OREANDA-NEWS. September 28, 2009. SEB is launching an information campaign in order to inform people about the importance of continuing their contributions into the second pension pillar. The information campaign lasts until the end of November, reported the press-centre of SEB

“An average of 3000 people a week submit applications for continuing their contributions and more than 24000 clients in total have already applied. The number of applications has increased every week, which shows that more people want to continue than initially expected. The survey conducted by SEB showed that one-third of people who have joined the pillar definitely want to continue and another one-third have not decided yet. The information campaign of SEB is aimed at the latter in order to give people enough information for making the decision that is right for them," said SEB Life and Pension Insurance Manager Indrek Holst.

Applications for continuing making contributions to the second pension pillar can be submitted in the internet bank or at branches until the end of November. 588,920 people in Estonia had joined the second pension pillar as of the end of last week, 171,758 of them are saving for their pensions with SEB.

Clients who wish to continue making contributions to second pillar pension funds must submit relevant applications. People who were born in 1942 to 1954 and to whose pension accounts the state contributes from 1 January 2010 must also submit applications.

The state suspended its contributions to the second pension pillar system from 1 June 2009. The state will continue making contributions in limited amounts from 2011 and in the former amount from 2012. 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.