Public-sector pension providers
The public sector pension providers handle the pensions of employees of local governments, the State, the Evangelical-Lutheran Church, Kela, the Parliament and the Bank of Finland, as well as some of the employees of the Orthodox Church and the regional government of Åland.
Keva handles the majority of public sector pensions
Keva is an independent corporation governed by public law. Its operations fall subject to the Local Government Pensions Act (JuEL) and the Keva Act (KevaL). As of the beginning of 2017, the regulations of the Local Government Pensions Act (KuEL), the State Employees Pensions Act (VaEL) and the Evangelical-Lutheran Church Pensions Act (KiEL) were incorporated into the Public Sector Pensions Act (JuEL). The Keva Act and the acts on the financing of state pensions and pensions of the Evangelical-Lutheran Church also came into force as of the beginning of 2017.
Keva handles municipal pensions and their financing. In 2017, Keva insured nearly 515,000 persons in the municipal sector and paid out pensions to 398,000 pensioners. Keva handles the pensions of the employees of its member corporations. They include all Finnish cities, municipals and municipal federations, as well as the majority of municipal associations and limited companies. At the end of 2016, the member entities numbered 1 040.
Keva also handles state pensions. Keva manages the State’s employment register, collects and supervises the state pension contributions and handles the actuarial and statistical services relating to state pensions. In 2017, Keva insured around 133,000 state employees and paid out pensions to 256,000 persons.
The Church Pension Fund (which separated from the Central Church Pension Fund on 1 January 2016) is responsible for the pensions of the employees of the Evangelical-Lutheran Church. Keva is in charge of the implementation of these pensions. Keva’s systems are utilized to collect the pension contributions, and Keva collects the contributions and pays them to the account of the Church Pension Fund. In 2017, a total of 18,000 Church employees were insured by Keva and 19,000 persons were paid a pension by Keva.
Keva also implements the pensions paid to Kela employees.
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 pensions of the employees of the regional government of Åland. Employees who were hired before 1 January 2008 have their own pension rules, which pensions resemble public sector pensions. Employees who have been hired after 1 January 2008 are insured under the Employees Pensions Act (TyEL).
The earnings-related pensions of the employees of the Orthodox Church are regulated by the Orthodox Church Act. According to the pension rules of the Orthodox Church, the pensions of priests, diacones and cantors who were hired before 1 January 1994 are insured under the Orthodox Church pension rules. The pensions are similar to those of state employees and implemented by the Central Church Fund of the Orthodox Church. Employees of the central administration and the dioceses who were employed before 1993 are covered by the Public Sector Pensions Act (previously under the State Pensions Act). Employees hired after that are insured under the Employees Pensions Act.
The Bank of Finland has its own pension regulation. The implementation of the pensions is handled by Mandatum Life Insurance Company Limited.