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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. Important to know at the turn of the year pensioner
    You can see the amount of your pension for the coming year, the payment dates and information on the amount of tax withholding from the MyPension service on our website at the beginning of December. We will approach our pensioners towards the end of the year via SMS and e-mail, reminding them to view the information online.
    Important to know at the turn of the year pensioner
  2. Earnings-related pension insurance contributions for 2026 confirmed
    The Ministry for Social Affairs and Health has confirmed the earnings-related pension insurance contributions for 2026. The average contribution for employer’s pension insurance (TyEL) is 24.4 per cent of the payroll in 2026.
    Earnings-related pension insurance contributions for 2026 confirmed
  3. The increased pension contribution and the higher accrual rate for employees aged 53–62 will be eliminated in 2026. From the beginning of the year, the contribution will be the same for employees of all ages: 7.30 per cent of the wage, regardless of age.
  4. The upper age limits for TyEL and YEL insurance will change in 2026
    The 2017 pension reform set an upper age limit for TyEL and YEL insurance based on the year of birth. The change will have an impact from the beginning of 2026, when those born in 1958 and younger are insured and will continue to accrue pensions in 2026.
    The upper age limits for TyEL and YEL insurance will change in 2026
  5. Did you get a call from Ilmarinen regarding your customer information?
    To provide you with the best customer service that is relevant to your situation, we need to know you. We are contacting our customers about customer information. We regularly update customer information required by law.
    Did you get a call from Ilmarinen regarding your customer information?
  6. EPSI Rating: Ilmarinen has the most satisfied customers in the pension sector
    Ilmarinen’s customers are the most satisfied in the earnings-related pension industry, shows a recent study by EPSI Rating.
    EPSI Rating: Ilmarinen has the most satisfied customers in the pension sector
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