Ilmarinen / Self-employed / Social security and pension for the self-employed / Self-employed person’s pension / Starting a business after retirement
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.
However, you can take out voluntary YEL insurance for yourself. It 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.