Mutual insurance

LV, the Pension Fund of Commerce, is divided into two divisions, a mutual insurance division and a private pension division. Members' mandatory contributions go to the mutual insurance division, where they form a mutual insurance fund to ensure them lifelong pension benefits.

The normal retirement age is 67 years. You won't collect up a specific balance on an account, as is the case with personal pension savings, but instead you get a guarantee for lifelong pension payments from the time you begin to draw your pension. You will receive payments reflecting your contributions throughout your working life and the return on the fund's investments through those years.

With your contributions to LV you earn the right to lifelong pension benefits from the time you begin to draw your pension.


In addition to a lifelong retirement pension you earn the right to disability pension if your capacity for work is reduced. You also earn the right for your spouse to receive a spouse's pension upon your death and for your children to receive child's pensions should your capacity for work be significantly reduced or upon your death.