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Article 28.4.2022

Finnish pension system in a nutshell

Finland has one of the best pension systems in the world - and that’s a fact. But if you’re starting a business in Finland, you might be wondering why it’s mandatory for entrepreneurs to take out pension insurance. Or for employers to get pension insurance for their employees? We are here to help you!

Finnish pension system in a nutshell
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  1. What every entrepreneur should know about YEL insurance
    Are you an entrepreneur? How well do you know your most important insurance? Below you’ll find seven things every entrepreneur should know about the self-employed person’s pension insurance, also known as YEL insurance
    What every entrepreneur should know about YEL insurance
  2. We invest in a sustainable future – the Ilmarinen Climate Roadmap defines our path to net zero carbon pension assets
    Climate change poses a risk also to future pensions in Finland. Ilmarinen manages the risks brought about by climate change by seeking to achieve carbon neutrality in the investment of pension assets by the end of 2035. The new Climate Roadmap describes the interim targets, actions and tools to reach the net zero carbon goal.
    We invest in a sustainable future – the Ilmarinen Climate Roadmap defines our path to net zero carbon pension assets
  3. Ilmarinen’s Interim Report 1 January to 30 September 2021: Return on investments was 10.5 per cent, solvency capital strengthened to EUR 15.4 billion
    The return on Ilmarinen’s investment portfolio rose to 10.5 (1.1) per cent, or EUR 5.6 billion, thanks to the strong performance of the equity markets. The market value of investments grew to EUR 58.4 (53.3) billion. The long-term average return on investments was 6.1 per cent. This corresponds to an annual real return of 4.6 per cent.
    Ilmarinen’s Interim Report 1 January to 30 September 2021: Return on investments was 10.5 per cent, solvency capital strengthened to EUR 15.4 billion
  4. What employers should know about 2022 earnings-related pension contributions?
    The average level of earnings-related pension contributions will rise 0.45 percentage points in 2022. The need for the increase was agreed on earlier when reductions were made to TyEL contributions due to the COVID-19 pandemic. Client bonuses, in turn, will return to their previous level. The pension insurance companies’ application concerning actuarial principles has been sent to the Ministry of Social Affairs and Health for ratification, and the Ministry will confirm the percentages in November.
    What employers should know about 2022 earnings-related pension contributions?
  5. Christmas, New Year and Epiphany opening hours
    See Ilmarinen's customer service's opening hours for Christmas, New Year's Eve and Epiphany.
    Christmas, New Year and Epiphany opening hours
  6. Asset diversification and zero interest rates
    Diversification across asset classes and geographically is mandatory from both risk management’s and returns’ perspectives. Traditional diversification has faced new challenges in the zero interest rate macro environment over the last years. Financial stability regulation also has a profound effect on high-return diversification possibilities in Finland’s pension system.
    Asset diversification and zero interest rates
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