The Right to Inherit Pension Accumulations 0 10

Tomorrow, at the plenary session of the Saeima, the deputies will have to decide whether to support in the first reading, that is, to pass to the relevant committee, very similar bills aimed at bringing legislation in line with the Constitution. Thus, the factions of the National Alliance and 'Latvia First' have prepared amendments to the Law on Funded Pensions. The amendments stipulate that if a resident of Latvia who is a participant in the funded pension system dies before reaching retirement age, their accumulated pension capital will replenish the 'inheritance mass', meaning that the heir(s) can receive these accumulations - this essentially concerns the accumulations in the second pension level. The fact is that currently, the right to inherit accumulations in the second pension level is granted to heirs only if the deceased made an electronic mark during their lifetime allowing their pension capital to be inherited! If such a mark (consent) is absent, then all these accumulations of the deceased go to a special budget, that is, to the general pension fund. According to the authors of the amendments, the current system is unfair and contradicts the Constitution. Notably, during discussions, representatives of the ruling coalition also agreed with this. Tomorrow we will see how the ruling deputies will vote on these bills.