Number of second pension pillar leavers spikes in early 2023

Money. Source: Deutsche Bundesbank/Flickr (CC BY-NC-ND 2.0)

Between December and March, a total of 8,608 applications to withdraw from Estonia's second pension pillar scheme were filed for an increase of 1,500 from the previous period.

Applications to choose a different second pillar pension fund numbered 23,780, while 363 people asked for payments to be sent to their pension investment account.

The number of people switching from one pension fund to another has grown since last year as around 18,000 people did so in the final quarter of last year.

"The start of the year sees new people join the pillar, which explains the higher number of applications to pick a fund. Persons who turned 18 last year and earn a salary had to start making second pillar payments from January 2023," said Kristi Sisa, member of the board of Estonia's funded pension register AS Pensionikeskus.

Applications to pull out of the second pillar and withdraw funds numbered 8,608, up from 7,145 the previous period which ran from August to November.


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Editor: Marcus Turovski

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