Earnings–related Pension Acts Prepared Through Tripartite Negotiations
In Finland, the content of the statutory earnings-related pension scheme is regulated by statue, but the principles of the scheme are largely agreed in connection with the negotiations between the labour market organisations. The State also participates in the negotiations, which means that the earnings-related pension scheme follows a so-called tripartite administrative model. The State, the employees and the employers, as well as the self-employed all influence the development of earnings-related pension acts.
The coordination and preparation of the earnings-related pension legislation is administered by the Ministry of Social Affairs and Health. The Finnish Centre for Pensions, the pension providers, the labour market organisations and the Finnish Pension Alliance TELA, which lobbies for employee pension providers, participate in the preparation of the pension laws.
The amendments to earnings-related pension acts come into force once the Parliament has handled and approved the changes and the President of the Republic has confirmed the acts with his or her signature.