Is the 2nd pension pillar inheritable?

Yes, as of January 1, 2020, 2nd pension pillar participants who have not yet requested their state pension have the right to choose how their savings are used if they die before reaching pension age. There are three options:

1. Pension savings are transferred to the special state pension budget. The savings are given to current pensioners.

2. The savings are inherited by a specific person. The savings are added to the 2nd pension pillar of that person, allowing them to receive a larger pension when they retire.

3. The savings are inherited according to the Civil Law. The savings are passed on to your heirs (next-of-kin or as stated in your will) who can choose to withdraw the money or add it to their 2nd pension pillar.

To ensure that your savings are inherited, you must submit your wishes electronically to the State Social Insurance Agency through the latvija.gov.lv site.