OREANDA-NEWS. On August 03, 2009 SEB started accepting applications from clients who wish to continue making contributions to the second pension fund from 2010. Applications can be submitted in the Internet bank or at branches until the end of November, reported the press-centre of SEB.

Due to the difficult economic conditions, the state suspended its contributions to the second pension pillar system on 1 June 2009. The state will continue making contributions in limited amounts from 2011 and at the former amount from 2012. People born between 1942 and 1954 are an exception, as the usual contributions will be made to their pensions from 1 January 2010, but only if they submit the relevant application to the bank before the end of November.

Clients can continue making contributions to their second pension pillar funds until the state resumes its contributions. The analysis made by SEB confirms that it pays for clients to continue their contributions, as this guarantees them a bigger pension in the future. A person who earns an average salary will save 140,000 kroons more for their retirement over a 40-year savings period if they continue their contributions.

Continuing with the contributions is particularly important for those who have less time left until their retirement. People who have 20 years left until their retirement will increase their pension assets by 12% if they continue with their contributions in 2010. People who have 10 years left until their retirement will increase their pension assets by 22% if they continue with their contributions.

586,740 people in Estonia had joined the second pension pillar as of the end of last week. 170,290 are saving for their pensions with SEB.