Published: 18.11.2022 Updated: 03.06.2024

Licence for private pension funds

A private pension fund is a joint-stock company which is registered in the Commercial Register and which, in accordance with the Law on Private Pension Funds (the Law) and pension schemes, accrues and invests contributions of monetary assets paid by members of pension schemes themselves and those voluntarily paid for their account in order to ensure the supplementary retirement benefit to its members.

Persons who may be the founders (shareholders) of a pension fund are specified in Article 6 of the Law.

Pension funds shall be closed or open funds.

To obtain a private pension fund licence, a joint stock company shall submit to Latvijas Banka an application and the documents referred to in Article 8 of the Law. Latvijas Banka shall examine the application of a pension fund for the licence and take a decision not later than within 3 months of the receipt of all documents necessary for decision making, as laid down in the Law, that have been prepared and prepared in accordance with the requirements of regulatory provisions.

The Law on Private Pension Funds and other relevant regulatory enactments are available on the Latvijas Banka’s website.