INVL Logo

INVL Asset Management to offer additional saving for retirement through Viena Saskaita

From now on saving for one's pension in any of the third pillar funds managed by one of the leading asset management companies in Lithuania INVL Asset Management is possible through an electronic system Viena Saskaita. Under an agreement signed between the companies Viena Saskaita is to provide domestic residents with a possibility of transferring contributions to additional voluntary savings pension funds managed by INVL Asset Management. INVL Asset Management is the first company in the country to offer additional pension saving through this system.

"There has been a trend in recent years of moving more and more services onto the electronic space and saving for retirement is not an exception. As of today, we are inviting people to use this convenient system online which enables not just paying for utilities but also paying contributions to the third pillar pension funds managed by us, which stand out in the market in terms of both short-term and long-term results," says Ramunas Stankevicius, Director of the Department for Pension Funds and Retail at INVL Asset Management.

"We all understand how important it is to put aside for retirement but most of the time we just do not get around to starting saving or simply forget to do so. By offering this new possibility to save we want to remind people that paying utility bills is important but saving for one's retirement is equally important. We hope that our system will remind people to do just that every month," comments Vytenis Ziberkas, Director at Viena Saskaita.

Every user of the system will be able to make additional pension contributions through Viena Saskaita. "The existing pension system gives people the choice of the number of the third pillar pension funds to save additionally in and the companies they want to use for that purpose, and it makes us believe that this novelty will be relevant and tempting to those who are yet to try our funds," says Mr Stankevicius.

Pension savings through Viena Saskaita will be available to all individuals who have pension accumulation agreements with INVL Asset Management. Paying monthly bills, the user will be able to transfer the sum to the pension fund too. This service will cost EUR 0.25 for every contribution. The acquisition of units in pension funds will be subject to regular fees as defined in the pension fund rules.

Currently, the Viena Saskaita system has over 55,000 users across the country. The system combines all monthly bills of a household into one, allows tracking, archiving and comparing bills and paying them in a single payment order. This way, Viena Saskaita lets one keep an archive of all bills in one place, a record history of all services and payments and an annual statement of expenses. It also enables quick management of all monthly bills. Moreover, the system also gives its users the possibility to manage all payments for several homes through a single account.

INVL Asset Management manages four third pillar pension funds with investment strategies varying depending on the recommended age of the participants. These funds are the conservative investment pension fund INVL Stabilo III 58+ aimed at participants over 58 years, INVL Medio III 47+ aimed at individuals between 47 and 57 years, and INVL Extremo III 16+ and INVL III Akciju are targeted at younger participants aged between 16 and 46 years.

According to the figures provided by the Bank of Lithuania, by return on investments for the first six months of this year and by annual average return over the past five years the pension funds managed by INVL Asset Management were leading across all third pillar pension fund categories. The company also manages four second pillar pension funds. As of July 15 of this year the total assets managed by the company in the pension funds were worth EUR 222.18m.

Asset management company INVL Asset Management manages pension and investment funds, individual portfolios and other financial instruments. At the end of 2015, the company managed total assets worth EUR 266.7m and had 118,000 clients.

INVL Asset Management is part of one of the leading asset management groups in the Baltics Invalda INVL. Companies of the group manage pension and investment funds, alternative investments, individual portfolios, private equity and other financial instruments. According to the figures for the first quarter of this year more than 150 thousand clients in Lithuania and Latvia as well as international investors have entrusted over EUR 340m in assets to the group.