Proposal to Allow Early Withdrawal of 2nd Pillar Pension Savings
The party "Latvija pirmajā vietā" has gathered nearly 55,000 signatures by mid-June for its legislative initiative to allow early withdrawal of 2nd pillar pension savings. The initiative needs 154,241 signatures within a year to be considered by the Saeima.
At the beginning of this year, a proposal to allow individuals to withdraw their 2nd pillar pension savings before retirement returned to the political agenda. After the Saeima rejected the proposals, the party "Latvija pirmajā vietā" opted for the constitutional legislative initiative process available to voters.
Starting from May 7, the party has one year to collect at least 154,241 signatures. If successful, the bill would return to the Saeima. If parliament rejects it again, a referendum could be held. By mid-June, nearly 55,000 voters had expressed support.
The proposed law would allow 2nd pillar participants to withdraw all accumulated capital in a single payment before retirement, or to withdraw only a portion and continue saving the rest. Even after a full withdrawal, participants would be able to re-enter the system and resume contributions.
