Assessment of the regularity of the 2020 set of statements of the Pension Annuity Fund and the legality of the management, use, and disposal of its funds and property

The National Audit Office carried out a financial (regularity) audit of the set of reports for 2020 of the Pension Annuity Fund and the management, use and disposal of the funds and assets of the Fund. The audit found that the reports of the Fund which started its operations last year were correct in all material respects and no data misstatements were detected. The Lithuanian pension accumulation system was not assessed during this audit.

In 2004, a pension accumulation system was launched in Lithuania, allowing to accumulate a part of the state social insurance contributions in pension funds. Since 1 July 2020, the funds accumulated in the second pillar pension fund if they exceed EUR 10 thousand are paid by the payer of pension annuities – the State Social Insurance Fund Board under the Ministry of Social Security and Labour.

“The Pension Annuity Fund was established for the payment of pension annuities. Its objective is to ensure the payment of pension annuities with the aim of achieving the maximum benefits for its beneficiaries by managing its funds in a transparent and sustainable manner. After carrying out the assessment procedures of the set of reports of the Fund, we found that its data is correct in all material respects, therefore we express unqualified opinion," says Vita Andrulytė, Principal Auditor of the Financial Audit Department of the National Audit Office. 

According to the Law on the Pension Fund, the National Audit Office will carry out an annual public audit of the Pension Annuity Fund as of 2021. The annual set of reports of the Fund together with the auditor‘s report on a public audit of the set of reports carried out by the National Audit Office shall be published on the website of the payer of pension annuities not later than by 1 June of the next reporting year.