You can access your Next Generation Pension savings anytime. There is no withdrawal or termination fee.
The entire amount paid upon termination or partial withdrawal of the insurance contract is tax-free if:
- payout is paid no earlier than 10 years after the conclusion of the contract,
or - the payout is paid no earlier than 5 years after the conclusion of the contract and the beneficiary has no more than 5 years left until retirement age, or the beneficiary level of participation is 0-40 percent
and the contributions were paid only by residents and they were not deducted from income in accordance with the procedure established in Article 21 of the Personal Income Tax Act.
If the aforementioned period is not met and part of the savings are withdrawn or the contract is terminated:
- the part of the payout equal to the contributions paid under the contract is tax-free.
- the part of the payout exceeding the contributions paid is taxed accordingly:
- 15% – profit up to 12 VDU
- 20% – from 12 to 36 VDU
- 25% – from 36 to 60 VDU
- 32% – above 60 VDU.
- Average monthly salary (VDU) changes each year and is set by Lithuanian authorities.
The benefit paid to heirs or beneficiaries designated under the contract due to the death of the insured person is tax-free.
In case contract has been concluded before 01.01.2025, detailed information is in link bellow:
Read the: Essential information for policyholders on the taxation procedure applicable to life insurance contracts concluded from 01.01.2003 (PDF)
