Information about pension funds

Please be informed that to improve the general conditions of accumulation in 3^rd pillar funds, INVL Asset Management has decided to reduce the maximum amounts of expenses that can be deducted from the fund’s assets. These changes in the rules of pension funds, approved by the Bank of Lithuania on 24 February 2020, take effect on 25 March 2020. The main changes are as follows:

1. The maximum amount of other expenses has been reduced. The maximum amount of other expenses paid from the fund’s resources, such as remuneration to securities intermediaries, foreign exchange and money transfer expenses, fee for the provision of the e-invoicing service, audit and legal costs, is reduced for the following funds:

• the maximum amount of other expenses for the supplementary voluntary pension accumulation in INVL Drąsus and INVL Apdairus has been reduced from 0.99 to 0.5% of the average annual net asset value;
• the maximum amount of other expenses for the supplementary voluntary pension accumulation in INVL MEDIO III 47+ and INVL EXTREMO III 16+ has been reduced from 0.99 to 0.3% of the average annual net asset value;
• the maximum amount of other expenses for the supplementary voluntary pension accumulation in INVL STABILO III 58+/INVL Stabilus has been reduced from 0.99 to 0.2% of the average annual net asset value.

2. The maximum remuneration for the depositary has been reduced. The maximum depository fee paid from the fund’s resources is reduced for the following funds:

the maximum remuneration for the depositary of the supplementary voluntary pension accumulation pension fund INVL Prudent is reduced from 0.3 to 0.2% of the average annual net asset value;

the maximum remuneration for the depositary of the supplementary voluntary pension accumulation pension funds INVL STABILO III 58+/INVL Stable, INVL MEDIO III 47+ and INVL EXTREMO III 16+ is reduced from 0.2 to 0.15% of the average annual net asset value.

On 14 May 2018, the Bank of Lithuania approved the updated rules for INVL supplementary voluntary accumulation (3^rd pillar) pension funds. The new rules establish that from 14 June INVL Asset Management, taking into account different saving needs, offers accumulation in three different 3^rd pillar pension funds.

The new 3^rd pillar INVL pension funds are designed for even more flexible savings and offer the possibility to accumulate “here and now”. Their names perfectly describe the nature of accumulation: INVL Drąsus (invests in shares, formerly known as INVL III Equity), INVL Apdairus (one third of the assets will be directed to shares, bonds and real estate, formerly known as Swedbank Supplementary Pension Fund) and INVL Stabilus or INVL Stabilo III 58+ ”(invests in bonds, formerly known as INVL Stabilo III 58+).

The updated rules have simplified deductions in the new type of funds: no contribution or success fees, 1.5% asset management fee for INVL Drąsus and INVL Apdairus, and 1% asset management fee for INVL Stabilus.

Also, the pension funds INVL Extremo III 16+, INVL Medio III 47+ and INVL Stabilo III 58+ (the fund also operates as INVL Stabilus) continue to operate and are more suitable for regular contributions. Their names indicate the recommended age of accumulation.

The rules of INVL Extremo III 16+ and INVL Medio III 47+ have established a new a minimum entry fee, but these funds will continue to apply the lowest management fee in the market for their asset classes – 0.8%.

We want to make accumulation in our funds as smooth as possible, so please take a few minutes to check the payment information when you make payments to 3^rd pillar (voluntary pension accumulation) pension funds.

It is particularly important that the payment of pension contributions includes the correct information, such as the personal identification number, the purpose and recipient of the payment and the account number of the pension fund to which you are paying contributions.

Therefore, before you make any payment, please check the information about your pension account and adjust it when necessary:

enter your personal identification number, especially if you make a payment to another person’s pension account;

in the field “purpose of the payment”, enter the number of the 3^rd pillar fund agreement without spaces or any other additional information, e.g. agreement number INVL33555555, FIVIII049900099 or MP32777777;

in the field “recipient”, enter the name of the fund to which you are making the payment;

make payments to the following bank accounts of the pension funds:

INVL MEDIO III 47+: LT377044060007954014

INVL MEDIO III 16+: LT867044060007954005

INVL Drąsus: LT987044060008119465

INVL STABILO III 58+/INVL Stabilus: LT667044060008119459

INVL Apdairus: LT737300010149015380

Clients participating in pension accumulation in 2^nd or 3^rd pillar pension funds have the opportunity to take advantage of the personal income tax (PIT) benefit and get refunded up to 20% of the contributions paid under a 2^nd and/or 3^rd pillar pension agreement.