On the termination of second-pillar pension savings in Lithuania
We hereby inform you that after the pension reform of the second pillar comes into force, employees who are legally employed in Lithuania and participate in second-pillar pension savings have the right to submit an application to terminate their participation in second-pillar pension savings and to request the return of the accumulated pension funds.
Procedure
The application must be submitted to the pension fund management company where your second pillar pension savings are held.
An application may be submitted:
• remotely — through the self-service system of the pension fund management company;
• in person — by visiting the pension fund management company (advance registration is recommended).
If you do not know which pension fund management company administers your pension savings:
• log in to your personal Sodra account (www.sodra.lt);
• in the pension savings section, you will find the name of the pension fund management company and a link to its website.
Frequently Asked Questions
1. How quickly are pension funds returned?
The return of pension funds is not immediate. The timeframe depends on:
• the pension fund management company;
• procedures established by law;
• the accuracy and completeness of the submitted application.
2. Why is it important to complete the application carefully?
Errors or inaccuracies may:
• delay the processing of the application;
• lead to rejection;
• require resubmission of documents.
3. Is it recommended to submit the application through the pension fund management company?
Yes. It is recommended to submit the application through the pension fund management company because:
• specialists assist in correctly completing the documents;
• they explain the financial and legal implications;
• the risk of errors is reduced.
4. Is the full accumulated amount returned?
Part of the pension funds is administered by Sodra, therefore the actual amount returned may be lower than the total accumulated amount. For precise information regarding the distribution of funds and applicable percentages, you should contact the pension fund management company or Sodra.
IMPORTANT: Application Submission Deadlines Currently, it is established that an application to terminate second-pillar pension savings may be submitted within a period of 2 years.
Please note that:
• the deadlines and procedures for submitting the application may change in accordance with
decisions of state authorities;
• such changes may enter into force without a lengthy transitional period.
For this reason, it is strongly recommended not to delay the submission of the application and to
promptly:
• verify the most up-to-date information with your pension fund management company;
• seek consultation from Sodra.
