The proportion of Employees Pensions Act (TyEL) premium income policies to be transferred was 3.5 per cent in 2020, compared to 5.1 per cent in 2019, according to the Finnish Pension Alliance (Tela).

Meanwhile 4.6 per cent of TyEL insurance portfolios were transferred in 2020 compared to 5.8 per cent the year before and similarly 4.8 per cent of Self-Employed Persons’ Pensions Act (YEL) insurance portfolios were transferred, compared to 5.8 per cent in 2019.

Last year’s third quarter saw the most transfer activity as the total number of earnings-related pension insurance policies transferred from one pension insurance company to another reached almost 2,000 during 2020.

The year saw transfers under TyEL total 453, while the number transferred under YEL came to 1,423.

Ilmarinen benefitted the most from this, gaining around €59.9m in TyEL transfer volumes during the year, while Elo, Varma and Veritas lost €26.4m, €21.2m and €12.3m respectively.

Finland’s pension system allows savers to transfer their pension insurance policy at four different points in the year: January, April, July and October.

The earnings-related pension system in Finland is a statutory scheme that sees contributions made by both employees and employers. The most recent figures show that by the end of September 2020, assets in the earnings related pension system topped €210bn.

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