Today, on 10 June, Luminor starts offering a sustainable 2nd pillar pension index plan Sustainable Future in Latvia. When people choose this pension plan, the social insurance contributions made will be invested up to 100% in stocks of global companies that are leaders in their sectors in terms of environmental, social and corporate governance (ESG) criteria, thus, e.g., excluding companies involved in fossil energy extraction from the investment spectrum.

“In response to the public interest in sustainable and more responsible savings growing in recent years, Luminor is launching a 2nd pillar pension index plan Sustainable Future, which will invest in companies that are leaders in their industries in terms of environmental, social responsibility and corporate governance (ESG) criteria, as well as will exclude investments in companies involved in fossil energy extraction. Our new investment plan is most suitable for people up to the age of 45, as its investment in equities will be maintained close to 100% and it is currently the first 100% stock investment plan in the Latvian market. This 2nd pillar pension index plan is the next step, following similar pension index plan created in May for the 3rd pillar, which enables residents to make additional savings for pension in an environmentally and socially responsible way, which is especially important among the youngest generations”,

- says Atis Krumins, Head of Luminor Investment Management.

Besides the mentioned companies extracting fossil energy, Luminor index investment plan Sustainable Future will not invest or will minimize investments in other industries not considered ethical, such as weapons, tobacco, alcohol, nuclear industry, gambling sectors, genetically modified products and others. The passive management of the fund will in turn provide clients with diversity in the choice of retirement savings, as this plan will closely monitor the results of the stock market, instead of relying on the manager's opinion on what is happening or expected in the financial markets.

Participation in the pension 2nd pillar in Latvia is mandatory for all employed persons born after 1 July 1971, and currently contributions from the wages of residents of 6% are automatically transferred to the 2nd pillar. The 2nd pillar pension investment manager can be changed once a calendar year, and the investment plan within one manager twice a year by submitting an application on the portal latvija.lv or in person at any of the State Social Insurance Agency’s customer service centres.

Additional information:
Inese Kronberga
Luminor Public Relations Manager
Phone:  29215409
E-mail:  Inese.Kronberga@luminorgroup.com

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