Three Levels of Pension System

Since July 2001 there is a three tier pension system in Latvia, it includes the 1st tier (state compulsory unfunded pension scheme), the 2nd tier (state funded pension scheme) and the 3rd tier (private voluntary pension scheme).

Insurance record

In order to be entitled to old age pension, the unemployed person has to hold a social insurance record; the duration of the necessary record varies depending on the type of pension. The insurance record may havean influence also on the calculation of the pension amount.The insurance record is made up of insurance periods during which the social insurance contributions were or had to be made for the particular type of social insurance.The insurance record is also made up of working periods and the equivalent periods that are accumulated until 31 December 1995.

Old Age Pension

The following people residing in Latvia are entitled to old age pension:

Disability Pension

Insured person is entitled to receive disability pension if the person: 1)has not reached the retirement age determined by the law; 2)has been acknowledged to be disabled (except the cases when disability has resulted from job accident or occupational disease after January 1 1997); 3)insurance period is not less than three years; 4)resides in Latvia.

Pension in Case of Loss of Supporter

The following persons, if they live in Latvia are entitled to receive survivor’s pension, if the deceased person has been a socially insured person

Work Record Related Pensions

Persons employed in certain professions whose further work is related to the loss of professional skills or social danger after working a certain amount of time in the profession, have the right to receive a service pension

Indexation of Pensions

Since October 1st, 2018 old-age, disability, long service pensions, pensions in case of loss of the supporter and the insurance compensations granted (recalculated) till September 30th, 2018 which amount does not exceed 382 euros are subject to revision. If the size of pensions and insurance compensations exceeds 382 euros, shall be reconsidered only a part of the sum – 382 euros.

Payment of pension

Pensiju pārskaita personas Latvijas Republikas kredītiestādes vai pasta norēķinu sistēmas (PNS) kontā, izmaksā pakalpojumu sniedzēja izmaksas vietā vai piegādā pensijas saņēmēja dzīvesvietā.

State social security old age allowance

The following persons are entitled to receive the state social security old age allowance (hereinafter referred to as the allowance) – citizens and non-citizens of Latvia, foreigners and stateless persons

The extraordinary allowance for the deceased’s spouse

The extraordinary allowance for thet deceased’s spouse is granted if the following conditions are met: • Pension benificiary was legally married at the time of death • Both spouses were retirement, disablement or service pension beneficiaries on the day of death • The allowance has been requested within 12 months from the day of death.

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