Public-sector Pension Providers
The public-sector pension providers handle the pension provision of local government, municipal federation, State and Evangelical-Lutheran Church employees. The pension provision of the employees of the Social Insurance Institution of Finland, the Parliament, the Bank of Finland, the regional government of Åland and the Orthodox Church is also handled by public-sector pension providers.
Keva handles the majority of the public-sector pension provision implementation
Keva is an independent corporation governed by public law. Its operations fall subject to the Local Government Pensions Act. Keva’s responsibilities as the executor of the state pension provision are regulated in the State Employees Pensions Act. Its responsibilities as the executor of the pension provision of the officials of the Social Insurance Institution of Finland is regulated in the Act on the Social Insurance Institution.
Keva handles municipal employees’ pension provision and its financing. In 2013, Keva insured nearly 521,000 persons in the municipal sector and handled the payment of pensions to approximately 367,000 pensioners. Keva handles the pension provision of the employees of its member entities. The member entities include all Finnish cities, municipalities and municipal federations, as well as the majority of municipal associations and limited companies. At the end of 2013, the member entities numbered 948.
The implementation of the pension provision of State employees is fully handled by Keva. In the beginning of 2013, the state employment register, collection and checking of pension contributions, and actuarial and statistics services transferred to Keva.
At the end of 2013, approximately 364,000 persons received a pension under the State Employees’ Pensions Act. Approximately 150,000 employees fall subject to the State Employee’s Pensions Act.
The pension fund of the Central Church Fund is responsible for the pension provision of the employees of the Evangelical-Lutheran Church
The responsibility for the pension provision for Church employees transferred in full to Keva as of 1 January 2010. However, issues relating to pension financing are handled by the Finance Department of the Central Church Fund. In 2013, approximately 19,000 employees were insured and 27,100 retirees received a pension under the Evangelical-Lutheran Church Pensions Act.
The responsibility for the implementation of pensions based on employment relationship at the Social Insurance Institution of Finland transferred to Keva as of the beginning of 2013.
The regional government of Åland, the Orthodox Church and the Bank of Finland
The pension office of the Department of Finances of the regional government of Åland handles the earnings-related pension issues of the employees of the regional government of Åland. The employees of the regional government are governed by their own pension regulation, the benefits of which are similar to those under the State Employees Pensions Act.
The earnings-related pension provision of the employees of the Orthodox Church is regulated by the Orthodox Church Act and implemented by the Central Church Fund of the Orthodox Church.
The Bank of Finland has its own pension regulation. According to the regulation, the pension provision of the employees of the Bank of Finland is determined in line with the State Employee’s Pensions Act. The implementation of pensions is handled by Innova Oy.