Coop Pank is expanding the range of banking products offered to private clients, and from December 18, 2023, will offer the option to join Tuleva pension funds. The purpose of cooperation is to present opportunities for saving and accumulating money and make them more accessible to clients.
According to Margus Rink, Chairman of the Board of Coop Pank, in cooperation with Tuleva, Coop Pank is filling an important gap in the services offered to private clients: “We first created a competitive range of everyday banking and financial products. Starting this year, we will also focus on solutions that will make saving money easier. At the beginning of November, we launched the Rahasahtel daily savings service, our time deposits with one of the best rates of return on the market are great for investing money for a period of several months to several years, and now, together with Tuleva, we can introduce the opportunity to invest in pension funds to implement long-term plans.”
The CEO and founder of the Tuleva Tõnu Pekk noted that Tuleva and Coop Pank share many values: they are both the organizations based on domestic capital and contributing to improving the economic well-being of the Estonian people. “Our common goal is to encourage Estonian residents to think about saving money – even those who, for whatever reason, have not yet done so. Future cooperation with Coop Pank is a triple win: for the bank, for the pension society, and for clients. Perhaps we will actually achieve a situation where 1+1=3,” Pekk said.
The head of Tuleva added that initially cooperation will focus on the III pension pillar, since the end of the year is the most suitable time to join the III pillar and make contributions there. The state refunds income tax on payments made before the end of December that do not exceed 15% of the person’s annual income or a maximum limit of 6,000 euros. “In the new year, in cooperation with Coop Pank, we will also focus on the II pillar pension funds,” added Pekk.
Tuleva and Coop Pank will continue to conduct their economic activities separately. Coop Pank clients are not required to select Tuleva funds, and Coop Pank does not provide personal recommendations on the choice of pension fund. As a result of the collaboration, Tuleva funds become visible in Coop Pank channels and the companies collaborate in informing clients and customer service.
Tuleva is a cooperative asset management company whose goal is to increase the wealth of the people of Estonia by creating optimal conditions for long-term investment of money for everyone. Among the founders of Tuleva are Tõnu Pekk, Indrek Neivelt, Taavet Hinrikus, Kadi Lambot and a number of other people well-known in Estonia. Today, III pillar of Tuleva has become one of the largest pension funds in Estonia. Tuleva’s operating principles are low fees and exceptionally good funds.
Estonian-owned Coop Pank is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking is 180,300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.