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Inheritance of pension savings

After a person accumulating his or her pension passes away, the relevant share of fund's assets is inherited as prescribed by law.

How assets of the member built up in the pension fund are inherited?


1. Within three months of the day of inheritance, heirs must ask a notary for the issue of a certificate of inheritance. The amount of savings in the pension account can only be disclosed to:

  • a notary who has initiated an inheritance case
  • a person holding the inheritance right authorised by a notary to receive such information or a certificate of inheritance

2. A heir must submit the following to the pension company:

  • a certificate of death of a pension fund's member (preferably as soon as it is received)
  • a certificate of inheritance
  • a personal identity document
  • an application to transfer the inherited assets in cash (fund's units)

If a heir is a minor person under the age of 16, the application must be submitted by his or her parents or guardians, or, if above the age of 16, by such person with consent of parents or guardians.

3. After the submission of an application and documents, the inherited assets are transferred to the heir within 7 working days:

  • savings in a second-pillar pension fund are transferred in cash
  • savings in a third-pillar pension fund are transferred either in cash or units of the pension fund (if the heir already is or becomes a member of the same pension fund)

When is the return on investments finally determined so that their value stops changing?


Subject to receipt of an application and other required documents from the heir, the heir is entitled to receive the inherited assets in cash.

Units of the 2nd and the 3rd Pillar Pension Funds are converted into cash subject to receipt of an application and other necessary documents from the heir (the portion of the asset specified in the succession document will be converted). In case of the 3rd pillar pension funds, heirs will be entitled to  inherit the assets not necessarily in cash but in the fund units, which may be transferred to the heir’s individual account in the same pension fund.