What is earnings-related pension?
For some, it’s far down the road, while for others it’s just around the corner. Everyone should know their pension – and you’re in the right place. Here you’ll find all the information you need regarding your earnings-related pension.
Keep an eye on your future
Have you ever thought about the role that your pension will play for your future financial security? The value of a pension can often reach hundreds of thousands of euros, and for many, its wealth impact is even greater than owning a home. In other words, it pays to keep an eye on your pension. Fortunately, it’s easy – you only need 2 minutes and a suitable identification method. Would now be a good time?
Check your pension record
Look after your pension in different life situations
Studies, family leave, working abroad – are you aware how these can affect your pension? Learn how your pension is accrued and how you can look after your pension in different life situations.
How does pension accrue?
How well do you know your pension?
Here you will find some of the most common questions about pensions – and our answers to them.
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It’s easy! To view your pension record, simply sign in to our online service using your online banking credentials or mobile certificate. Your pension record will show the amount of pension you have accrued so far. You can also use the service to check your retirement age and calculate an estimate of your final pension.
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If you’re an employee, your pension accrues on the basis of the salary you earn. If you’re an entrepreneur, your pension accrues according to your YEL income. In other words, the higher your salary or income, the higher your pension.
You may also accrue pension during unpaid periods, for example during your studies or when you receive an unemployment allowance or other social benefits.
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Your retirement age is determined by the year you were born. You can check your personal retirement age using the pension estimate calculator on our online service.
Sign in to the MyPension service
By the way, did you know that there are actually three retirement ages? If not, read more about when you can expect to retire.
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The average overall pension in Finland will soon reach EUR 2,000 a month. The Finnish Centre for Pensions compiles annual statistics on Finnish pensions.
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The more you’re paid as an employee, the higher your pension will be. Your studies, unemployment periods, and certain social benefits may also add to your pension.
As an employee, you will begin accruing your pension from your income once you turn 17, and you will continue accruing it until you reach your highest retirement age. Every year, 1.5% of your gross salary is added to your pension. If you’re between the ages of 53 and 62 in 2017–2025, you will accrue 1.7% to your pension annually.
If you’re an entrepreneur, your pension will be accrued on the basis of your YEL income once you turn 18.
You can check the amount of pension you have earned so far from your pension record on the MyPension service. You can also use the pension calculators on MyPension to estimate your future pension.
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Early retirement pension, part-time pension, partial old-age pension – they all refer to the same thing. This type of pension is officially known as partial early old-age pension (osittainen varhennettu vanhuuseläke or OVE in Finnish), and it allows you to draw part of your old-age pension even before you reach your lowest retirement age.
Retiring on a partial early old-age pension may permanently reduce your future pension. In practice, the older you are when you go on a partial old-age pension, and the more you work during your partial old-age pension, the less your pension will decrease.
You can use a calculator on the MyPension service to estimate your actual old-age pension and how much a partial old-age pension would reduce it.
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