On 3 March 2006 „BTB Money Asset Management” (from April 23, 2008 - GE Money Asset Management) received Finance and Capital Market Commission license for state funded pension funds management.
On 2 May 2006 “BTB Asset Management” concluded an agreement with State Social Insurance Agency on state funded pension funds management.
GE Money Pension is our new brand, which includes both 2nd pillar pension plans of “GE Money Asset Management” and 3rd pillar pension plans of “GE Money atklatais pensiju fonds”. From now on we will use “GE Money Pensija” brand for pensions.
- 2nd pillar pension system
- Why should you join the 2nd pillar pension scheme?
- Who is involved in the 2nd pillar pension?
- What are the advantages?
- Investment plans
- How to receive pension?
- Where and how to get additional information?
- Where and how to apply?
From 1 July 2001 definite amount of Your state social insurance payments is invested and saved for your pension. You as a tax-payer have a right to choose one of licensed fund administrators for managing these savings and ensuring additional profitability.
You don’t have to make additional payments if you are involved in the 2nd pillar pensions. In total 20% of income liable to the social tax, is accrued to pension capital in the budget, which is divided between the 1st and the 2nd pillar.
Why should you join the 2nd pillar pension scheme?
By joining the 2nd pillar pension scheme You start saving real money directly for your personal pension payments in future, and not for paying pension to existing pensioners, which is guaranteed by the 1st pillar pensions. Besides it’s a possibility to ensure bigger pension in old age, as money paid to the 2nd pillar is deposited in finance and capital market tools and income is charged to Your pension capital.
Who is involved in the 2nd pillar pension?
- Persons, which were born after 1 July 1971 are automatically involved in the 2nd pillar pension.
- Persons, who were born in the period from 2 July 1951 (including) and 1 July 1971 (including) may apply to the 2nd pillar pension voluntarily.
If You have chosen our investment plans, you can apply them in any GE Money Bank branch or customer service centre or SSIA branch.
- You don’t have to make additional payments – payments in the 2nd pillar are made from social tax payments;
- Professional administrator licensed by the state will manage your funds accumulated in the 2nd pillar pension scheme;
- Accumulated funds of the 2nd pillar are invested in securities, thus guaranteeing bigger pension in old age;
- When achieving pension age defined by the state, it is possible to add capital accumulated in the 2nd pillar to the 1st pillar capital and receive both pensions together or acquire a life-time pension insurance policy and receive regular payments in accordance with insurance policy rules;
- You can freely choose a funds administrator and an investment strategy of Your financial funds;
- Strict double control – 2nd pillar funds investment monitoring is performed by a state institution from one side – Finance and Capital Market Commission – and a holding bank from the other side;
- A possibility to change funds’ administrator and an investment plan once a year, but an investment plan of one and the same funds administrator – two times a year.
GE Money pension plan “Jazz”
Investment policy:
The plan envisages balanced investment policy, which is focused on investments in state and municipal debt securities, commercial debt and capital securities, deposits in crediting institutions, as well as investment fund certificates thus providing a possibility to pension plan participants to achieve higher profitability in a longer period of time.
Annual management costs:
1.40% - maximum funds administrator reward.
GE Money pension plan “Blues”
Investment policy:
Investment policy of the plan is conservative. Plan’s funds are invested in state, municipal and commercial debt securities, in deposits in crediting institutions, as well as in investment fund certificates, which invest funds only in fixed income tools. The plan’s objective is to maintain and increase value of payments in a long-term period, which would allow plan’s participants to receive bigger age pension in future other than participating only in the 1st pillar pension scheme.
Annual management costs:
1% - maximum funds administrator reward.
When retiring, You will be able to choose whether to add capital accumulated in the 2nd pillar to the pension capital accumulated in the 1st pillar and receive both pensions together or acquire a life-time policy and trust 2nd pillar accumulated pension capital to a chosen insurance company, which will perform monthly payments of pension accumulated in the 2nd pillar.
Where and how to get additional information?
You can get additional information on investment plans and 2nd pillar pension offered by GE Money Pensija:
- In GE Money Bank branches and customer service centers all around.
- On Internet www.gemoneypensija.lv or by e-mail info@gemoneybank.lv
- In GE Money Asset Management office
- In any SSIA branch
In order to join a plan of GE Money Pensija, You have to:
- come to GE Money Bank branch or customer service centre or any SSIA branch
- present a personal identifying document
- fill in and sign an application
You may also submit an application on Your own. You only have to print out an application form, rom Internet, fill it in and bring it in person or send by post to any SSIA branch.
IPS “GE Money Asset Management”
Office: Aspazijas boulevard 24, Rīga , LV-1050
Tel. 1878
Fax 7217996
e-mail: info@gemoneybank.lv