More than 23,000 people apply to leave pension system in third round

Money. Source: Siim Lõvi /ERR

The third round of submitting applications for withdrawals from the second pension pillar took place from August to the end of November and according to Estonia's pension system manager Pensionikeskus, 23,441 people submitted applications by the deadline.

At the same time, altogether 298 people decided to stop making contributions, but leave the collected money in the pension funds.

On Jan. 1, 2021 a pension reform stepped into effect in Estonia making joining and leaving the second pillar fund optional for everyone. Previously, joining the second pillar fund had been mandatory for all people born in 1983 or later.

The application period for withdrawing money from the second pillar is divided into three periods -- Jan. 1 to March 31, April 1 to July 31 and Aug. 1 to Nov. 30.

Altogether 149,260 people applied to leave the second pension pillar in the first round and 12,236 people in the second round. Altogether 893 and 152 people, respectively, applied to suspend their contributions.

The money will be paid five months after the end of the application period. So those who applied no later than on Nov. 30 will receive the money in April of next year.


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Editor: Kristjan Kallaste

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