Estonia's Ministry of Finance has detailed a government approved bill that would standardize pension fund disclosures and personal return calculations while changing investment, liquidity management and consolidation rules for investment funds. From June 2027, tabular disclosures on the Pension Centre website would replace the current multi-page key information documents for second and third-pillar pension funds, allowing comparisons based on returns, fees, risk levels and the share of investments in Estonia. A uniform methodology for calculating personal pension returns, reflecting the amount and timing of contributions and withdrawals, is planned to take effect at the start of 2028. Pension funds and other public funds would also have to explain in their prospectuses whether, and to what extent, they use active or passive investment strategies. The bill would remove special rules for conservative pension funds and the requirement for managers to operate such a fund. It would also allow venture capital and real estate funds to lend to businesses, but not consumers, and to use depositaries in other EU member states. New liquidity management requirements would permit tools including temporary redemption suspensions and the separation of impaired assets, while more flexible merger rules would allow corporate funds to combine with contractual funds.

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