Pension legislation is amended each year. Larger reforms take place more seldom. In Finland, reforms are prepared by the social partners and the State.
Reforms often originate in changes in society. The practical law drafting is initiated by, for example, an agreement between the social partners or an entry in the Government Programme. Smaller amendments may be needed because of changes in legislation that closely relates to pensions.
The most recent extensive pension reform took effect at the beginning of 2017. It continued the path of previous reforms to extend working lives by linking the retirement age to changes in life expectancy.
Pension Negotiation Group led by Managing Director Mikko Kautto (Finnish Centre for Pensions)
Individual amendments are often prepared by fixed-term tripartite working groups. The Pension Negotiation Group of the social partners, led by the Finnish Centre for Pensions’ managing director Mikko Kautto, is a permanent group that regularly discusses the need for changes in the pension field.