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Supplementary pension schemes to employees

Supplementary pension schemes to employees

Supplementary pension schemes to employees

Are you motivating your employees?

 

  • The employer's financial incentives for pension is a financially attractive and popular way to motivate employees
  • A voluntary retirement savings program benefits employees and increases their income at the same or lower cost to the company.
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Important information
 
After the amendments to the Personal Income Tax Law approved by the Seimas, the personal income tax (PIT) benefit for contributions to III pillar pension funds is cancelled for future agreements. The tax environment for companies that already contribute to the accumulation of pensions for their employees does not change, but the terms of tax benefit applied to employees' personal contributions changes significantly. For contracts concluded before 31st of December 2024, and for contributions based on these agreements, paid until 31st of December 2034, benefit can still be applied for 10 years. For new contracts concluded from 1st of January 2025, the PIT benefit will not be applicable.

41 %
of employees state that by contributing to pension, the employer shows care about the long‑term well‑being of the employee

42 %
of employees rate employer's contibutions for retirement as the most motivating tool among the benefits offered by the employer

34 %
employees claim that accumulating a pension at the employer's expense helps maintain employee loyalty to the workplace

Survey commissioned by Luminor, conducted by research company Norstat in October 2023. In Lithuania, 1,001 residents were surveyed.

Encourage an employee to spend 68 % more by spending the same amount – 102 euros

The employer allocates €100 “before taxes” to motivate an employee and gives a choice of motivation – payout or long term retirement savings

Salary increase after taxes 60.5 euros
Occupational retirement in favour of an employee 101.5 euros*

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* The financial benefit is due to the fact that contributions to pension funds are exempt from taxes, which are used as an incentive for the employer to encourage employee loyalty and to contribute to the employee's long-term accumulation. These tax benefits are valid provided that the contribution to the pension fund does not exceed 25% of the employee's estimated employment income. The calculations do not take into account the effect of the amount of non-taxable income. Calculations are based on tax rates effective from 2019.
Why Luminor pension funds?
Long-term experience

Long-term experience

20 years of managing pension funds

The first in Lithuania

The first in Lithuania

Launched sustainability‑oriented pension fund – Luminor tvari ateitis index

Easy to choose

Easy to choose

Name of the pension fund indicates which age group it is most suitable for

Useful links

Luminor Supplementary Pension
III Pillar Pension Funds Pricelist
Luminor Pension Funds

Motivate your employees with long-term benefits

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Contacts

Write to us

Vilnius

   Elinga Žemaitienė +370 616 97683

   Violeta Milevska +370 620 40631

Kaunas

   Nomeda Bardauskienė +370 614 01613

Šiauliai, Panevėžys

   Jūratė Graisaitė +370 616 97683

Important: Accumulation in pension funds is subject to investment risk, which means that the value of the investment may rise and fall, may recover less money than you have invested. If investments are in foreign currency, exchange rate changes may affect return on investment. Luminor investment management company does not guarantee return on investment, pension fund profitability or annuity payments. Past performance of pension funds does not guarantee future results. Before making a decision on accumulating an additional pension in Luminor pension funds, familiarize yourself with the pension fund rules, deductions, investment strategy and risk factors. Pension funds are managed by UAB “Luminor investicijų valdymas”, registration code 226299280.