Tuleva is a mutual asset management company with the goal to grow our members’ assets, creating better investment opportunities for ourselves to save money in small increments over the long term.

Our first step was launching low-cost pillar II index funds, followed by a pillar III fund. Now we’re working on a simple investment solution outside the pension system, so that more people in Estonia can grow their capital effectively for the future.

At the same time, we help to improve Estonian laws so that the Estonian pension system as a whole becomes more profitable for people saving for their retirement not for banks or insurance companies.

A mutual is a type of business owned and governed by its members. Unlike a public company, where voting rights depend on the number of shares owned, every member in a mutual has one vote. Membership can’t be traded, and no one can take control by buying up ownership stakes.

Profits are distributed based on each member’s contribution to the mutual’s activities – not on how many shares someone holds.

Tuleva’s founders believed this model is the best fit for a company that brings many people together. We don’t have outside investors – we grow our wealth together. And every member has a say in how our assets are managed, regardless of income or how much they’ve managed to save so far.

Tuleva was founded on a simple idea: people saving and investing together for their future, cutting out unnecessary middlemen and extra costs. Thanks to modern technology, the more of us there are, the more efficiently we can invest together.

1. By becoming a Tuleva member, you support our shared goals:

In addition to launching a low-cost pillar II fund, we’ve built our own better pillar III fund – now the largest in Estonia. Next, we’re working on an additional savings product outside the pension system, so that we can save even more for our future, alongside tax-advantaged pension funds.

We’re also fighting to make Estonia’s pension system work better for us – the people – not for banks and insurance companies. We work together with the Ministry of Finance and the Parliament’s Finance Committee to help shape better laws.

2. Members receive a share of the value we create.

Each year, we calculate a membership bonus for all members who have transferred their pillar II and pillar III assets to Tuleva funds. The bonus is added to your personal capital account in Tuleva. That increases your share in Tuleva’s equity – and that share earns a return over time.

As Tuleva grows, our funds attract more assets, and we create new saving products, the cooperative earns a profit. That profit is shared among members, as agreed in our bylaws. Like any business, the outcome depends on how well we perform. Tuleva’s founders are convinced that the €100 joining fee will pay for itself many times over – though we don’t make promises.

Every member of the Association has the right to:

• examine the Association’s articles of association, list of members and resolutions of the general meeting, management board and supervisory board at the seat of the Association during normal working hours;
• participate in the general meeting personally or through an authorised representative;
• receive a transcript of the minutes of the general meeting or an extract thereof;
• receive information concerning the operating results of the Association;
• receive information from the management board concerning all issues on the agenda of a general meeting;
• receive written notifications of the time, place and agenda of general meetings, except if the law allows to deliver an invitation to the general meeting by e-mail or by a notice published in a daily newspaper and on the Association’s website;
• elect and be elected to the management and control bodies of the Association;
• participate in the distribution of the Association’s profit as provided in the articles of association;
• participate in the distribution of the Association’s remaining assets upon dissolution according to the member’s contribution to the membership capital;
• use the services provided by the Association;
• participate in the activities of the Association; 5.1.12. participate in the events organised by the Association; 5.1.13. withdraw from the Association.

Members of the Association shall be obliged to:

• fulfil the obligations provided in the Commercial Associations Act and the Association’s articles of association as well as any lawful resolutions of the Association’s management and control bodies in accordance with the Association’s articles of association;
• pay an admittance fee in the amount and according to the procedure provided in the Association’s articles of association;
• make other earmarked payments according to the resolutions of the general meeting;
• protect the Association’s business secrets.

You do not have to be a member of Tuleva to invest in Tuleva pension funds, but as a member you gain maximum benefit from Tuleva. As a member you are not only the client of your own pension fund, but also a co-owner.

We, members of Commercial Association Tuleva:

• Earn a membership bonus every year from the fund management fee, which earns us extra money for our retirement
• Help to change Estonian laws and regulations so that they benefit pension savers, not only banks and insurance companies
• Decide over future developments in Tuleva: every member has one vote

If you choose Tuleva’s pension funds you will become Tuleva’s client. If you also become a member of Tuleva, you will become a co-owner of Tuleva. Tuleva is a commercial association, which is owned by Tuleva members. We started Tuleva Fondid AS, which manages Tuleva pension funds. All Estonian people can become clients of Tuleva pension funds, you do not have to be a member to do so.

Becoming a client of Tuleva’s pension funds costs nothing – instead, you immediately start saving money thanks to low management fees. Switching funds in your online bank only takes five minutes.

To become a member of Tuleva, you need to pay a one-time membership fee of 125 euros. Every member has paid this fee – it is each owner’s contribution to developing our jointly owned association. The fee is paid only once — there are no additional payments later.

The members – or owners – of Tuleva Commercial Association are the pension savers themselves. Members elect the Supervisory Board, which in turn appoints the Management Board. Each Tuleva member has one vote at the general meeting of the Association.

Tuleva also has one subsidiary – a public limited company called Tuleva Fondid, which manages our pension funds.

The joining fee was a one-off payment that gave you a membership number, the right to have a say in Tuleva’s affairs, and the opportunity to earn a membership bonus.

Membership capital reflects your membership bonus, which amounts to 0.05% per year of the value of your fund(s) held in Tuleva — that is, your investment return. It will be transferred to your account each spring after the previous year’s annual report has been approved and the association’s general meeting has confirmed the decision.

If a member wishes to leave the association, then the membership bonus and capital will be paid out to them.

If a member passes away, the membership capital will be paid out to their heirs.