The number of Finnish earnings-related Employees Pensions Act (TyEL) pension transfers amounted to €1.1bn in the first quarter of 2024, the Finnish Pension Alliance (Tela) has revealed.

During the first quarter of 2024, the number of TyEL transfers from one occupational pension company to another amounted to 2,989. For Self-Employed Persons’ Pensions Act (YEL) insurance the number of transfers was 3,467 and amounted to €84.5m.

Occupational pensions, including both TyEL or YEL insurance, can be transferred from one occupational pension company to another, provided that the insurance has been valid for at least one year in the same company before the transfer. There are four opportunities a year to transfer pensions – on the first day of January, April, July and October.

Tela said that in the future, the volume of transfer business in its statistics will be described by the TyEL salary amount instead of the TyEL payment income, according to the basic payment percentage.

“The change has been made because, starting in 2023, a company-specific treatment cost payment has been introduced and the basic payment percentage no longer includes the treatment cost component. Thus, the premium income previously reported in the statistics no longer corresponds to the total premium income related to the transferring insurance company,” Tela explained.

“Starting with the 2024 transfer movement, instead of payment income, the TyEL salary amount and YEL work income related to the transferred insurances will be reported on our website.”

---