This initiative will enable more dynamic growth of the Latvian financial sector by developing local pension products and offering them on the European Union level in the future. For Latvian consumers, it increases choice of pension services, especially considering increased mobility.
We see this as a positive trend for Latvia as the contribution to voluntary private pension plans continues to increase among population. Data show that in 2016 the number of Third Pillar Pension members have increased by 24.6 thousand people. It has also reached the historically largest individual contribution of 61.8 million euros. This means that Latvian society trusts and actively uses private pension products.
Sanda Liepiņa, the Chairman of the Executive Board in the Association of Latvian Commercial Banks