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Selecting a Fund

One fund for a lifetime

The best place to save for pension

  • Easy and convenient. You can find suitable II pillar fund by your birth year.
  • Unique life-cycle funds. The fund changes with your age.
  • The lowest fees in Estonia. This way, you collect more money.
  • Excellent return. Our funds consistently perform among the best ones in Estonia.
  • Sustainability. We make sure that your money contributes for a greener future.
From 2 May, most of our II pillar pension funds changed into life-cycle funds. These funds change with your age and this way you will never have to change pension fund again.
Check what has changed in the funds

Pension Funds

Index

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Suitable for you, if:

  • you have at least 10 more years of pension saving ahead of you;
  • you have a relatively high risk tolerance;
  • you want to accumulate in an index fund.


  • Index fund
  • Current annual fees: 0.31%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Not a life-cycle fund.

More about the fund

Generation 1990-99 (index)

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Suitable for you, if:

  • you were born in the 90s;
  • you want the fund’s risk level to change with your age;
  • you want to never have to worry about switching funds again.


  • Index fund
  • Current annual fees: 0.31%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Life-cycle fund that is suitable for entire saving period.

More about the fund

Generation 1980-89

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Suitable for you, if:

  • you were born in the 80s;
  • you want the fund’s risk level to change with your age;
  • you want to never have to worry about switching funds again.


  • Actively managed fund
  • Current annual fees: 0.68%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Life-cycle fund that is suitable for entire saving period.

More about the fund

Generation 1970-79

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Suitable for you, if:

  • you were born in the 70s;
  • you want the fund’s risk level to change with your age;
  • you want to never have to worry about switching funds again.


  • Actively managed fund
  • Current annual fees: 0.70%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Life-cycle fund that is suitable for entire saving period.

More about the fund

Generation 1960-69

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Suitable for you, if:

  • you were born in the 60s;
  • you want the fund’s risk level to change with your age;
  • you want to never have to worry about switching funds again.


  • Actively managed fund
  • Current annual fees: 0.74%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Life-cycle fund that is suitable for entire saving period.

More about the fund

Conservative

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Suitable for you, if:

  • your retirement age is close;
  • you want to maintain the money you have already collected;
  • you are looking for a low-risk fund.


  • Actively managed fund
  • Current annual fees: 0.42%
  • Sustainable Finance Class: light green Among other goals, fund also follows environmental, social and governance (ESG) targets.
  • Not a life-cycle fund.

More about the fund

*Pension fund return on an annual basis as of 31/07/2022.

The II pillar is your personal reserve of funds, helping you to ensure a more carefree retirement age.

In the pension fund, your funds are invested. This gives you the chance to grow your money for retirement.

The II pillar accumulates money according to an efficient 2 + 4 scheme: you put in 2% of your gross salary and the state provides 4% from its part. Accumulation takes place in the form of monthly payments and based on your remuneration.

The monthly payment of the II pillar is only a small part of your salary, but if you collect it over the years, it provides a significant reserve.

It is convenient to accumulate your pension with Swedbank.

  • Our funds have the lowest fees in Estonia. This way, you accumulate more money.
  • Excellent yield. The rates of return of our pension funds are consistently among the best in Estonia. You can track the return of the pension funds on the website of Pensionikeskus.
  • You can find a suitable fund based on your year of birth and save in it until retirement.
  • Your pension is looked after by experts in their field.

When investing for retirement, it is important to be in a fund with the right risk level for your age. Higher risk is good if there is still a long way to go before the end of the accumulation period, but the level of risk needs to be reduced as retirement approaches.

In the past, you had to switch pension funds yourself for that. But our new unique funds do it for you. The proportion of equities and risk level related to that changes automatically over time in life-cycle funds. This way, you do not need to switch funds in the future. You can stay in this one fund until retirement.

However, if you do not want to invest in the most suitable fund for your age, you can choose another fund, such as Index or Conservative.

  1. Find a suitable fund on this page.
  2. Submit the application in the Internet Bank to direct monthly contributions and transfer already accumulated pension assets to suitable fund.
  3. Contributions to the selected fund will start the following month.
  4. Pension assets accumulated are transferred three times a year.

    When you submit an application to transfer previously collected assets to new fund between:

    • 1. August – 30. November, exchange takes place on the first working day of January;
    • 1. December – 31. March, exchange takes place on the first working day of May;
    • 1. April – 31. July, exchange takes place on the first working day of September.
  1. Find a suitable fund on this page.
  2. Go to the Internet Bank you prefer, find the II pillar page and the place where you can switch your pension fund.
  3. By switching funds, you can choose among all of the II pillar funds in Estonia. Locate suitable Swedbank fund and select it. We also recommend to transfer the already accumulated pension assets.
  4. Contributions to the selected fund will start the following month.
  5. Pension assets accumulated are transferred three times a year.

    When you submit an application to transfer previously collected assets to new fund between:

    • 1. August – 30. November, exchange takes place on the first working day of January;
    • 1. December – 31. March, exchange takes place on the first working day of May;
    • 1. April – 31. July, exchange takes place on the first working day of September.

By choosing Swedbank you make sure your money is invested into companies that care about fair wages, gender equality, climate change mitigation, responsible consumption and production. We believe that sustainable investments in pension funds are more resilient to the shocks such as financial crisis or pandemic.

  1. Follow your values by choosing a pension provider with sustainability ambitions. As of 31.12.21 Swedbank pension funds have invested:
    • 240 mEUR into green bonds or bonds screened under sustainability criteria;
    • 390 mEUR into other funds following ESG factors;
    • 550 mEUR into shares screened under sustainability criteria.
  2. Sustainable pension funds exclude damaging industries. Swedbank has a “blacklist” for companies in which we don’t invest. You can be sure that your money does not support weapons industry, coal mining or human rights violations.
  3. You can always check if your pension provider is paying attention to sustainable investments. Read about our Responsible Investment Policy here.

Investors are actively directing money to sustainable funds.


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Source: International Institute for Sustainable Developments

Support sustainable business with your pension savings

When money is invested in sustainable companies, it contributes to social and environmental well-being and responsible business.

Click on different areas to find out the impact

Source: World Federation of Exchanges

Society

  • Employee health & well-being
  • Human rights
  • Gender equality
  • Non-Discrimination
  • Fair pay

Environment

  • CO2 Emissions
  • Energy usage
  • Natural resource usage
  • Waste and pollution
  • Climate change mitigation

Governance

  • Business ethics
  • Transparency
  • Anti-corruption
  • Reporting
  • Responsible suppliers
Documents and information which are published based on the requirements of Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services sector, can be found here.

When you retire you have three options to start using your money.

  • Regular payouts, i.e. fund pension. If you set a period for payouts, which corresponds to your life expectancy, then you are able to use the money with a 0% income tax rate. For a shorter period, the income tax is 10%.
  • One-off payout (can also be partial), on the amount of which you have to pay 10% income tax.
  • Whole life insurance contract or insurance for a specified term.

You will already be able to withdraw money on more favourable terms 5 years before retirement. In case of no work ability, you can withdraw money tax-free.

If necessary, you can opt out of the II pillar and withdraw the accumulated amount before retirement age. Financially, this is a harmful decision for you.

Calculate the opt out cost

The assets you accumulate in your II pillar are fully inheritable.

It is up to the heirs to choose whether to withdraw the accumulated money or to inherit the fund units, which will be transferred to their pension accounts. These options can also be combined: to withdraw part of the money and transfer part of the fund units to a pension account.

If the heirs decide to withdraw the money that has been saved, they will have to pay income tax on the amount.

In order to inherit the investment units, an application and a succession certificate should be submitted within 10 years of the opening of succession.

Legal heirs can apply for the redemption of inherited investment units.

Would you like to consult with us regarding pension? Call us at +372 6 310 310 and choose pension as the topic.
We will be glad to help you.
Together, the I and II pillar account for around 40% of pre-retirement income. An excellent option to save extra is the III pillar with income tax incentive. You can save money in a subtle and smart way. For example, when paying with a bank card in a shop.

Fees of Swedbank pension funds are favourable

Pension fund Current fees
K1990–1999 index fund 0,33%
K10 0,37%
K30 0,66%
K60 0,65%
K100 0,66%

Fees as of 01.08.2021. You can view the current fees of all funds provided in Estonia on the website at www.pensionikeskus.ee.

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