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The assets of the Finnish earnings-related pension scheme increased by about 13 billion euros in 2023. The growth is due to investment returns. Insurance contribution income increased by more than one billion euros.

The assets of the Finnish earnings-related pension scheme amounted to 255 billion euros at the end of 2023. The amount grew by 12.8 billion euros from 2022, or about 5 per cent. Pension providers received 14.9 billion euros in investment returns.

At the end of 2023, private sector pension assets were 162 billion euros and public sector pension assets were 93 billion euros.

Pension assets include all assets intended to cover earnings-related pension obligations.  Investment capital is the main component of pension assets. Outstanding insurance contributions are included in the pension assets.

About 6 billion euros of pension assets paid out in pensions

The role of pension assets in financing pensions continues to grow. In 2023, about 5.8 billion euros of pension assets were used to pay earnings-related pensions. This was 1.4 billion more than in 2022.

In 2023, earnings-related pensions amounting to 34.1 billion euros were paid.

Expenditure increased by around three billion euros

In 2023, the total expenditure of the pension system was 34.6 billion euros. Expenditure increased by 2.7 billion, mainly due to indexation of pensions in payment.

Mathematician Henna Iire of the Finnish Centre for Pensions estimates that the expenditure will continue to rise.

“The index increase in 2023 was 6.8 per cent. In 2024, the pension index increases pensions in payment by 5.7 per cent.”

Income from pension contributions rose by one billion euros

The earnings-related pension scheme recorded an income of 32.1 billion euros in 2023, of which 27 billion euros were in the form of insurance contributions. Compared to 2022, the pension contribution income increased by 1.3 billion euros.

“The contribution income increased for the same reasons as in 2022. The wage sum has increased slightly, and the repayment of the temporary reduction of contributions under the Employees Pensions Act due to the corona pandemic continues”, Iire says.

Figures for 2023 are preliminary

The income of the earnings-related pension scheme consists of pension contributions, the Employment Fund’s contribution and State contributions. Expenditure consists of pensions, total operating costs and taxes.

The figures are preliminary at this stage. The exact figures will be presented in June, when a wider range of cash flow statistics will be available.

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Cash flows of the earnings-related pension system (

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