OREANDA-NEWS. March 20, 2013. A third of Estonians have changed service providers for their second pillar pensions more than once over the accumulation period, a survey by SEB shows.

“Moving between various pension service providers harms the individual accumulating the pension, first and foremost. First, a client will lose 1 per cent of the value of their assets if she or he moves from one existing financial institution to another. Second, our experience shows that moving constantly between various service providers will confuse a less informed client as to which financial institution she or he is accumulating her or his pension assets at,” Indrek Holst, Chairman of the Management Board at SEB Elu- ja pensionikindlustus, explained the situation that has arisen.

“Most clients lack a comprehensive overview of their pension assets. They are certain that they will get an amount of some kind from the state in retirement, they have accumulated something at various banks, yet in actual fact clients do not have a clear idea of how much they will be drawing in monthly pension income or whether it is going to be enough to live on,” Holst added.

SEB has updated its online pension calculator at, providing the client with detailed information about the size of her or his pension and its breakdown by state pension, second pillar and third pillar. Furthermore, the client can set a goal for accumulating her or his pension – the size of the pension that should be enough to live on in old age. The pension calculator also shows whether the goal is being met or not.

“Surveys by SEB have shown that 40 per cent of Estonians (23 per cent of Lithuanians and 37 per cent of Latvians) regularly check their Internet Bank to see how their pension assets are being accumulated. Our purpose is to provide over client with a simple, clear and comprehensive overview of her or his pension, so that she or he can then independently work out whether the amount being accumulated is going to be enough or whether further options for accumulating the pension should be identified,” Holst explained.