The Bank of Latvia has approved the transfer of the management of the 2nd pillar pension plans of IPAS INDEXO (hereinafter – INDEXO) to its wholly owned subsidiary INDEXO Asset Management IPAS (hereinafter – INDEXO Asset Management). The 2nd pillar pension plans, with assets under management of EUR 1.6 billion as of 30 September 2026, is planned to be transferred on 1 December 2026. This is part of the refinement of the INDEXO group structure announced to the market on 14 August 2026, under which INDEXO is transferring its pension management business to INDEXO Asset Management. With this change the Group structure will be better suited for future growth, with pension management belonging to specialised subsidiary.
The Bank of Latvia’s approval covers the state funded pension scheme plans “INDEXO plāns Jauda 16–55”, “INDEXO plāns Izaugsme 55–62” and “INDEXO plāns Konservatīvais 62+”.
Documents submitted for change of manager of 3rd pillar pension plans
On 21 October 2026, INDEXO submitted documents to the Bank of Latvia on the change of manager of the 3rd pillar pension plans “INDEXO pensiju plāns AKCIJAS” and “INDEXO pensiju plāns OBLIGĀCIJAS” of AS INDEXO Atklātais Pensiju Fonds (the Pension Fund) to INDEXO Asset Management. As of 30 September 2026, the assets under management of these plans amounted to EUR 87.8 million.
INDEXO expects these plans to be transferred on 1 December 2026 as well. The transfer will take place only after approval by the Bank of Latvia, so the date is subject to change.
Next step: transfer of the Pension Fund shares
After the change of manager of the 3rd pillar pension plans, INDEXO plans to transfer 100% of the AS INDEXO Atklātais Pensiju Fonds shares to INDEXO Asset Management. The share transfer and the registration of the change of shareholder with the Register of Enterprises are planned for December 2026.
The pension management business is being transferred as a transfer of undertaking within the meaning of Section 20 of the Commercial Law, on the basis of the business transfer agreement concluded between INDEXO and INDEXO Asset Management on 12 August 2026.
Transaction stages and status
| Event | Status |
| INDEXO and INDEXO Asset Management conclude the business transfer agreement | Completed |
| Bank of Latvia approval to transfer 2nd pillar pension plans to INDEXO Asset Management | Completed |
| Documents on the change of manager of the Pension Fund 3rd pillar pension plans submitted to the Bank of Latvia | Awaiting Bank of Latvia decision |
| Transfer of 2nd pillar pension plans to INDEXO Asset Management | Planned date: 1 December 2026 |
| Transfer of management of the Pension Fund 3rd pillar pension plans to INDEXO Asset Management | Planned date: 1 December 2026 |
| Transfer of the Pension Fund shares to INDEXO Asset Management | Planned: December 2026 |
| Completion of the transaction | Planned: December 2026 |
2nd and 3rd pillar pension plan participants do not need to take any action in connection with the transfer. The investment policy and fees of the plans remain unchanged. INDEXO will inform the market separately about the transfer of the plans and the completion of the transaction.
About the INDEXO financial services group
INDEXO is a financial services group comprising pension management companies IPAS INDEXO, INDEXO Atklātais Pensiju Fonds AS, and INDEXO Asset Management IPAS, as well as INDEXO Bank AS and DelfinGroup AS.
The Group's pension companies manage EUR 1.7 billion for more than 162 thousand customers in Latvia. INDEXO Bank, a bank licensed by the European Central Bank, serves more than 70 thousand customers with deposits exceeding EUR 167 million and a loan portfolio before expected credit losses exceeding EUR 139 million. Data as of 14 October. The Group reached profitability in the first quarter of 2026.
More information: https://indexo.lv/en/