Industry-wide pension funds grant pensions to the members of the fund and to others who are insured with the fund. Industry-wide pension funds differ from pension insurance companies in that the former are either employer- or field-specific.

In other words, members of an industry-wide pension fund are employees of one or several employers who have an economic or a functional connection. The employees of employers belonging to the same group may also be members of a joint industry-wide pension fund.

Industry-wide pension funds that manage statutory earnings-related pensions cannot manage supplementary pensions, as well. An exception are industry-wide pension funds that have operated before 1 January 2022. These industry-wide pension funds may continue to offer supplementary pensions to their members via bonus funds or departments. In such cases, the employees can participate in the financing of supplementary pensions.

Industry-wide pension funds insure under 1 per cent of all persons insured under the earnings-related pension acts.

Industry-wide pension funds that handle statutory pension provision at the beginning of 2024

  • Apteekkien Eläkekassa
  • Eläkekassa Verso
  • Reka Eläkekassa
  • Valion Eläkekassa

The Statistical Database of the Finnish Centre for Pensions provides more information on pension providers, such as the number of their insured persons and pensioners as well as financial information.

Regulation of industry-wide pension funds

Industry-wide pension funds are governed by the Act on Company and Industry-wide Pension Funds (946/2021). According to the Act, an industry-wide pension fund may have one or several founders. The founder must be a Finnish citizen or a citizen of another EEA country, or a corporation or foundation domiciled in Finland or another EEA country. Under certain conditions, a general or a limited partnership may found an industry-wide pension fund.

At fund meetings, the decision-making power in fund matters is exercised by the members of the fund (employees) and the partners (employers). An industry-wide pension fund that handles statutory pension insurance must have at least 150 members.

Engaging in activities in the form of an industry-wide pension fund requires that the Insurance Supervisory Authority confirms the rules of the funds and changes to them. In addition, the fund has to be registered in the insurance funds register within a prescribed time limit.

A new industry-wide pension fund can also be established so that the earnings-related pension fund transfers its employer- or partner-specific insurance portfolio under the Employees Pensions Act and the corresponding solvency capital to the new industry-wide pension fund. The Act on Company and Industry-wide Pension Funds is also applied to supplementary pension funds offering voluntary pensions that supplement statutory pensions. In addition, the Act on Supplementary Company and Industry-wide Pension Funds (947/2021) includes complementary regulations for industry-wide pension funds that manage supplementary pensions.

Finnish Centre for Pensions – Central body of and expert on statutory earnings-related pensions