Topical issues

The Finnish earnings-related pension system survived the corona year 2020 unscathed. Pension assets increased by seven billion euros, reaching 225 billion euros at year’s end. This growth was mainly driven by robust return on investments later in the year.

In 2020, Finns retired on an earnings-related pension five months later than in 2019, at 61.9 years on average. A total of 42,000 persons retired on an old-age pension, which is slightly fewer than in 2019. Continued working raised the employment rate among the elderly to a record-high level.

The development of mortality greatly impacts the end results of pension projections. According to Eurostat’s population projection, the gaps in EU countries’ expected longevity will narrow. Eurostat projects that life expectancy in Finland will grow at a slower pace than projected by Statistics Finland. This would slow down the rise of the retirement age and improve pension benefits compared to national projections.

The EU and the UK have signed a new Trade and Cooperation Agreement that took effect from the beginning of this year. The new rules are applied to people going to work in the UK after 1 January 2021. Read our answers to some of the most frequently asked questions by people heading to the UK.

Most young people in Finland are in gainful employment at some point between ages 18 and 22. At the same time, they are building the beginnings of their future pension. One in ten young people in this age group have accrued a pension of almost 120 euros, according to a new study out by the Finnish Centre for Pensions.

Pensions remain at the top of the list of citizens’ concerns in Europe, but unemployment security and family policy have attracted growing focus in the wake of the financial crisis. These shifts in public opinion are highlighted in a new study by the Finnish Centre for Pensions.

A new online calculator is now available to help users estimate the amount of partial old-age pension payable to them and to gauge its effects on their old-age pension in due course. This is a useful pension planning tool that allows users to see how the choices they make impact on their pension security.

Each year, the Finnish Centre for Pensions grants a Pro Gradu Award to a distinguished Master’s thesis. Could your thesis be the next winner of the 2,000 euro award?

Finns are worried about the retirement income of low-income retirees in particular. Retirees’ income gaps and the availability of reasonably-priced social and health services also cause concern. A recent study by the Finnish Centre for Pensions reveals that women are more worried about pension issues than men.

The application of EU regulations on posted workers to Britain will change as the transition period ends. As of 1 January 2021, posted workers will be subject to the regulations of the withdrawal agreement.