Starting a business after retirement

Are you retired and want to start a business? On old-age pension, you do not need self-employed person’s pension insurance, i.e. YEL insurance, which is otherwise statutory, in other words mandatory, for entrepreneurs. You may need YEL insurance if you draw a partial old-age pension, disability pension or years-of-service pension.

On old-age pension YEL insurance is voluntary

You can start a business after retiring on old-age pension. In that case, you do not need self-employed person’s pension insurance, i.e. YEL insurance, which is otherwise statutory, in other words mandatory, for entrepreneurs. If you continue to pursue entrepreneurship while on an old-age pension in accordance with Finnish pension laws or receive a similar pension from abroad, you can take out voluntary YEL insurance if you wish.

A voluntary YEL insurance allows you to accrue new pension until you reach your upper old-age pension age. To take out the insurance, fill in the insurance application in our online service or call our customer service at +358 10 195 000 (mobile charge or local network charge applies) weekdays between 8 a.m. and 5 p.m.

Act in time, because you cannot take out the insurance retroactively; it starts at the earliest on the date on which you file the insurance application.

When is YEL insurance mandatory for self-employed pensioners?

You may need YEL insurance if you draw a partial old-age pension, disability pension or years-of-service pension. In that case, YEL insurance is mandatory if your earned income exceeds the minimum YEL income limit.

Working while on a part-time pension or disability pension is, however, subject to a personal earnings limit. If you are considering self-employment while on a disability pension or a years-of-service pension, you can check your earnings limit in our MyPension service or by contacting our customer service.

You can work as much as you like on an old-age pension and partial old-age pension.