Pensioners withdrew over €112 million from second pillar fund in January

Pensioners withdrew more than €112 million from the second pillar pension fund after changes came into effect at the start of January.

A payout from the second pillar is subject to 20 percent income tax, but this drops to 10 percent for the over 60s. In January, more than 12,000 people aged 60 or more applied for a lump sum payment from their fund.

"The total amount of one-off payments on the basis of applications submitted in February and January is over €112 million euros," said Kristi Sisa, the head of the Pension Center (pensionikeskus).

The average payout was just over €9,300 and the government will receive approximately €11.2 million in additional income tax.


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Editor: Helen Wright

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