Welcome to the web pages of the Finnish Centre for Pensions
The Finnish Centre for Pensions is the central body of the Finnish statutory
earnings-related pension scheme and an expert in pension provision. Its
objective is to efficiently arrange fair pension provision for employees and
self-employed persons.
These pages provide information for persons interested in pension matters,
such as researchers, persons participating in political preparation, and the
media. Individual and general information about pensions is available on the
service Tyoelake.fi ,
which is a common Internet service for the earnings-related pension scheme.
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The Finnish Centre for Pensions investigated the reliability of banks’
online calculators
A study by the Finnish Centre for Pensions reveals that pension calculators
used on banks’ web sites give the wrong image of the future earnings-related
pension.
The calculators do not take into consideration the actual retirement age,
pension already accrued or the development of the income level. As a result of
this mechanical calculation method, the statutory pension provision estimate is
low.
Banks use the calculators to market long-term savings accounts and voluntary
pension insurance. Having the right understanding of the statutory
earnings-related pension level is vital for any customer considering pension
saving. That is why it is important to know how successful the calculators are
in estimating the statutory pension provision.
Read more >>
Pocket Statistics 2010
In 2009, new retirees on an earnings-related pension amounted to 70,637
persons. The average retirement age was 59.5 years. The total pension
expenditure rose to EUR 22.3bn. Earnings-related pension expenditure amounted to
EUR 18.6bn. Retirees residing abroad numbered 61,722 by the year-end 2009.
To Pocket Statistics (available in print by the end of week
26)
Statistics on earnings-related pension recipients in Finland
A new statistical publication, Pensioners and insured in Finland
2008 has been published. The publication contains information on
earnings-related pension recipients in Finland and new pensioners.
The
publication also includes information on earnings-related pension expenditure,
earnings-related pensions paid abroad and vocational rehabilitation. The
information fully covers the statutory pension provision in the private and
public sectors. The statistics publication has been produced in co-operation
with the Local Government Pensions Institution and the State Treasury.
Go
to the publication >>
The level of the disability pension will increase
The level of new disability pensions will increase. Starting in
2010 the accrual rate for new disability pensions will be 1.5 per cent
for the whole period of projected pensionable service.
The earnings for projected pensionable service will also be improved, as
periods of study which lead to the taking of a degree or qualification as well
as periods of child home care allowance will be taken into account in the
earnings.
The level of the pension is further increased by the changes to the lump-sum
increase and the life expectancy coefficient. Issues agreed on in the
comprehensive income policy agreement on social security >>
Age limit for the part-time pension 60 years
The lower age limit for the part-time pension will be raised to 60 years from
the current 58 years. At the same time the pension accrual for the decrease in
earnings will be removed and during the period of drawing the part-time pension
new old-age pension rights will only accrue for the earnings from work.
These changes will take effect 1 January 2011 and they
concern persons born in 1953 and later. Persons who are older than this are
still covered by the old rules. Further information and examples
>>
Notices