What happens to the accumulated funds in the event of death?

The heir must apply to a notary for the issuance of a certificate of inheritance within 3 months from the date of the opening of the succession. The notary handling the inheritance documents will contact the pension accumulation company and ascertain the amount of the inherited funds (this information may also be obtained by persons authorised by the notary to receive it or who hold a certificate of inheritance).

In the case of the 2nd pillar, once the pension accumulation company receives information about the death of the pension fund participant, it automatically transfers the inherited pension fund to the Asset Preservation Fund in accordance with the requirements of the laws of the Republic of Lithuania, and only then is the participant deregistered from the register of participants and the inherited assets may be paid out.

The heir, having received the certificate of inheritance from the notary, must apply to the pension accumulation company and submit:

• certificate of inheritance
• certificate of ownership (where the deceased person was a spouse)
• their identity document
• an application to receive the inherited assets

If the heir is a minor under the age of 14, the application is submitted by their parents or guardians; if over the age of 14, the minor submits it themselves with the consent of the parents or guardians.

Once the company receives the application and documents, the inherited assets are transferred to the heir within 7 working days:

• Assets accumulated in a 2nd pillar pension fund can only be inherited in cash.
• Assets accumulated in a 3rd pillar pension fund may be inherited either in cash or in pension fund units, at the heir’s request.

Where the inheritance is managed by an authorised person, they must also present their identity document, a copy of the power of attorney, and a notarised copy of the heir’s identity document.