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Finnish pension system in a nutshell

Article 28.4.2022

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. YEL reform moves forward: more choice for self-employed persons on how contributions are determined
    The proposal to amend the Self-employed Persons’ Pension Act (YEL) will now proceed to Parliament. After the reform, pension contributions and pension benefits would be based either on YEL income determined much as it is today or on actual earnings.
    Read news article YEL reform moves forward: more choice for self-employed persons on how contributions are determined
  2. Disruptions in the online service over
    The fault has now been fixed and the services are functioning normally.
    Read news article Disruptions in the online service over
  3. Ilmarinen had a strong first half of the year. In January–June, the return on investments was 5.3 per cent, or EUR 3.5 billion. Solvency ratio improved, and customer acquisition was at a good level.
    Read news article
  4. Agreement reached on YEL reform  – a proposed freedom of choice model for pension contributions
    The Ministry of Social Affairs and Health has released a draft government proposal to reform the Self-Employed Persons’ Pensions Act (YEL). Under the proposed reform, your pension contributions and benefits would be based on either your taxable earned income from your most recent completed tax assessment, or a confirmed income (as today) based on an overall assessment of your work input.
    Read news article Agreement reached on YEL reform  – a proposed freedom of choice model for pension contributions
  5. Ilmarinen and OP Pohjola: EUR 300 million to boost growth and investments in Finnish SMEs
    Ilmarinen and OP Pohjola are launching a EUR 300 million growth financing programme to help growth companies succeed. Financing channelled to SMEs through this cooperation will create opportunities for growth and boost positive economic development across Finland.
    Read news article Ilmarinen and OP Pohjola: EUR 300 million to boost growth and investments in Finnish SMEs
  6. Water is Ilmarinen’s most important natural resource exposure
    Water-related ecosystem services are Ilmarinen’s most significant nature dependencies across its investments. Water is also the area where Ilmarinen’s investments have their greatest nature impacts.
    Read news article Water is Ilmarinen’s most important natural resource exposure
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