STATISTICS FROM THE FINNISH CENTRE FOR PENSIONS. Finnish Centre for Pensions Pocket Statistics 2016

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1 STATISTICS FROM THE FINNISH CENTRE FOR PENSIONS Finnish Centre for Pensions Pocket Statistics 2016

2 2016 FINNISH CENTRE FOR PENSIONS POCKET STATISTICS CONTENTS Social protection 2 Pension expenditure 4 Pension contributions 5 Population 6 Persons insured for earningsrelated pension benefits 9 Pension recipients 11 Persons having retired 16 Part-time pensions 17 Disability pensions 17 Disability pension decissions 19 Rehabilitation 19 Effective retirement age 20 *Preliminary figure or estimate Inquiries: Finnish Centre for Pensions tilastot@etk.fi

3 In broad outline, the Finnish pension system consists of the statutory earnings-related and the national pension scheme as well as certain acts covering specific risks. All employees, self-employed persons and farmers are covered by the statutory earnings-related pension scheme, and all permanent residents of Finland fall within the scope of the national pension scheme. The statutory earnings-related pension scheme is divided into the private and the public sector. The private sector employs three quarters and the public sector one third of the labour force. During the year, less than ten percent were employed in both sectors simultaneously. The pension benefits include old-age, disability, parttime and survivors pensions. Pensions are paid also under the special acts for farmers. The Finnish Centre for Pensions is the statutory centre for the Finnish earnings-related pension scheme. Its functions pertain to the development of the scheme, maintenance of registers, advisory and supervisory activities, research, statistics and information. The Finnish Centre for Pensions is the Finnish liaison body for earnings-related pensions matters within the EU as well as for the implementation of other agreements on social security. 1

4 Pension expenditure, social protection expenditure and gross domestic product Pension expenditure Social protection expenditure Gross domestic product (GDP) Pension expenditure/ Social GDP protection expenditure million million million % % * Sources: The National Institute for Health and Welfare, Statistics Finland Pension expenditure of GDP % 16 solita national Public sector 8 earnings-related pension 6 Private sector 4 2 vekl * 2030* 2040* 2050* 2060* 2070* 2080* Projection according to 2017 pension reform as of the year

5 Social protection expenditure of GDP in the Nordic countries and in certain EU countries, % * Finland Sweden Denmark Norway Iceland Estonia France Germany Greece Italy The Netherlands Spain United Kingdom Source: Eurostat Social protection expenditure by major items, % 3% 8% 65.6bn 38% 24% 11% Sickness and health Disability Old age Surviving spouse and near relatives Family and children Unemployment Housing Other Administration Source: The National Institute for Health and Welfare 3

6 Total pension expenditure, Private-sector pensions Public-sector pensions bn 15.9 National pensions SOLITA-pensions 1) Optional pensions 1 ) Pensions under the Employment Accidents Act, the Motor Liability Insurance Act, the Military Injuries Act and the Act Concerning Injuries Sustained in Military Service. Earnings-related pension expenditure by pension benefit, bn 21.3 Old-age pensions Disability pensions Survivors pensions Part-time pensions and special pensions for farmers In addition, optional pensions paid amounted to 0.6bn. 4

7 Contribution rate in 2016, premiums written, pension expenditure and pension assets in 2015, million Average Premiums contribution written rate 5 Pension expenditure Pension assets 31 Dec.2015 TyEL MEL YEL MYEL Private sector VaEL KuEL The contribution includes both the employer s and the employee s share of the contribution. The contribution percentages and premiums written do not include the share of self-employed persons, seafarers and state employees pensions financed from the national budget or the contribution paid by the Unemployment Insurance Fund. As for KuEL, the contribution percentages and premiums written also include payment components based on pension expenditure. Pension indices Earnings-related pension index Wage coefficient National pension index Change, % Change, % Change, % ,

8 Population structure, , % Age * 2030* Population, 1,000 persons Population residing in Finland. 6 Source: Statistics Finland Population aged 18 and over, by activity, 2014 Males 1,000 persons Females 1,000 persons Labour force employed unemployed Outside the labour force students pensioners others Total Remaining average lifetime, 2014, years All 1,000 persons % Source: Statistics Finland 0 yrs 15 yrs 40 yrs 55 yrs 65 yrs 80 yrs Males Females Source: Statistics Finland

9 Age structure of the whole population 1 ) and pension recipients, 31 Dec Males Age Females , , ,040, ,970, Pension recipients reciding in Finland 1,000 persons Rest of the population 1 ) Population insured by Social Insurance Institution. Source: Kela Proportion of population residing in Finland and drawing a pension in their own right, % Age All 1) ) All persons over 16 years of age. The numbers of pension recipients do not include part-time pension recipients. 7

10 Population share of persons receiving a pension in their own right, by region, 31 Dec Population share in population aged 16 and over, % Under 30, Whole country 31.5% The figure do not include persons drawing a part-time pension. 8

11 Persons aged years covered by the earningsrelated pension scheme, 31 Dec ,000 14% 317,000 9% 520,000 14% 3,705,000 2,344,000 63% Employed Employed during 2014, not Employed before 2014, not retired Retired Insured persons in employment or self emplyment, by age, 31 Dec Age Males Females All % All

12 Insured persons in employment or self-employment, by pension act, 31 Dec All* Private sector* TyEL YEL MYEL MEL Public sector* KuEL VaEL KiEL Other public Males Female s 50 2,344, ,731, ,489, , , , % A person may be covered by several acts. The person is included once in the figures marked with an asterisk (*). Retirees under age 68 who were working and drawing an old-age pension in December Males Females All 690, , ,000 21,000 8,

13 All pension recipients by gender 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 All Females Males All pension recipients by pension benefit 31 Dec Pension benefit Males Females All Old-age pension Disability pension Special pension for farmers Part-time pension Survivors pension surviving spouses children All pension recipients A person may receive several different benefits simultaneously. 11

14 All pension recipients, by pension scheme, 31 Dec Pension scheme Males Females All Statutory earnings-related pension private sector public sector both sectors National pension (Kela) All pension recipients earnings-related pen. only national pension only both earnings-related and national pension A person may receive a pension under several pension acts simultaneously. Distribution of total pension received in one s own right of persons residing in Finland, 31 Dec Total pension Males /month Females % % The figure do not include persons drawing a part-time pension. 12

15 Average total pension of recipients residing in Finland and drawing a pension in their own right, 31 Dec Males Females All Average total pension, /month share of earningsrelated pension share of national pension share of SOLITA-pension Number of pension recipients The numbers do not include persons drawing a part-time pension. Average annual total pension of pension recipients residing in Finland relative to average earnings % Old-age pension Disability pension

16 Average total pension of pension recipients drawing a pension in their own right, by region, 31 Dec Average total pension /month Under 1,450 1,511 1,450 1,549 1,550 1,649 1,650 Coutry average 1,613 /month 1,486 1,437 1,514 1,384 1,415 1,512 1,465 1,428 1,732 1,503 1,582 1,585 1,600 1,921 1,539 1,446 1,555 1,603 The graph does not include persons drawing a part-time pension. 14

17 Pension recipients residing abroad and average total pension, 31 Dec Average Country of Nationality total pension residence Finland Other All /month Australia Austria Belgium Canada Denmark Estonia France Germany Hungary Italy Netherlands Norway Poland Portugal Russia Spain Sweden Switzerland Thailand United Kingdom United States All The country-specific figures are from countries to which a pension was paid to at least 100 persons. The figure in the row All includes all pensions paid abroad. 15

18 Persons who have retired on an earnings-related pension, by pension benefit, 2015 Pension benefit Males Females All Average pension /month Mean age Old-age pension ,7 Disability pension ,9 Special pension for farmers ,1 All ,7 Persons who have retired on an earnings-related pension, by age group and average age Persons Average age 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Under The graph does not include persons drawing a part-time pension. 16

19 Persons receiving a part-time pension and persons who have started to receive a part-time pension 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Persons receiving a part-time pension Persons having started to receive a part-time pension Persons who have retired on an earnings-related disability pension 27,500 25,000 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2, All Full disability Partial disability pension pension 17

20 Disability pension recipients (earnings-related pension scheme), 31 Dec and persons who have retired on a disability pension, 2015 Main disease category Pension recipients Persons % New retirees Persons % Neoplasms Endocrine, nutrional and metabolic diseases Mental and behavioral disorders Diseases of the nervous system Diseases of the eye Diseases of the circulatory system Diseases of the respiratory system Diseases of the digestive system Diseases of the musculoskeletal system Congenital malformations Injuries and poisoning Other diseases All

21 Disability pension decisions in the earnigs-related pension scheme Grant Denial All Denial rate (%) The table includes decisions on new applications. Persons who have received rehabilitation in the earnings-related pension scheme and rehabilitation costs Males Females All Costs, million

22 Effective retirement age in the earnings-related pension scheme, 2015 Males Females All Expectancy - at the age of at the age of Average age Median age Expected effective retirement age: realization, goal and projection Age Projection based on the 2017 earnings-related pension reform (Finnish Centre for Pensions) 62.0 Realized expected effective retirement 61.0 age for 25-year-olds 60.0 The target agreed by the Goverment and the central labour market 59.0 organisations is 62.4 years by

23 EARNINGS-RELATED PENSION ACTS TyEL MEL YEL MYEL LUTUL VaEL KuEL KiEL Employees Pensions Act Seafarer s Pensions Act Self-Employed Persons Pensions Act Farmers Pensions Act Act on Farmers Early Retirement Aid State Employees Pensions Act Local Government Pensions Act Evangelical-Lutheran Church Pensions Act ISSN X Statistics from the Finnish Centre for Pensions (printed) ISSN Statistics from the Finnish Centre for Pensions (online) ISSN Pocket Statistics (printed) ISSN Pocket Statistics (online) Juvenes Print-Suomen Yliopistopaino Oy Tampere 2016

24 STATISTICS FROM THE FINNISH CENTRE FOR PENSIONS The Finnish Centre for Pensions is a developer, expert and joint service producer of statutory pension provision. The Statistics series includes statistics from the various areas of pension provision. The statistics are based on register data of the pension system. Finnish Centre for Pensions ELÄKETURVAKESKUS Postal address: FI ELÄKETURVAKESKUS Telephone: