Changes to the Finnish pension scheme in 2007 and 2010
After the major pension reform in 2005, certain amendments have been made to the earnings-related pension scheme in 2007 and 2010.
Consolidation of acts in 2007
The Employees Pensions Act (TyEL) took effect as of 1 January 2007. Three acts covering private-sector wage earners were consolidated into this one act. However, no major pension policy amendments were made at this time. Instead, the amendments made concerned mainly how pensions should be arranged.
Agreement between central labour market organisations in 2009
The agreement in 2009 between central labour market organisations led to amendments in pensions in 2010. As of 1 January 2010, reforms concerning how pensions are to be determined and financed took effect. The goal was to improve the financial sustainability of the earnings-related pension scheme. Minor amendments were also made to how survivors’ pensions are determined, and the disability pension level was improved.
The lower age limit for the part-time pension was raised to 60 years as of the beginning of 2011. At the same time, the level of the pension granted after the part-time pension was lowered.