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A pension investment account (PIA) from LHV is an alternative to pension funds. It gives you the freedom to make your second-pillar fund holdings grow as you see fit. You decide which securities to invest in, and do so at better rates than in a funded pension.
Since there’s no need for a fund manager, the amount you save on fund management fees will also bolster your future pension.
Buying and selling securities is free of charge. For foreign securities, an annual custody fee of only 0.09% plus VAT applies*. Holding Baltic securities is free. Thanks to this, you can invest your II pillar pension assets diversely — at an even lower cost than in pension investment funds.
*The management fee change will take effect from 1 January 2026.
You can find the current management fee rate and the fees for services performed at a client office here.
The LHV Pension Investment Account automated solution makes investing in securities simple and convenient. Securities can be chosen from the Baltic, European and US markets to make your second pillar holdings grow according to your chosen allocations. LHV will purchase stocks, funds or indexed funds for you automatically and at no service fee.
SPDR S&P 500 UCITS ETF
Invests in the 500 largest companies in the United States.
| Purchase and sale transaction fee | 0 €* |
| Underlying fund cost | 0.03% per year |
| LHV management fee for foreign securities | 0.09% per year* (VAT applies) |
| Total investment cost | 0.14% per year |
*The management fee change will take effect from 1 January 2026.
You can find the current management fee rate and the fees for transactions made at a client office here.
United States of America
100%
| Stock | Proportion |
|---|---|
| Nvidia | 7.65% |
| Microsoft | 6.72% |
| Apple | 6.32% |
| Amazon.com | 3.89% |
| Meta Platforms | 3.01% |
| Broadcom | 2.89% |
| Alphabet A aktsia | 2.61% |
| Alphabet C aktsia | 2.11% |
| Tesla | 2.08% |
| Berkshire Hathaway | 1.60% |
| JPMorgan Chase | 1.55% |
| Eli Lilly | 1.07% |
| Visa | 1.03% |
| Netflix | 0.92% |
| Exxon Mobil | 0.88% |
| Oracle | 0.85% |
| Mastercard | 0.85% |
as of 17 September 2025
Amundi Prime Global UCITS ETF
Invests into approximately 1400 large and medium-sized companies in developed markets around the world.
| Purchase and sale transaction fee | 0 €* |
| Underlying fund cost | 0.05% per year |
| LHV management fee for foreign securities | 0.09% per year* (VAT applies) |
| Total investment cost | 0.16% per year |
*The management fee change will take effect from 1 January 2026.
You can find the current management fee rate and the fees for transactions made at a client office here.
USA
71.16%Japan
6.39%Great Britain
3.74%Canada
3.39%France
2.42%Germany
2.30%as of 17 September 2025
| Stock | Proportion |
|---|---|
| Nvidia | 5.10% |
| Microsoft | 4.78% |
| Apple | 4.44% |
| Amazon.com | 2.80% |
| Meta Platforms | 2.10% |
| Broadcom | 2.04% |
| Alphabet A aktsia | 1.85% |
| Alphabet C aktsia | 1.62% |
| Tesla | 1.53% |
| JPMorgan Chase | 1.11% |
| Berkshire Hathaway | 0.84% |
| Eli Lilly | 0.82% |
| Visa | 0.76% |
| Netflix | 0.65% |
| Exxon Mobil | 0.63% |
| Oracle | 0.63% |
| Mastercard | 0.62% |
as of 17 September 2025
Amundi Core Stoxx Europe 600 UCITS ETF
Invests into 600 large, medium-sized and small enterprises in 17 European countries with developed economies.
| Purchase and sale transaction fee | 0 €* |
| Underlying fund cost | 0.07% per year |
| LHV management fee for foreign securities | 0.09% per year* (VAT applies) |
| Total investment cost | 0.18% per year |
*The management fee change will take effect from 1 January 2026.
You can find the current management fee rate and the fees for transactions made at a client office here.
Great Britain
23.36%France
16.47%Germany
14.35%Switzerland
13.91%Netherlands
6.60%Italy
5.32%as of 17 September 2025
| Stock | Proportion |
|---|---|
| ASML Holding | 2.50% |
| SAP SE | 1.92% |
| HSBC Holdings | 1.77% |
| AstraZeneca | 1.76% |
| Novartis | 1.74% |
| Nestle | 1.70% |
| Roche Holding | 1.69% |
| Shell | 1.55% |
| Siemens | 1.46% |
| Novo Nordisk | 1.37% |
| Unilever | 1.16% |
| Allianz | 1.15% |
| Schneider Electric | 1.12% |
| LVMH Moët Hennessy | 1.12% |
| Banco Santander SA | 1.10% |
| TotalEnergies | 1.01% |
| UBS Group | 1.01% |
as of 17 September 2025
This is an illustrative example. The information presented should not be considered investment analysis or as a recommendation to sell or buy securities. Before making any investment decision, carefully consider the appropriateness of the investment and study the risks. LHV is not liable for decisions made on the basis of this information. Investing involves both opportunities and risks, and the market value of securities may increase as well as decrease. Financial services are provided by AS LHV Pank.
Now 0 € transaction fee on your PIA
The management fee change will take effect from 1 January 2026.
You can find the current management fee rate and the fees for transactions made at a client office here.
Total cost per year
as of 20 October 2025
For the PIA examples, the custody fee rate for foreign securities effective from 1 January 2026 has been taken into account. These costs are not taken into consideration for PIA investments. The total cost of pension funds is based on data from the Estonian Funded Pension Registry.
If you are not yet an LHV client, first sign a client agreement.
You can direct your regular 2nd pillar contributions to your LHV PIA.
You can also, by submitting a unit exchange application, sell part (or all) of your 2nd pillar pension fund units and transfer the received money to your PIA.
You’re good to go. All that remains is to wait for your PIA to be funded and investing can start.
When will money show up on my PIA?
| Submission window | When will my PIA be credited? |
|---|---|
| 1 December to 31 March | First working day in May |
| 1 April to 31 July | First working day in September |
| 1 August to 30 November | First working day in January |
You’ll have the opportunity to put together a portfolio with the lowest fees. The lower the expense on investing, the more you stand to grow your funds. Learn more about the fees.
Funds you haven’t allocated to be invested automatically will remain in your main PIA account, available for use as you see fit. For example, you can buy securities individually and manually or just keep a sum of money as a cash balance.
That allows you to fine-tune how much of your assets are automatically invested.
That means you can also buy fractions of shares (10 euros currently buys 0.05 of a share in Apple, for instance). The selection includes about 200 securities.
You can change your automatic investment settings at any time. This will not affect the securities you already own.
You can sell the securities already held in your account at any time by placing a sell order.
Just like purchase transactions, sales transactions are also free of charge.
You can increase your monthly contribution to the second pillar from 2% to 4% or even 6% of your pre-tax earnings, which will be supplemented by the state in all cases with a 4% contribution (from the 33% social tax paid on your earnings).
The social tax rate on the portion of earnings transferred to the first pillar of the pension system is 16% for individuals who have joined the second pillar (as 4% is allocated to the second pillar), and 20% for those who have not joined the second pillar. For those participating in the second pillar, the solidarity share value per year is up to 0.8; for non-participants, it is a maximum 1.0.
You can transfer pension assets to another pension fund income tax exempt or make a withdrawal as you might from another pension fund (if you do so before retirement age, income tax of 22% will be applied). Note that if you leave the second-pillar system, you can re-join only after 10 years have passed.
| Service fee | Free* |
| Management fee for LHV funds | Free |
| Management fee for Baltic securities | Free |
| Management fee for foreign securities until 31.12.2025 |
|
| Management fee for foreign securities from 01.01.2026 | 0.09% per year (VAT applies) |
Review the full price list. Income and expense calculator for securities transactions.
*Additional fees apply to transactions made at a client office, which you can find here.
Would you like information about the possibilities and limitations of a product and regarding signing up for them?
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E-R kl 9-19
Geographic distribution
| Countries | |
|---|---|
 United States of America | 71.16% |
 Japan | 6.39% |
 Great Britain | 3.74% |
 Canada | 3.39% |
 France | 2.42% |
 Germany | 2.30% |
 Switzerland | 2.07% |
 Australia | 1.85% |
 Netherlands | 1.17% |
 Sweden | 0.85% |
 Spain | 0.81% |
 Italy | 0.76% |
 Hong Kong | 0.58% |
 Denmark | 0.49% |
 Singapore | 0.46% |
 Israel | 0.34% |
 Other countries | 1.22% |
Geographic distribution
| Countries | |
|---|---|
| Great Britain | 23.36% |
| France | 16.47% |
| Germany | 14.35% |
| Switzerland | 13.91% |
| Netherlands | 6.60% |
| Italy | 5.32% |
| Spain | 5.25% |
| Sweden | 4.83% |
| Denmark | 3.17% |
 Finland | 1.77% |
 Belgium | 1.70% |
 Norway | 1.10% |
 Ireland | 0.65% |
 Poland | 0.63% |
 Austria | 0.50% |
 Portugal | 0.28% |
 Luxembourg | 0.11% |
