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Estonia cuts fee cap and relaxes investment rules for pension funds

2018

Pension funds motivated to make more money
Estonian government approves pension reform bill

2017

NB! Information of supplementary funded pension (III pillar)

2015

As from April 1, the average monthly retirement pension amounts to EUR 375.04

2014

Canada pension fund sees long-term India opportunity
The average monthly retirement pension amounts to EUR 353.20

Temporary suspension of II pillar contributions

16.09.20 Ministry of Finance

From 1 July 2020 to 31 August 2021, the state will suspend the contributions it makes to the second-pillar funded pension from social tax (4% of salary).

* People born in the years 1942–1960 are the exception:

  • From 1 July 2020 to 31 August 2021, the 4% contributions made from social tax into these individuals’ second-pillar funded pensions will not be suspended and they will continue to be made as usual.
  • They can however suspend their 2% and the state’s 4% contributions to the second-pillar funded pension by submitting an application in October 2020 requesting that the payments not be made.

For more information: Temporary suspension of contributions 2020

Submit an application: Enter your account
NB! To finalize the application, please return to the website of the Pension Center after making the payment in the Internet Bank! There is a fee of 0.65 euros for submission of the application.

Dates          Changes                                                                                                                                                                   
01.07.2020-31.08.2021 The 4% contributions made from social tax for all persons who have subscribed to the funded pension will be suspended, other than for people born in the years 1942–1960*.
01.10.2020-31.10.2020 Submission of application requesting that contributions not be made, whether to waive making one’s 2% contribution from earnings. In this case 2% payments will be suspended from 1 December 2020 to 31 August 2021. The application is to be submitted at the Pension Centre or a bank.
People born in the years 1942-1960 can also submit the application*.
Starting 1 November 2020 The employer will verify whether the contributions for its employees to the funded pension will be suspended or continued.
01.12.2020-31.08.2021 Application submitted – the 2% contribution may not be withheld from the employee’s salary.
Application not submitted – the 2% contribution is withheld as usual.
Starting 1 January 2023 Compensation of payments. Additional 4% transfers will take place from the state to people who continued the 2% contributions. The amount of contributions made by each person from 1 July 2020 to 31 August 2021 will be considered. Contributions were not suspended for people born in the years 1942-1960 and compensation of payments will not take place in their case*.