insurance contract, according to the fund prospectus. Entry and redemption fees may be charged when switching between or purchasing or selling units of voluntary pension funds offered by other management companies according to the fund prospectus.
Switch free of charge
Switch via an authorized natural or legal person 3,20 €
Payments No entry or redemption fees apply when switching between Swedbank’s voluntary pension funds and purchasing units thereof. A redemption fee is charged upon recovery (sale), incl. transfer to an insurance contract, according to the fund prospectus. Entry and redemption fees may be charged when switching between or purchasing or selling units of voluntary pension funds offered by other management companies according to the fund prospectus.
One-off payment 3,20 €
Recovery of pension fund units and transfer to insurance contract No entry or redemption fees apply when switching between Swedbank’s voluntary pension funds and purchasing units thereof. A redemption fee is charged upon recovery (sale), incl. transfer to an insurance contract, according to the fund prospectus. Entry and redemption fees may be charged when switching between or purchasing or selling units of voluntary pension funds offered by other management companies according to the fund prospectus.
Recovery of units and transfer to Swedbank Life Insurance contract free of charge
Recovery of units and transfer to another insurance company’s contract 3,20 €
Succession No entry or redemption fees apply when switching between Swedbank’s voluntary pension funds and purchasing units thereof. A redemption fee is charged upon recovery (sale), incl. transfer to an insurance contract, according to the fund prospectus. Entry and redemption fees may be charged when switching between or purchasing or selling units of voluntary pension funds offered by other management companies according to the fund prospectus.
Recovery of inherited pension fund units 3,20 €
Transfer of inherited pension fund units to successor’s pension account 3,20 €
Recovery of inherited pension fund units and transfer to successor’s pension account 3,20 €
Pension account statement
Pension account statement from internet bank free of charge
Pension account statement from a branch VAT at the rate of 20% will be added to the price. 1,60 €
Pension account balance notice free of charge

You will already be able to withdraw money from the PIA on more favourable terms 5 years before retirement. To make payments, you must first sell the securities in your PIA.

You can then choose between three options:

  1. Regular payments (funded pension).
    To do this, you have to transfer the money in the PIA to a pension fund. If you set a period for payments which corresponds to your life expectancy, then you are able to use the money with a 0% income tax rate. Having chosen a shorter period, the income tax paid on the payments is 10%.
  2. One-off payout, the amount of which you have to pay 10% income tax on.
  3. Whole life insurance contract or insurance for a specified term.

In case of no work ability, you can withdraw money tax-free.

From January 2021, money can also be withdrawn from the II pillar before reaching the retirement age. This may not be beneficial for you. Why?

  • By way of withdrawing money from your PIA, you stop collecting in the II pillar system. The money that would otherwise accrue to your personal pension account under the beneficial 2 + 4 scheme will now be used in the state budget to cover the current expenses of the state.
  • You will not be able to collect in the II pillar for the next 10 years. The higher your income, the greater your financial loss.
  • If you leave the II pillar, you will also have to sell your investment in your PIA. The payout is made in cash.
  • You have to pay 20% income tax on the amount to be withdrawn.

Calculate the financial impact of leaving

Need some advice? Call us at 6 310 310 and choose ‘Pension’ as the topic.

The only saving option that allows you to get a tax rebate on your contributions.

You can even invest one euro at a time.

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