1 Swedbank Pension Fund K1 (Conservative strategy) Swedbank Pension Fund K2 (Balanced strategy) Swedbank Pension Fund K3 (Growth strategy) Swedbank Pension Fund K4 (Equity strategy) PROSPECTUS Effective as of TRANSLATION FROM ESTONIAN In case of any discrepancies, between this translation and original Estonian version, the text of Estonian version shall prevail.
3 Swedbank Mandatory Pension Funds 3 IMPORTANT INFORMATION This document is the public offer prospectus (hereinafter the Prospectus) of Swedbank Pension Fund K1 (Conservative strategy), Swedbank Pension Fund K2 (Balanced strategy), Swedbank Pension Fund K3 (Growth strategy) and Swedbank Pension Fund K4 (Equity strategy) (hereinafter jointly referred to as the Funds or severally as the Fund) for the purposes of the effective Republic of Estonia Investment Funds Act. The provisions of the Prospectus apply to all the Funds, unless the Prospectus clearly states that the provided information concerns a particular Fund. An integral part of the Prospectus are the rules of the Funds (hereinafter the Rules). The Prospectus and the Rules provide the investors with an overview of the investment objectives of the Funds helping the investors decide over whether to invest in the Funds. The information provided in the Prospectus shall not be considered investment advising or other investment service or ancillary service, or an invitation to acquire or transfer the units of the Funds. Please carefully study the Prospectus and the Rules before investing and pay special attention to investment risks and assess your risk tolerance. In this respect, we recommend asking for more detailed explanation of various aspects associated with investments from professional tax and investment advisers. The Prospectus and any amendments made thereto are approved by the Management Board of the Management Company. If significant information contained in prospectuses is changed, the Management Company sends the amended Prospectus promptly to the Financial Supervision Authority for its information and at the same time publishes it in its registered office and on the website The offer of the units of the Funds shall always comply with the Prospectus, the Rules of the respective Fund and the legislation. Misleading advertisements or commercials or other promises that are in conflict with the Prospectus, the Rules and the legislation shall not be treated as approved by the Management Company. The Management Company does not guarantee that the information provided in the Prospectus is correct at any given time after acquisition of the units. The information is provided in the Prospectus as at the date specified on the title page. The Funds are offered exclusively to Estonian residents. The Funds are not registered for offer in foreign countries. The information related to the investors of the Funds is confidential and it shall be disclosed only in the events prescribed by the legislation. By the declaration of intention made for the acquisition of the Units, the investor consents to the processing of the investor's data (including personal data) pursuant to the regulation "Principles of Processing Client Data in the Estonian Companies of Swedbank". The regulation is available on the website in the service halls of Swedbank Estonia and in the registered office of the Management Company. More detailed information concerning the Funds, any relevant documents and other significant information can be found on the website of the Management Company (hereinafter the Website).
4 Swedbank Mandatory Pension Funds 4 Contents GENERAL DATA... 5 ESTONIAN PENSION SYSTEM... 7 OVERVIEW OF PENSION SYSTEM... 7 MANDATORY FUNDED PENSION... 7 Temporary change of contributions... 8 INVESTMENT OF ASSETS OF FUNDS INVESTMENT OBJECTIVES INVESTMENT POLICY INVESTMENT RESTRICTIONS AND RULES FOR HEDGING RISKS MANAGEMENT FEE LIMIT OF ACQUIRED FUNDS BRIEF OVERVIEW OF INVESTMENT AND RISK MANAGEMENT TECHNIQUES HISTORICAL RATE OF RETURN OF THE FUNDS INVESTMENT RISKS DESCRIPTION OF PRIMARY INVESTMENT RISKS RISKS MORE RELEVANT TO THE OPERATION OF THE FUNDS DESCRIPTION OF TYPICAL INVESTOR AND RISK LEVELS OF FUNDS INCOME OF FUND AND INVESTOR INCOME TAX Taxation of Fund's income Taxation of investors VALUE ADDED TAX FURTHER INFORMATION UNITS OF FUND RIGHTS ATTACHED TO UNIT ESTABLISHMENT OF NET ASSET VALUE OF FUNDS AND UNITS TRANSACTIONS WITH UNITS GENERAL ISSUE OF UNITS Acquisition of Units by sole proprietors REDIRECTION OF CONTRIBUTIONS SWITCH OF UNITS REDEMPTION OF UNITS Payment options Redemption of units upon entry into pension contract Procedure for making payments from the pension fund Succession of units SUSPENSION OF ISSUE OR REDEMPTION OF UNITS FEES AND EXPENSES RELATED TO FUNDS PRINCIPLES OF REDUCTION OF FEES AND MAKING DISCOUNTS INVESTOR PROTECTION INFORMATION ABOUT FUNDS AMENDMENT OF RULES OF FUNDS LIQUIDATION OF FUND MANAGEMENT COMPANY GENERAL INFORMATION SUPERVISORY BOARD MANAGEMENT BOARD FUND MANAGER OTHER FUNDS MANAGED BY THE MANAGEMENT COMPANY DEPOSITARY TRANSFER OF DUTIES OF MANAGEMENT COMPANY ANNEX CALENDAR YEAR RETURNS OF FUNDS... 36
5 Swedbank Mandatory Pension Funds 5 GENERAL DATA Data of the Funds Mandatory pension funds registered in the Republic of Estonia: Swedbank Pension Fund K1 (Conservative strategy); Swedbank Pension Fund K2 (Balanced strategy); Swedbank Pension Fund K3 (Growth strategy), the above Funds were established on 26 April 2002; Swedbank Pension Fund K4 (Equity strategy), established on 05 May The registered office of the Funds is the registered office of the Management Company. The financial year of the Funds begins on 1 January and ends on 31 December. Units of the Funds The Funds have units of one type (hereinafter the Units) with the nominal value of 0.64 euros. Unit is a registered security certifying the unit-holder's right to the pro rata share of the Fund's assets. Units are neither traded nor intended for trading on a regulated securities market. See additional information in "Fund units" part of the Prospectus. Price information The net asset value of the Funds and the net asset value of the Units are calculated at least once on each banking day 1. The net asset value and redemption price of the Units is calculated in euros. The investor is charged no subscription fee of the Units, and the Units are issued at the net asset value of the Units. The net asset value of the Funds, the net asset value and redemption price of the Units is published on the Website on each day of calculation no later than at 12:00 2. Financial statements Taxation The annual reports of the Funds are prepared and disclosed at the registered office of the Management Company and on the Website no later than four months after the end of the financial year of the Funds, and the semi-annual reports no later than two months after the end of the halfyear. The income of the Funds is not subject to taxation in the Republic of Estonia. The income earned by the Funds is reinvested. The profit or loss of the Fund is reflected in changes of the net asset value of the Units of this Fund. The taxation of the income earned by the investor depends on the circumstances related to the particular investor. Management Company Swedbank Investeerimisfondid AS (hereinafter also the Management Company), registered office at Liivalaia 8, Tallinn, Republic of Estonia. See additional information in "Management Company" part of the Prospectus. Depositary Swedbank AS (hereinafter the Depositary), registered office: Liivalaia 8, Tallinn, Republic of Estonia. The Depositary keeps the assets of the Funds. See additional information in "Depositary" part of the Prospectus. 1 Banking day is any calendar day, except for a Saturday, Sunday, a national holiday or public holiday in the Republic of Estonia. 2 The times are given here and hereafter based on Estonian time.
6 Swedbank Mandatory Pension Funds 6 Registrar AS Eesti Väärtpaberikeskus (hereinafter the Registrar), registered office: Tartu mnt 2, Tallinn, Republic of Estonia. The Registrar registers the Units and information related to the above in the register of units. Supervisory authority Auditor Supervision over the activities of the Funds, the Management Company and Swedbank AS is performed by the Financial Supervision Authority, registered office: Sakala 4, Tallinn, Republic of Estonia. The auditor of the Funds is AS Deloitte Audit Eesti, registry code , registered office: Roosikrantsi 2, Tallinn.
7 Swedbank Mandatory Pension Funds 7 ESTONIAN PENSION SYSTEM Overview of pension system Mandatory funded pension or the second pension pillar is a part of the internationally recognised three-pillar pension system used in Estonia. The three-pillar pension system has been established due to the fact that the usual state pension system based on current financing is unable to provide people with sufficient income for coping upon their attainment of pensionable age. The first pillar is the state pension, which uses social tax as the source of income. The first pillar is based on redistribution between generations: the current taxpayers cover the pensions of current pensioners. This system may be affected by demographic processes and political decisions. The second pillar or mandatory funded pension serves to support the first pillar, providing additional income in the pensionable age. The second pillar, which is mandatory for persons born as of , is based on preliminary financing: people accumulate money for their own pensions. The payment to the mandatory pension fund account is made for persons who want to use this opportunity or for whom it is mandatory, which conditionally consists of two parts: tax (4% on the account of social tax) and contribution (2% of the employee's gross salary). Persons born before 1983 can no longer join the second pillar. In case of the third pillar or supplementary funded pension one can choose whether to buy voluntary pension fund units or to enter into an insurance contract for supplementary funded pension with a life insurance company. The third pillar is entirely voluntary, but very important to secure adequate pension. Payments can be received from the Funds with a favourable tax rate after attaining the age of 55 years or in the event of total and permanent incapacity for work. You can read in more detail about the Estonian pension system on the website of the Pension Centre at: Mandatory funded pension Mandatory funded pension is divided into two phases: (1) accumulation phase, during which contributions are made to the pension fund and the received amounts are invested; (2) payment phase when payments are made either under the pension contract to be entered into with an insurance company, as funded pension agreed on with the management company or as a single payment. To join the funded pension system, an investor submits to the Registrar or the account manager 3 either in person or through a representative authorised for this purpose in writing a choice application in the format prescribed by the legislation. Upon the submission of a choice application, a pension account is opened for the investor, which is a special type of securities account used for registration of mandatory pension fund units and details related to the units. A person who has submitted a choice application can no longer waive the funded pension. By submitting a choice application, the investor undertakes to make contributions to a mandatory funded pension under the conditions and pursuant to the procedure provided by law. The investor who has submitted a choice application starts making contributions to the chosen mandatory pension fund on 1 January of the year following the submission of the choice application. The Registrar draws lots for a fund from among conservative pension funds for persons required to join the second pillar who have failed to submit a choice application. A choice application has to be submitted in order to change the drawn pension fund. The Registrar shall replace the pension 3 See the list of account managers on the website
8 Swedbank Mandatory Pension Funds 8 fund chosen by drawing of lots by the pension fund specified in the choice application promptly, but no later than on the third working day as of the acceptance of the choice application by the Registrar. Contributions to the second pillar conditionally consist of two parts: contribution to a mandatory funded pension, which constitutes 2% of the employee's gross salary and which is withheld by the employer, and tax (4% of the gross salary), which is added by the Tax and Customs Board on account of social tax. An additional 4% of the average Estonian taxable income per calendar month is allocated from the state budget per child up to three years of age who was born after 1 January 2013 to a person who has joined the mandatory funded pension system and is the parent, the spouse of the parent, the guardian or the carer of a child living in Estonia under three years of age to make a contribution to the second pillar. 1% of the amount of a parental benefit per each child born is still allocated pursuant to the effective order from the state budget to persons who receive such benefits in order to make contributions to mandatory pension funds. The contribution of a sole proprietor to the mandatory funded pension is 2% of the person's business income; and the Tax and Customs Board calculates and pays additionally 4% of the social tax paid by the sole proprietor as a contribution to the sole proprietor's funded pension. Temporary change of contributions By the Act that amends the Funded Pensions Act and the Social Tax Act (entered into force on ), temporary changes were adopted in connection with the contributions to the second pension pillar for the years Contributions to a funded pension were suspended in the period from 1 June 2009 to 31 December Those interested could continue making contributions to funded pension themselves from 2010 based on an application. Persons born in could continue making contributions pursuant to the existing system based on an application. From 2011, the contributions continued in half-volume, i.e. the state will contribute 2% and the people themselves 1%. Customary contributions to the second pillar pension (2% + 4%) were restored in To those who voluntarily continued their contributions in 2010 and 2011, the state shall pay an additional 6% during Those who did not submit applications for continuing the contributions in 2010 can submit an application in 2013, if desired, to pay an increased contribution of 3% during , to which the state shall add 6%. Those persons shall have the right to submit an application to increase their contribution from 2% to 3% (in this case the scheme 3% + 6% shall be applied). The prerequisite for the latter is at least 5% nominal economic growth of the Estonian economy. In case this prerequisite is not fulfilled, the state is entitled to postpone the increasing of the contribution rate. Contribution schemes 4 : 1. Person did not submit an application for continuing the contributions The tables display the person's contribution + state's contribution, as percentage of person's gross salary
9 Swedbank Mandatory Pension Funds 9 2. Person submitted an application for continuing the contributions as of 1 January (3*) * It is possible to increase your own contribution by submitting a respective application. 3. Person did not submit an application for continuing the contributions, but s/he wishes to make increased contributions during * * If the nominal economic growth remains below 5%, the state shall be entitled to postpone the increased contribution. 4. Persons born in who submitted an application for continuing the contributions as of 1 January
10 Swedbank Mandatory Pension Funds 10 INVESTMENT OF ASSETS OF FUNDS Investment objectives The Funds enable the investor to accumulate and invest money creating the opportunity to receive additional income after reaching pensionable age. The objective of the Funds is to achieve as long-term and stable growth of the value of the assets of the Fund as possible following the investment restrictions. Fund investments always involve risks. The risks related to investments in the Funds are described in more detail in "Investment risks" part of the Prospectus. To assess the suitability of the particular Fund, the investor should examine "Description of typical investor" part of the Prospectus. The investor should keep in mind that neither the performance of the Funds nor the preservation of the investment made in the Funds is guaranteed. Investment policy Below is an overview of the investment policy of the Funds. The main investment policy principles and more detailed information on the investment restrictions and risk hedging rules are provided in the Rules. The Funds differ from each other primarily in terms of the ratio of equities and bonds. Equities have historically offered a better rate of return compared to other investment opportunities, although their value may fluctuate significantly in a short period. Historically, bonds have a lower rate of return in long-term perspective, but these are more stable. Swedbank Pension Fund K1 (Conservative strategy) invests 100% of the assets of the Fund in bonds, money market instruments, deposits, investment funds, which assets may be invested in the above securities and deposits, and other similar assets. The Fund invests neither in equities and immovables nor respective investment funds. Conservative strategy focuses on bonds and its objective is the preservation of capital and moderate growth primarily in shorter horizon. Swedbank Pension Fund K2 (Balanced strategy) proceeds in investing in different types of assets from the objective to keep the following ratio: (1) up to 25% of the assets of the Fund are invested in equities, equity funds and other instruments similar to equity; (2) the remaining part of the assets of the Fund is invested in bonds, money market instruments, deposits, immovables and other assets. The objective of balanced strategy is to help to grow capital even over a shorter period of time, but the value of capital should primarily grow in a longer-term perspective. The investor must be prepared for short-term fluctuations in the Unit value. Swedbank Pension Fund K3 (Growth strategy) proceeds in investing in different types of assets from the objective to keep the following ratio: (1) up to 50% of the assets of the Fund are invested in equities, equity funds and other instruments similar to equity; (2) the remaining part of the assets of the Fund is invested in bonds, money market instruments, deposits, immovables and other assets. The objective of growth strategy is to guarantee as high rate of return as possible as a result of long-term accumulation of assets. Over a shorter period of time, the capital value may also decline and the Unit value may significantly fluctuate in case of growth strategy.
11 Swedbank Mandatory Pension Funds 11 Swedbank Pension Fund K4 (Equity strategy) proceeds in investing in different types of assets from the objective to keep the following ratio: (1) up to 50% of the assets of the Fund are invested in equity-risk securities; (2) the Fund may invest in equity funds, equity and other instruments similar to equity in total up to 75% of the market value of the assets of the Fund; (3) the remaining part of the assets of the Fund is invested in bonds, money market instruments, deposits, immovables and other assets. The objective of equity strategy is to guarantee as high rate of return as possible as a result of long-term accumulation of assets. The decline of the capital value and extensive fluctuations of the Unit price are possible in short-term perspective. Upon investment of the assets, the Funds have not specialised by sectors of economy or regions. The percentage of a concrete type of assets, the type of the issuer, the region or the sector of economy shall be determined by the management company in the course of its everyday activities. The investments of the Funds may be quoted in different currencies. Investment restrictions and rules for hedging risks The investment restrictions of the Funds arise from the legislation and the Rules. The Funds invest pursuant to the principle of hedging risks. The assets of the Funds are invested in the asset classes specified in the Rules, i.e. securities, which are traded on the regulated securities market of the countries specified in the Rules of the respective Fund, deposits of credit institutions, units or shares of investment funds and derivative instruments. All the Funds except for Swedbank Pension Fund K1 may invest in equities, immovables and corresponding investment funds. The issuer of securities acquired by the Funds must be any state, local government, company or international organisation. The value of securities issued by one person may amount to up to 35% of the market value of the assets of the Fund if the issuer or guarantor of the securities is a contracting state of the European Economic Area or an international organisation to which a contracting state belongs or any other state mentioned in the Fund Rules. The Management Company may conclude transactions with derivative instruments on account of the Funds for the purpose of achieving the investment objectives of the Fund and hedging the risk arising from fluctuation of prices of securities in the assets of the Fund. Obligations the value of which exceeds 10% of the Fund s assets market value may not be assumed on account of the Fund in transactions conducted with derivative instruments, except transactions conducted for the purposes of managing foreign exchange risks by which assets have been acquired on account of the Fund in the currency of the transaction. Risks relating to derivative instruments are described in the chapter "Investment risks". The Management Company has the right to underwrite securities issues, take loans, enter into repurchase and reverse repurchase agreements and other securities borrowing transactions on account of the Fund, assuming the above obligations to the extent of up to 10% of the net asset value of the Fund; the term of any loan taken or obligation assumed on account of the Fund may not exceed three months. Management fee limit of acquired funds The effective limit of the management fee of investment funds acquired in the assets of the Fund may not exceed 3% of the market value of the assets of the acquired Fund per annum. In case investments are made in such fund, which accounts the management fee on the value of investment obligation assumed by the investors, the limit of the management fee of such
12 Swedbank Mandatory Pension Funds 12 fund shall not exceed 3% of the amount of the investment obligation. In case an acquired fund charges in addition to the management fee the performance fee depending on the fund's results, these fees together shall not exceed 6% of the market value of the fund's assets per annum. If the Fund is refunded a part of the management fee or performance fee, the management fee of the acquired fund is accounted smaller to the respective extent. Brief overview of investment and risk management techniques In case of the Fund investing in several asset classes, the Management Company generally uses in investing the assets of the Fund a strategic division among various asset classes taking into account the investment policy and restrictions of the corresponding Fund, the nature of the asset classes and investment perspective. Thereafter, tactical overweight or underweight of various asset classes is used pursuant to the changing conditions on the financial markets. In choosing the securities included in one asset class, the global and regional macroeconomic analysis, growth potential and general trends of the financial markets and, if necessary, trends in the corresponding region are generally followed. The Management Company has established the internal risk management rules of procedure and rules of reporting for the establishment, management, measuring and hedging of risks. In addition to the fund manager, the person responsible for everyday preventive and follow-up control of the investment activities is the risk manager of the Management Company. The Management Company performs regular conformity check for monitoring the investment restrictions and risk hedging requirements. In case of any developments, as a consequence of which the Fund's portfolio contradicts to the investment restrictions, the fund manager immediately takes measures for the elimination of such contradiction. Historical rate of return of the Funds The table displays average annual cumulative rate of return (as at ). 2 years 3 years 5 years Since inception Swedbank Pension Fund K1 (Conservative strategy) 1.0% 1.1% 2.0% 1.9% Swedbank Pension Fund K2 (Balanced strategy) 2.9% 2.6% 3.1% 2.9% Swedbank Pension Fund K3 (Growth strategy) 4.1% 3.8% 4.1% 4.4% Swedbank Pension Fund K4 (Equity strategy) 4.4% 4.1% 4.2% 4.7% The rate of return of the assets of the Funds does not denote any promise or reference concerning the rate of return of the Funds during the following periods. The rates of return of the Funds during the previous calendar years are displayed in the table that constitutes Annex 1 to the Prospectus.
13 Swedbank Mandatory Pension Funds 13 INVESTMENT RISKS When investing in the Funds, the investor must consider the risks arising from investment, which may affect the rate of return of the Fund. The Funds may earn a profit or suffer a loss, i.e. the preservation and growth of the investment is not guaranteed, and the risks associated with the investments are borne by the investor. The net asset value of the Fund may significantly fluctuate over time, and the previous rate of return of the Fund does not provide any indication of the future rate of return of the Fund. Therefore, the investors shall always make sure whether the risk profile of the particular Fund is acceptable for them. Before investing in the Fund, the investor is recommended to examine the Prospectus and the Rules, likewise the annual or semi-annual reports of the Fund and other documents and information regarding the Fund published in the registered office and on the Website site of the Management Company. The investor is recommended to assess the timeliness and relevance of investing in the Fund, and take into account the legal, tax, financial and other aspects associated with investments. The risk profiles of the Funds and typical investors at whom the Funds are targeted are different (see below). Prior to making the investment the investor must consult a professional tax and/or investment adviser, if necessary. Description of primary investment risks Any investments always involve risks. A risk can be characterized as a possibility that the intended investment result may not be achieved. The risks associated with the investments in an investment fund may arise from the investment activity, changes in the legal environment, keeping or valuation of the assets of an investment fund, operational risks, conflicts of interests and illiquidity of the fund. Below follow the descriptions of some of the main risks associated with the investments. This list is not exhaustive, and risks may be accumulated and concentrated. Market risk (including equity risk and interest risk) is the danger that the value of an investment may decline due to unfavourable changes (e.g. macroeconomic events, instability in political or social system, investors' behaviour, etc.) taking place on the securities market. In case of an equity investment, it may be reflected in the change in equity prices, change in volatility of equity rates, change in price ratios of different equities or equity indices or change in dividend payments. In case of a debt instrument investment, it may be reflected in the change in interest rates, change in income curve, change in volatility of interest rates, change in the difference of interest rates of the instruments having different risk levels. Market risk is managed by spreading the investments of the Funds over various regions and markets, by spreading bond investments over bonds with various maturity dates and making tactical investment decisions according to the changing conditions on the financial markets. Currency risk arises from undesirable changes in the foreign currency exchange rate with regard to the base currency of the Fund, which result in an unfavourable change of the value of the assets quoted in the currency. From time to time, the Fund may enter into spot exchange transactions or currency exchange derivative contracts to hedge the currency risk against adverse changes in the exchange rate of the currency of the assets of the Fund. Although these transactions are intended to minimise the risk of loss due to a decline in the value of hedged currency, at the same time they limit any potential gain that might be realised should the value of the hedged currency increase. Liquidity risk may arise from any adverse situation associated with the realisation of the investment the number of the buyers of the investment is insufficient on the market at the desired time or at the desired price, or there is no market (buyer) at all. Liquidity risk may be greater in case of investments in securities traded outside the regulated market. To reduce the liquidity risk, the investments of the Funds are spread over various issuers or regions. Fund's liquidity risk arises from unfavourable changes in the behaviour of the unit-holders of the fund, which may lead to inability to perform the obligations assumed on the account of the Fund (including the redemption of the units). Fund's liquidity risk may for instance arise in such a situation where the volume of the unit redemption and switch orders received by the fund within a short term is very
14 Swedbank Mandatory Pension Funds 14 extensive and the fund manager must liquidate such investments that s/he would not normally liquidate in order to be able to make the payments, or suspend the payment of redemption amounts for a certain term. Inflation risk arises from the fact that due to inflation the real value of investments may turn out to be lower as a result of increasing prices. Market concentration risk arises from the fact that the fund's investment strategy is founded on investments in a certain country or area, which may bring about an additional prices fluctuation risk. Issuer risk arises from the failure of the issuer of a bond to perform its debt obligations in due time (including early redemption risk) or completely. In case of occurrence of such risk, the value of the issuer's debt security may significantly decline or become worthless, affect the value of the assets of the Fund. Issuer risk in case of investing in equities arises from the fact that the value of the company in which equity the fund has invested may change over time due to the company's activity (e.g. economic results, financial activity). The risks of investing in various equities may include the currency risk, political, economic and regulatory risks. The taxation and reporting standards imposed on issuers also vary. The political, economic and regulatory risks of issuers in the emerging markets may significantly differ from the risks presented by investments in the developed markets. These may include greater price volatility, less liquidity and controls on the issuer and limitations on repatriation of invested capital. Investment-related costs may also be higher in the developing markets. Issuer risk is managed by spreading the investments of the Funds among various issuers (including the use of investments through other investment funds) and analysing the activities of the issuers. Counterparty risk arises from the failure of the counterparty of a transaction concluded with the assets of the Fund to perform the obligations assumed by the transaction. To minimise the risk, low-risk credit institutions or, upon their absence, reliable partners specialising in the corresponding area are preferred. Settlement risk arises from the failure of the counterparty of a transaction to transfer the required amount of money or securities, although the contractual obligation to the counterparty has already been performed. To minimise the settlement risk, the Fund trades on organised markets, which generally function pursuant to the transaction against payment principle or the services of a paying agent are used. Risk arising from holding the assets (depository risk) is the loss or destruction of the assets held by the depository or any other administrator of the assets in the event of bankruptcy, insolvency, negligence or intentional unlawful act of the depository. To manage the depository risk, the depositary is inspected both during the selection and at the time of providing the service. Legal system risk arises from the fact that the legislation regulating the activities and operations of the Fund and investment in the Fund may be amended (e.g. the government may change the rules under which the investors' income from the fund is subject to taxation). Political or country risk is related to the fact that significant political changes or other events take place in the country or region where the assets of the Fund have been invested, and as a result thereof the value of the investments declines (see also issuer risk above). Risk associated with valuation of the assets arises from the fact that it may be complicated to determine a fair price in case of an investment traded outside a regulated market, or the assets of a fund may lack a (recognized) quotation. Risks associated with derivative instruments. The Management Company may conclude transactions with derivative instruments to achieve the Fund's investment objectives or hedge the risks related to the investments included in the assets of the Fund. Such derivative instruments may e.g. include futures, forwards and swaps, which price depends on the interest rate, index or currency exchange rate, or options, which underlying assets are equities, indices or other assets. Depending on the type of a derivative instrument, the transaction may be accompanied by large gearing, due to which also small price change of underlying assets may cause a significant change in the value of the derivative instrument or greater loss than the value of the security provided in concluding a derivative transaction.
15 Swedbank Mandatory Pension Funds 15 Risk related to conflict of interests is potential direct or indirect damage to the investor primarily due to the following circumstances: the Management Company may conduct transactions on behalf of the Funds with any persons connected to it or with the other Funds managed by the Management Company; conflicts of interest occur between the Management Company and any persons connected with it; the Management Company may invest the assets of the Fund in other investment funds managed by it or companies in the same group; the fund manager is the fund manager of several different Funds at the same time; the depositary or the person to whom the Management Company has transferred its duties belongs to the same consolidation group with the Management Company. In order to determine and manage any potential conflicts of interest, the Management Company has established internal rules and restrictions (including rules for refunding the management fee when investing in other investment funds managed by the Management Company, a company in the same group with it or a company not associated with the Management Company), and the conformity check of the Management Company regularly monitors the transactions and investments of the Funds (including whether these have been made with connected persons or into connected persons and what are the conditions of the transaction in such case). In addition to the above, the conformity check of the Management Company regularly monitors the providers of services to the Management Company and the conditions of providing the services. Risk of investing in funds arises from the fact that in case the assets of the Fund are reinvested in investment funds, which in their turn reinvest it either directly or indirectly in other funds, the corresponding management fees and other charges may exceed the expenses connected with the so-called direct investment. In addition, the Management Company is not always able to completely monitor the activity of investment funds where the Funds have invested, since such investment fund may use the investment strategies, which are not completely disclosed to the Management Company, or contain risks in certain market situations, which are not envisioned by the Management Company. Furthermore, administrators of some investment funds may have a limited operating history or there is no assurance that regulative supervision is exercised over these or these may not have an independent depositary. Risks more relevant to the operation of the Funds An essential part of the assets of the Funds may be invested in a currency other than the base currency of the fund. Rapid changes in exchange rates may also lead to significant changes in the net asset value of the Units of the Fund, therefore the currency risk has to be regarded as significant (except for Swedbank Pension Fund K1). Swedbank Pension Fund K1 invests the majority of its assets only in the instruments denominated in euro or any currency linked to euro. Therefore, the risk arising from any fluctuations in exchange rates is minimal in case of this Fund. Swedbank Pension Fund K1 invests up to 100% in bonds, and therefore higher interest and credit risk is characteristic of this Fund. The higher interest and credit risk is also characteristic of Swedbank Pension Fund K2, which largely invests in bonds. Swedbank Pension Fund K3 and Swedbank Pension Fund K4 invest respectively to the extent of up to 50% and up to 75% in equities, equity funds and other equity-like instruments, and therefore the Management Company estimates that the equity risk, as well as market concentration risk and market liquidity risk is higher than usual in case of these Funds. The legal system risk may also be regarded as significant in case of all the funds and this arises from the fact that the legislation governing the activities of the funds and investments in the funds may be amended in a manner that is unfavourable for the investor. The Management Company estimates that the potential effect of using derivative instruments on the risk level of the Funds is not large. Description of typical investor and risk levels of Funds The Funds are targeted at investors, who are natural persons residing in Estonia. The Funds do not require any prior investment experience. The Funds have been established based on the logic of life cycles where the Funds with the higher
16 Swedbank Mandatory Pension Funds 16 share of equity are aimed at younger investors or investors having recently joined the system, and with the growing of age these are gradually the Funds with smaller share of equity and immediately prior to the pensionable age this is the Fund without any share of equity. When choosing a suitable pension fund, the investors have to proceed besides the logic of the life cycle even from their own expectations and personal risk tolerance. Therefore, the Management Company recommends before making an investment decision to consult a professional investment adviser in order to assess and understand the risks associated with investments and connection between the risks and potential loss or reward. Swedbank Pension Fund K1 (Conservative strategy) The Fund is suitable for investors with low risk tolerance who wish the preservation of the value of the assets and a stable and moderate rate of return without substantial fluctuation in the value of the Unit in a short term. Therefore, this Fund may be chosen by elderly people whose aim is to preserve the already accumulated money before the retirement age, but also by other very conservative investors and investors appreciating a low level of risk. It should be opted for a short investment period. Fund risk level is low. The Fund invests in bonds, money market instruments, deposits and other instruments involving lower risk. The Fund does not invest in equity-risk instruments and immovables. Swedbank Pension Fund K2 (Balanced strategy) Swedbank Pension Fund K3 (Growth strategy) The Fund is suitable for investors who desire capital appreciation primarily in the longer-term perspective and expect a stable rate of return. The investors have moderate risk tolerance being ready for short-term fluctuations in the Unit value. It should be opted for a medium-term (at least 5-7 years) investment period. Fund risk level is below medium. The ratio of equity-risk instruments in the assets of the Fund is up to 25%. The fund is suitable for investors who wish long-term capital appreciation, are aware of the main features and risks of securities and are ready for short-term fluctuations in the Unit value. The investor is prepared to assume higher risks than average. It should be opted for a longerterm investment period (at least 7-10 years). Therefore, the Fund is more suitable for younger investors who do not need any payments from the Fund in the near future. Fund risk level is medium. The ratio of equity-risk instruments in the assets of the Fund is up to 50%. Swedbank Pension Fund K4 (Equity strategy) The Fund is suitable for investors who wish long-term capital appreciation, are aware of the main features and risks of securities and are ready for extensive short-term fluctuations in the Unit value. The investor's risk tolerance is relatively high. It should be opted for as long investment horizon as possible (at least 7-10 years). Therefore, the Fund befits people joining or having recently joined the funded pension system but also more experienced investors. Fund risk level is medium. The ratio of equity-risk instruments in the assets of the Fund is up to 75%.
17 Swedbank Mandatory Pension Funds 17 INCOME OF FUND AND INVESTOR; TAXATION The following provides a general overview of the taxation principles. Before making an investment decision, it is recommended to consult a professional tax adviser to better understand and assess the aspects related to the taxation of the potential earned income. The legislation concerning the taxation may change over time and the taxation system applicable to a particular investor depends on the residence of the particular investor and other similar circumstances. Income of Fund and investor The Fund's investment income may arise from interest income, dividend income and changes in securities prices. The income of the Fund shall not be distributed to the investors; it shall be reinvested. The net asset value of the Fund depends on the profit or loss, which the Fund earns through investments and it is reflected in the growth or decline of the net asset value of the Fund and thereby in the change of the net asset value of the Unit. Income tax Payments made from the Fund to investors, their successors or other persons specified in the law are taxed pursuant to 20 1 of the Income Tax Act. Taxation of Fund's income The Fund is not a taxable person and the income earned by the Fund is not subject to taxation in the Republic of Estonia. The income earned by the Fund in a foreign country may be subject to taxation pursuant to the regulation applicable in the respective country. Taxation of investors Contributions to the mandatory funded pension (2%) are deducted from taxable income and payments from the second pillar are taxed with the current tax rate. In addition to the basic exemption, resident natural persons are entitled to deduct state pension payments (the first pillar) and funded pension payments (the second pillar) from their income in the taxable period, but not more than to the extent of 2,304 euros The switch of the Units of the Fund to units of another mandatory pension fund managed by the management company and the redemption of the Units for entering into a pension contract are not subject to taxation. Payments made to the successor upon the redemption of the Units are subject to taxation at the current tax rate. Transfer of the Units to the successor's pension account is not subject to taxation. Value Added Tax Value added tax is levied on the service of safekeeping and administration of securities and the service of keeping the assets. This means that the depositary service provided by the Depositary and the expenses related to keeping the assets of the Fund are added value added tax.
18 Swedbank Mandatory Pension Funds 18 Further Information It is possible to examine the taxation rules of Estonian investment funds on the website of the Tax and Customs Board
19 Swedbank Mandatory Pension Funds 19 UNITS OF FUND The Units are registered immaterial securities certifying the share of the common ownership of the Investor in the assets of the Fund. The Funds have one class of the Units with a nominal value of 0.64 euros each. The Units are divisible. The issuer of the Units is the Management Company and the offer of the Units is public. No material document certifying ownership is issued for the Unit. The Units do not give the investor any decision-making power in concluding transactions with the assets of the respective Fund. The Registrar of the Units is AS Eesti Väärtpaberikeskus. Rights attached to Unit Units of the same class grant the investors equal rights on equal grounds. The Units provide no voting right, and the Funds have no general meeting. The Investor is entitled to: demand that the Management Company redeem the Units held by the Investor pursuant to the Rules; switch the Units held by the Investor to the units of another mandatory pension fund; bequeath the Units held by the Investor; receive a proportionate share of the assets and income of the Fund arising from the number of the Units held by the Investor and of the assets remaining upon liquidation of the Fund. receive from the Registrar a certificate or extract from the register of units concerning the Units held by the Investor; receive information concerning the Fund and the Management Company; examine at the registered office of the Management Company and on the Website the information and documents specified in the part "Information concerning Funds" of the Prospectus and receive at the expense of the Management Company copies of the following documents: the Rules; the Fund's annual reports for the last three years; the latest semi-annual report of the Fund if this is approved after the latest annual report; the latest investments report of the Fund if this is approved after the latest annual report; the Prospectus (contains inter alia the list of the members of the Management Board and the Supervisory Board of the Management Company); act in any other manner provided by the legislation or the Rules. Establishment of net asset value of Funds and Units The net asset price of the assets of the Fund is determined primarily on the basis of the market value of the assets of the Fund. The market value of the assets of the Fund is determined each banking day on the basis of the market value of the securities and other assets belonging to the assets of the Fund. The management company determines the value of the assets of the Fund proceeding from its internal rules and legislation.
20 Swedbank Mandatory Pension Funds 20 To determine the net asset value of the Fund, the accrued but unpaid management fee, payables of the Fund (including unsettled transactions) and other costs related to management of the Fund are deducted from the market value of the assets of the Fund. The net asset value of the Funds and the Units is calculated in euros. The net asset value of the Unit is calculated by division of the total net asset value of the Fund by the number of the Units, which have been issued and not redeemed by the moment of calculation, whereby the number of the Units has been first adjusted with the liabilities which arise from the subscription and redemption orders received, but not yet settled by the Management Company. The net asset value of the Funds and the net asset value of the Units is calculated at least once on each banking day and published on the Website on each day of calculating the net asset value no later than at 12:00. The net asset value of the Unit is determined with the accuracy of five digits after the decimal point. If an event or circumstance, which according to the best estimate of the Management Company affects the net asset value of the Fund, occurs after the determination of the net asset value of the Fund, the Management Company has the right to reestimate the market value, the net asset value and the net asset value of the Unit, provided that the failure to perform such a re-evaluation would harm the interests of the investors.
21 Swedbank Mandatory Pension Funds 21 TRANSACTIONS WITH UNITS General By submitting a choice application or a transaction order, the investor confirms that he/she has sufficiently examined the Rules and the Prospectus of the respective Fund(s), consents to these and undertakes to adhere to these. The Funds do not issue any transaction confirmations about unit transactions. Investors receive information regarding transactions concluded with their units and the balance of their securities account from the registrar and/or their account manager. Issue of units To make a contribution, the employer or another person provided by law shall withhold from the remuneration payable to the investor and prescribed by the legislation the contribution to mandatory funded pension and transfer it to the current account of the Tax and Customs Board. The Tax and Customs Board checks the accuracy of withheld contributions and based on the information on subscribers to the second pillar received from the Registrar sends correct payments and the amounts of any additional contribution prescribed by the legislation and the data thereof to the Registrar. Based on the amounts received from the Tax and Customs Board and the net asset value of the Unit of the respective Fund, the Registrar transfers the corresponding number of the Units to the investor's pension account (calculates the number of the acquired Units by dividing the received amount by the net asset value of the Unit and transfers the acquired Units to the investor's pension account). The Unit is deemed issued and all the rights arising therefrom are deemed created upon the registration of the Unit in the investor's pension account. The registrar keeps account of the balance of the pension account and any transfers made. Acquisition of Units by sole proprietors In the case of sole proprietors, the contribution period is one calendar year. The Tax and Customs Board calculates the sole proprietor's funded pension contribution on the basis of the sole proprietor's tax return (2% of the sole proprietor's business income) and sends the sole proprietor a tax notice by 1 September of the year following the taxable period for social tax. The sole proprietor pays the funded pension contribution to the bank account of the Tax and Customs Board once annually, i.e. by 1 October of the year following the taxable period for social tax. The Fund Units calculated according to the business income are transferred to the sole proprietor's pension account once annually, i.e. in October of the calendar year following the taxable period. Redirection of contributions An investor may start making contributions to a new mandatory pension fund by submitting to the register account manager or the registrar a choice application in the format prescribed by the legislation. The registrar shall perform the requested change promptly, but no later than on the third working day as of the acceptance of the choice application by the Registrar.
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