The Finnish Pension Alliance (Tela) has published statistics on the transfers of policies between pension insurance companies for the year 2022.

Employers and self-employed workers can take out earnings-related pension insurance from the company of their choice and transfer these savings between pension companies.

Over the year, the total volume of transfers under the Employees Pensions Act (TyEL) for Elo was -€68.6m.

TyEL transfers for Ilmarinen were €22.3m, while Varma saw TyEL transfers of €34.9m and Veritas had transfers of €11.6m.

The net number of TyEL transfers for Elo was -107 and for Ilmarinen they totalled -1,537.

Meanwhile, Varma had net TyEL transfers of 1,594 and Veritas saw 50 net transfers over the year.

The net number of policies transferred to Elo under the Self-Employed Persons’ Act (YEL) was 410, while Ilmarinen saw net YEL transfers of -1,392.

Varma had net YEL transfers of 293 and Veritas totalled 689 net YEL transfers over the year.

A total of 4 per cent of TyEL premium income were transferred in 2022, while this figure stood at 5.9 per cent for TyEL insurance portfolio and 4.9 per cent for YEL insurance portfolio.

The volume of TyEL transfers in Q1 was 2,180 policies worth €118m, falling to 1,549 policies at €117m in Q2 and rising to 2,438 policies at €207m in Q3.

Tela publishes its transfer statistics each quarter and its aggregate statistics for the calendar year at the beginning of the following year.

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