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Approximately 71,500 people in Finland retired on an earnings-related pension in 2022. This is 10 000 more than in the previous year. Most of the increase came from people retiring on a full old-age pension. Almost 28 billion euros were paid in old-age pensions in Finland in 2022.

According to statistics compiled by the Finnish Centre of Pensions, the number of people retiring on an old-age pension increased drastically last year. For the most part, this increase was due to exceptional index increases, which spurred many to claim pensions towards the end of 2022.

Two thirds of those who retired on an old age pension last year were 64 years old. In 2021, almost half of the new retirees on an old-age pension were still 63 years old. This change is due to the increase in the statutory retirement age.

“The rising retirement age also affects the number of people who retire on a disability pension, mainly those 60 years or older. Musculoskeletal diseases is the leading cause for disability retirement for this group. It became the most common disease category for people who retired on a disability pension in 2022, says Statistician Joonas Hautamäki.

Table: New retirees by pension benefit 2013-2022

The number of men and women who retired on an old age pension is roughly equivalent: about 27 000 people of each sex. New female retirees on an old-age pension received 1,662 euro on average and male retirees 2,173 euros on average.

About 28 billion all in all was paid out in old age pensions

During last year, earnings-related pensions were paid to the amount of 31,4 billion euros. Old age pensions made up 27,8 billion euros of total earnings-related pension expenditures, disability pensions 1,7 bn and family pensions 1,8 bn. Expenditure on farmers’ special pensions amounted to 27 million euros and on part-time pensions to one million euros.

Table: Pension expenditures during year 2022 according to pension type

1.6 million earnings-related pension recipients

Earnings-related pensions were received by slightly less than 1,6 million recipients at the end of 2022. Of them, 1.3 million received an old-age pension. 760 000 (55%) of old-age pension recipients were women and 630 000 (45%) were men.

The majority of earnings-related pension recipients reside in Finland. A total of 35,000 people residing abroad were paid an earnings-related pension from Finland.

Finnish Centre for Pensions – Central body of and expert on statutory earnings-related pensions