News and Press releases
Our Customer Service answers your questions on pensions from abroad, insuring work abroad and taking out pension insurance, as well as general questions on earnings-related pensions, at one phone number. At the same time, our eService has expanded, and you can also contact us via Suomi.fi Messages.
The Finnish Centre for Pensions projects that 10,000 new partial old-age pensions will be paid out in 2018. In practice, every tenth person who has turned 61 years will take out this pension early. The majority of those who have drawn the pension are middle-income men who continue working while drawing half of their earned […]
Most of Europe’s flexible pension solutions have failed, argued Prof. Börsch-Supan at a research seminar at the Finnish Centre for Pensions in early September. Although the pension reforms carried out in nine OECD countries have raised the employment rates of 55–64-year-olds, the number of working hours has gone down or stayed at the same level […]
Pension Indicators offers a concise information package on the status and outlook of earnings-related pensions in Finland. This annually updated report has been compiled for the decision-makers and all interested in the outlook of pensions.
Although more than half of the Finnish and Dutch population who work in their mid-fifties manage to reach their retirement age, there are many trajectories out of the labour market. Reforms in the 2000s have contributed to longer working lives in both countries, but elderly women and low-educated workers continue to run a greater risk […]
Many countries have tried to raise employment rates and extend the working lives of elderly workers with different flexible retirement options. Axel Börsch-Supan argues that the solutions have failed.
The Finnish Centre for Pensions supervises that the self-employed meet their insurance obligation under the Self-employed Persons’ Pensions Act. If the value of the work input of the self-employed person exceeds the limit set in the Self-employed Persons’ Pensions Act (€7,645.25 in 2017), the self-employed has to take out pension insurance under the Act.
Graduates this spring have taken the total number of people who have accrued pension rights for degree studies in Finland to more than one million. Pension has been accrued for studies leading to a degree since 2005. However the greatest benefit in terms of building up the pension pot comes through job opportunities.
Earnings-related pension payments in 2017 came to 27 billion euros, one billion more than in 2016. The increase is explained by the growing number of pensioners and the size of new old-age pensions. The average pension of new old-age pensioners was almost 1,800 euros, with the mean around 1,600 euros.
When the working aged retire, their perception of their income weakens. When the unemployed retire, their perception of their income improves. Pensioners who live in countries with a high standard of living experience lower levels of income sufficiency.
International House Helsinki (IHH) provides most of the services that immigrants need when they move to Finland under one roof. Starting 4 December, customer service is provided at the premises of the Local Register Office of Uusimaa in Albertinkatu in Helsinki.
The Ministry of Social Affairs and Health has confirmed the life expectancy coefficient for 2018 to be 0.96102.
At the end of 2016, roughly 70,000 persons aged between 63 and 67 years worked. Half of them were also retired. They count for 18 per cent of the population of this age group. Since 2007, the share of working retirees has grown by nearly four percentage points. In the 2010s, the growth has decelerated […]
Together with the Tax Administration and the Regional State Administrative Agencies’ occupational safety and health authorities, the Finnish Centre for Pensions has supervised construction sites in Uusimaa already for several years. The inspection visits have been unannounced.
The pension indicators offer a concise information package on the status and outlook of pensions in Finland.
More than 1.4 million people who live in Finland get a pension in their own right. The number has grown by one third since 1990. At the same time, the earnings-related pension expenditure has tripled. In 2016, a total of 26 billion euros was paid in earnings-related pension and 2.5 billion euros in Kela pensions.
The central labour market organisations have agreed on the private sector earnings-related pension contributions for 2018. On average, the contribution will be 24.4 per cent of the gross wage.
The employment report of the European Commission calls Finland’s pension reform an embodiment of the solution to the pension problems of an ageing Europe. According to the Commission, the Finnish pension reform will extend working lives, curb pension expenditure and improve employment rates.
Early retirement is particularly popular in Norway, where one third of those who have a right to take out an old-age pension do it early. Nine out of ten draw the pension in full as soon as it is possible. In Sweden, early retirement is popular because retired people have a right to get various […]
Pension Freedom, introduced in 2015, gives all British citizens aged 55 or more the freedom to do what they want with their pension savings. How well have the British managed this freedom?
The Finnish pension scheme ranked 6th in the international Melbourne Mercer Global Pension Index (MMGPI) comparison published today. Now in its seventh year, the MMGPI measured 25 pension schemes. The Finnish pension provision was included for the second time in the comparison. Last year, Finland ranked 4th.
The status of retirees relative to the working-age population has clearly improved in the long run. Their income has grown and they consume more than ever. However, the retirees are not a homogenous group; inequality within the group has increased.
According to the projects made at the Finnish Centre for Pensions, the Government bill on the 2017 pension reform will lead to retirement at a later age and a higher employment rate. As working lives are extended, the pressure to increase the earnings-related pension contributions will be alleviated and the average pensions will rise.
The average total monthly pension last year amounted to EUR 1,588. The data is based on preliminary statistics compiled by the Finnish Centre for Pensions and Kela for year-end 2014.
Working lives could be extended by increasing the support of the rehabilitation of people with a partial working capacity. The situation is challenging, however, since the liability for the rehabilitation is divided between numerous actors.
According to our projections at the Finnish Centre for Pensions, the 2017 pension reform will extend working lives, defer retirement and raise the average pension of future age cohorts on all educational levels. At the same time, the pressure to raise the earnings-related pension contributions will be reduced.
According to statistics of the Finnish Centre for Pensions, the effective retirement age rose significantly in 2014. On average, the Finns retired on an earnings-related pension at age 61.2 years. The equivalent figure in 2013 was 60.9 years.
The weak economic outlook of the Finnish economy and the large domestic portfolio weighed down the returns of Finnish earnings-related pension investments in the OECD comparison of the top six countries.
The Finnish pension system came fourth in the international Melbourne Mercer Global Pension Index comparison published today. The Finnish pension system was included in this comparison for the first time. Finland did particularly well in the sub-index of integrity, in which the overall governance of the system and its transparency were assessed.
“In 2013, employment fell while the pension expenditure rose relative to the income from work. Pension financing was not jeopardized, however, as pension contributions rose, pension assets increased and the investment returns were positive,” states Mikko Kautto, Director at the Finnish Centre for Pensions.