Finnish pension system and the role of TELA

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1 Finnish pension system and the role of Matti Leppälä

2 Three pillars The Finnish pension system I Pillar II Pillar III Pillar Statutory earningsrelated pension scheme covers all employed defined benefit no ceiling for pensions or pensionable earnings mix of PAYG and funded (70/30) decentralized administration in pension insurance companies, company and industry wide funds National pension scheme Basic pension based on residence in Finland proportional to the statutory earnings-related pension Supplementary pension schemes role limited but increasing (to lower retirement age,to compensate for a missing work history, to raise replacement rate, to retain employees etc.) Personal pension schemes voluntary insurance policies contributions tax deductible to a limit New legislation 2010: also other savings than insurance policies possible

3 Finnish statutory earnings related pension system, private sector, partially funded, for the most part PAYG (2009) 3 TyEL-wage sum 47,4 bn TyEL=Employee Pensions Act Pension benefits in payment 16,8 % (8 bn.) Funding 4,5 % (2,1 bn ) TyEL- expenses 9,7 bn Assets Return Private sector assets bn. 83,9->72,9->77,8 Liabilities Risk buffers Pension liabilities 62 bn Pension benefits in payment 1,7 bn Lähde:, ETK

4 GDP ,3 billion Voluntary pensions: -Pension funds ~ 5 billion -Insured group policies ~ 5,2 billion

5 Source:

6 Total pension Single beneficiary Married or with partner Guarantee pension 687,74 586,46 520,19 Earnings TYÖELÄKE related statutory pension 51, , ,71 Earnings related pension decreases basic pension (guarantee pension)

7 Finnish statutory pensions: covered risks Ageing Old age pension early old age pension postponed old age pension Part time work part time pension 58-7 Threat of disability Disability Unemployment Death of family member vocational rehabilitation rehabilitation allowances cash rehabilitation benefit partial cash rehabilitation benefit disability pension unemployment pension for those born in 1949 or before survivors pension PERU PK/tn

8 8 Accrual and contributions 4,5 %/ year 1,5 %/year 1,9 % /year 18 y 53 y 63 y 68 y Total contribution in ,5-23 % of which employee contribution for under 53 olds 4,7 % and over 53 olds 6,0 % Working while on a pension accrues 1,5 % Social security benefits accrue pension 1,5 % (maternity, study benefits, etc.) TyEL PK/tn

9 Statutory earnings related pensions All employers and self-employed workers are responsible for taking out a statutory earnings related pension insurance with an authorised pension provider A pension insurance company of their own choice or a pension fund set up for the purpose (company or industry wide fund). More than 92% have chosen a pension insurance company which are mainly mutual companies and not for profit but solely for providing statutory pensions Recently many company funds have decided to dissolve and transfer to a pension insurance company

10 Finnish Pension Institutions Private sector Varma, Mutual Pension Insurance Company Ilmarinen, Mutual Pension Insurance Company Pension-Fennia, Mutual Insurance Company Tapiola Mutual Pension Insurance Company Etera Mutual Pension Insurance Company Veritas Pension Insurance Company Ltd Pensions-Alandia, Insurance Company Industry Wide Pension Funds (7) Company Pension Funds (17) Public sector Keva State Treasury National Ecclesiastical Board Special schemes The Farmers Social Insurance Institution Sailors' Pension Fund

11 The role of the social partners in pensions Pension policy negotiated and agreed by the central level labour market organizations The political parties and the Finnish government have accepted the results of the Negotiating Group and transformed them to necessary legislation and other regulations. Participation rights in the administration of pension institutions provided in legislation

12 CG of Finnish mutual pension insurance companies Special Act on Pension Insurance Companies (1997) general Insurance Companies Act as well as the general Companies Act apply for the most part. Special provisions e.g. the aim of a pension insurance company is not to make a profit for shareholders, but to provide for pensions belonging to social security. General meeting Client companies and insured persons owners of a mutual pension insurance company Administrative Board Essential because so many owners 50 % social partner representatives, 50 % appointed by owners Board Stakeholders have a strong position 50 % social partner representatives, 50 % appointed by owners Managing Director/CEO

13 Response to the financial crisis: Temporary Solvency Legislation Adopted very quickly in Autumn of 2008 In force first from December 2008 until the end of 2010 Now extended until the end of 2012 Aimed to secure solvency requirements without leading to forced sales of equities in a disadvantageous market position. Increased risk taking capabilities of pension institutions in the private sector By using different buffers in the pension system Changing minimum solvency requirements Etc. Effect about 5 bn Pension funds could keep their domestic equity investments

14 Business idea of represents its members in order to protect, develop and strengthen the knowledge of statutory earnings related pension schemes in the society. Main functions Lobbying for employee pension institutions Information on pensions and pension policy

15 Activities of EU and international pension policy questions monitoring and influencing member of AEIP (European Association of Paritarian Institutions of Social Protection, Association Européenne des Institutions de Protection social Paritaires) since 2002 Investment environment - monitoring and influencing Investment and other statistics Vocational rehabilitation Readiness in crises situations Taxation, collection of contributions, bankruptcy issues Opinions, statements Legal issues Studies on employment pensions Gallup polls Special projects

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