LHV gaining the most clients in pension fund mobility

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Photo: Peeter Langovits / Postimees

Pension funds of LHV stand to gain the most in the mobility round of pension plans in Estonia to take effect from Sept. 1, according to tentative information.

People with pension plans have filed 6,047 more applications to move their pension savings into a fund managed by LHV than to move out of such fund. The only other pension fund manager with a positive score is Nordea, whose funds have 544 people more moving in than moving out as of Sept. 1, 2013.

The biggest loser is SEB with a negative balance of 3,286, followed by pension funds of Danske, Swedbank and ERGO with negative balances of respectively 1,450, 1,283 and 932.

The fund to get the biggest number of new members is LHV Pensionifond L, which attracted 5,020 more applications to move in than to move out. Of the people moving into it 97 percent are coming from a fund not managed by LHV. The second most popular fund is Swedbank Pensionifond K4 with 3,022 more transactions to join than to quit and 54 percent of new customers coming from outside Swedbank funds.

In third place comes LHV Pensionifond XL with a positive balance of 1,427 customers and 90 percent of new customers coming from non-LHV funds.

The fund losing the most customers is Swedbank Pensionifond K3, which will lose 4,209 pension plan holders. Forty-two percent of them wish to join another Swedbank pension fund.

SEB Progressiivne Pensionifond is the next biggest loser with a net negative score of 2,861, of whom 4.7 percent will move into some other fund of SEB. Danske Pension 50 was third with the number of leavers surpassing that of entrants by 1,227 and 3.6 percent moving into some other SEB fund.

In all 25,159 people have filed an application to change their pension fund in September, compared with 22,076 who did so in the previous mobility round that took effect in May.

Stakes in second pillar, or mandatory pension funds in Estonia can be moved into another fund three times a year. In order for the change to take effect on the first working day after Jan. 1 an application must be filed on Nov. 30 at the latest. For a swap on the first working day after May 1 and Sept. 1 the application deadlines are March 31 and July 31, respectively.

To change the target fund of one's current payments applications can be filed at any time.