What is the average second pillar pension savings in Latvia? It depends on the group
The average second pillar pension savings in Latvia varies widely by participant group, from €7,568 overall to €14,383 for long-term contributors.
Second Pillar Pension Savings: Different Averages
Latvia's second pillar pension savings have been growing, exceeding €10.4 billion in May 2026. However, the average savings figure can be misleading because it includes people who have only been in the system briefly.
According to data from the State Social Insurance Agency (VSAA), at the beginning of 2026, over 1.3 million people had active savings, with an average of €7,568. This includes about 435,000 people who no longer make contributions – individuals who worked in Latvia for at least one month since 2001 but currently neither pay social contributions nor receive a pension. Among them are emigrants and others with interrupted work histories.
If we consider only those who made contributions in 2025, the average savings rise to €10,686. Limiting the group to people aged 45 and over who actively contributed in 2025, the average increases to €13,187. More precisely, those aged 45 and over who have contributed for at least 18 years have an average of €14,383.
Pre-retirement Age and Future Projections
Looking at people aged 63-64 who have contributed for at least 20 years, the average savings are €12,561. However, this group started their careers before the second pillar was established, so their savings are lower than future retirees.
Forecasting for 45-year-olds who will continue contributions for another 20 years, with a conservative investment return of 2-5% per year, the average savings at age 65 could reach between €59,200 and €88,600. This translates to an additional monthly pension of €247-€369.
Latvia's central bank economists Kārlis Vilerts and Markuss Berģītis emphasize that in discussions about the second pillar, it is crucial to distinguish full participants from temporary ones to ensure data accuracy.
