Terminating TyEL insurance
If the activities of your company end, material changes occur in the ownership or form of the company, or the business operations are merged or demerged, it may be time to terminate your TyEL insurance. It is also possible to transfer your TyEL insurance to another company, but before making that decision, you should consider how it affects client bonuses.
If your entrepreneurial activities end, or you do not have employees
If your entrepreneurial activities end or you do not have any employees in an employment relationship, terminate your TyEL insurance. Follow these steps:
Report all wages and salaries, holiday compensations and the end dates of the employment relationships for each employee to the Incomes Register. Submit the report within five days of the last payment of wages.
Only terminate the insurance once you have paid all wages. You cannot report them after the date on which the insurance ends.
To terminate TyEL insurance, log in to the online service. Report the date of termination of the insurance, i.e. the last wage payment date and the reason for termination.
If you establish a new company or hire an employee, take out new TyEL insurance. We would be glad to welcome you back as our customer.
If your company form changes
The form of your company may change. This is the case when, for example, you
- are a sole trader and start doing business in the form of a company
- transform a general partnership into a limited partnership or a limited company
- transform a limited partnership into a limited company or a general partnership.
If your company’s business ID changes, terminate your TyEL insurance and take out a new one.
Business merger or demerger
When a limited company merges with another company, TyEL insurance is terminated. Take out new TyEL insurance for the companies established in the demerger.
A limited company can also demerge partially. In that case, the TyEL insurance for the remaining part of the company will be maintained unchanged. If employees transfer to the new company, new insurance must be taken out for it.
Change in ownership
If you sell your company, terminate your TyEL insurance.
If you are a shareholder in a company whose shareholdings change, report it to us only if your company belongs to a group.
If your ownership increases to an extent where you become an entrepreneur, take out self-employed person’s pension insurance, i.e. YEL insurance.
Your TyEL insurance transfers to another pension company
You can transfer your TyEL insurance to another pension company if your insurance with Ilmarinen has been valid for at least a year. You can terminate your insurance on the final day of March, June, September or December. The insurance will transfer to the new company after three months of the date of termination.
You will receive client bonuses from us for a maximum of three years after the insurance has ended. These client bonuses paid after the end of the insurance are approximately half of what they would have been if your insurance had continued with Ilmarinen.
Changes in business
Did you know that it is not always necessary to terminate TyEL insurance in all business changes?Read more about what to do in different situations
Learn about client bonuses after the termination of insuranceRead more about client bonuses