News and Press releases
The British MPs rejected Prime Minister Theresa May’s Brexit deal in a vote on 15 January 2019. This does not mean, however, that Britain will exit from the bloc immediately, with no deal. Together with the Ministry of Social Affairs and Health and other authorities, the Finnish Centre for Pensions monitors the situation.
Urban-dwelling males aged 61 are the most likely to take a partial old-age pension. A recent study by the Finnish Centre for Pensions indicates that the self-employed and unemployed are more likely to take payment of the pension than wage earners.
One in ten 63-67-year-old retirees works. The number has grown slightly year-on-year. The majority of work done in retirement is irregular and part-time work. The working retirees have, on average, higher earnings-related pensions than others of the same age.
Great Britain and the European Union are negotiating on terms relating to Great Britain’s withdraw from the EU. We keep an eye on the situation. As soon as more information about the negotiations is available, we will inform our customers of how Brexit may affect them.
Employees’ average monthly insured earnings in Finland are just over 2,800 euros. Women’s average earnings are 800 euros less than men’s. Earnings peak between ages 40 and 50.
The share of rejected applications for a disability pension by unemployed applicants has risen in one decade from 24 to 38 per cent. The share of rejections has grown more rapidly among the unemployed than the rest of the disability pension applicants.
The exceptional investment strategy of the Danish ATP pension fund proved to be the most successful over the 10-year review period, despite the low returns in recent years. An international comparison of investment returns shows that, in recent years, the returns of the Finnish earnings-related pension insurance companies have been favourable. In the long run, […]
An international comparison of investment returns shows that, in recent years, the returns of the Finnish earnings-related pension insurance companies have been favourable. In the long run, however, they lag behind. The comparison covers the major Finnish earnings-related pension providers, as well as large investors from northern Europe and North America. Read more about the comparison […]
The Ministry of Social Affairs and Health has set the life expectancy coefficient for 2019 at 0.95722.
The central labour market organisations have agreed on the private-sector earnings-related pension contributions for 2019. The average contribution will be 24.4 per cent of the gross monthly wage.
Nearly one hundred experts gathered at the international research conference of the Finnish Centre for Pensions on 18 May 2018 to look for solutions to narrow the gap between men’s and women’s pensions. The solutions to improved pensions for women lie in working lives, wage levels and family policy.
The largest gender gaps are found on Cyprus and in the Netherlands, where women’s pensions are about half of men’s. The gap is the narrowest in Estonia. Finland is clearly more equal than the average EU countries: women’s pensions are 24 per cent lower than men’s in Finland. The data is from the European Commissions’ […]
According to the customer classification made by the Grey Economy Information Unit of the Tax Administration, approximately one fifth of supervision cases relates to insurance unclarities in construction firms that operate in Uusimaa.
Female retirees who live abroad get much smaller pensions from Finland than male retirees. For example, male retirees living in Portugal got €4,890 per month on average, while female retirees got €1,750. Women’s lower pensions are partly explained by the fact that many of the women have moved abroad at a young age and have […]
The gender gap in pensions in the EU countries is alarmingly wide, says Italian researcher Francesca Bettio. The attempts to solve this problem come with downsides.
The Nordic countries are famous for their gender equality. Nevertheless, women’s pensions lag behind men’s even here. A research conference to be held in May at the Finnish Centre for Pensions in Helsinki seeks for solutions to this problem. Senior Researcher Kati Kuitto tells us not to expect easy solutions.
The European Commission aims to improve the situation of people who, due to their employment status, are not sufficiently covered by social security schemes.
The pension entitlements of the earnings-related pension system were approximately 632 billion euros at year-end 2015. Pension entitlements means the amount of money that is enough to pay for the pensions that have already accrued. Slightly less than one third of the pension entitlements in Finland have been funded in advance, according to Statistics Finland.
The A1 certificate attests that your worker’s pension and other social security contributions are paid to Finland. The quickest way to get the A1 certificate is to apply for it online.
We are merging our separate customer services for insurance of work abroad, international pension applications, self-employed persons and pension advice into one multichannel customer service.
The partial old-age pension, a new pension type introduced at the turn of the year, has turned out to be more popular than expected. A recent questionnaire survey conducted on behalf of the Finnish Centre for Pensions reveals that every third person who gets a partial old-age pension is not working.
The Finnish Centre for Pensions has launched a campaign in which it tells about earnings-related pensions in a simple and easy-to-understand way. The Facebook site includes, among other things, a pension calculator that tells you what your retirement age is and gives you an idea of how much pension you will get.
In 2016, €26 billion were paid in earnings-related pensions in Finland. That is an increase of €700 million compared to the previous year. A record-high 57,000 persons retired on an earnings-related old-age pension last year. Although the gap between men’s and women’s pensions has narrowed, it is still considerable.
The average monthly total pension in 2016 was 1,632 euros. Women’s pensions averaged 79 per cent of men’s. The highest pensions were paid in Uusimaa (€1,942) and the lowest in Southern Ostrobothnia (€1,403).
An exceptionally difficult investment environment and a weak economic outlook create pressure to temporarily raise the earnings-related pension contribution. The pressure will arise long-term if the birth rate remains low in Finland.
Those who received the brochure knew the pension reform well, as much as three times better than those who did not get the brochure. Brochure recipients also regarded the pension reform as just and fair more often than non-recipients. However, the brochure had no effect on retirement intentions.
According to the statistics of the Finnish Centre for Pensions, people in Finland retired on an old-age pension in 2016 at age 61.1 years on average. The effective retirement age was the same as in 2015. The number of new retirees rose to 76,000 persons, of whom 75% retired on an old-age pension.
Pensioners in Finland have enjoyed improving economic welfare in the past 20 years. This conclusion comes out of a broad investigation by the Finnish Centre for Pensions (ETK) into the development of pensions and pensioners’ economic welfare in 1995–2015. The assessment used a wide range of indicators, including pension income, household disposable income, consumption, assets […]
Finnish earnings-related pensions have been reformed. The reform will take effect on 1.1.2017. Pension accrual rates will change immediately. The first new partial old-age pensions can be granted as of February 2017. In practice, the retirement age will rise in 2018. It will be possible to apply for the new years-of-service pension at the end […]
Improving management practices and work engagement, as well as offering personnel training, significantly affect the stability and length of working lives. These soft methods are just as effective as preventing various threats and obstacles, as concluded in a new collection of studies titled Working conditions and working lives.