The total value of Finnish earnings-related pension transfers between April and June 2023 amounted to €117.6m, the Finnish Pension Alliance (Tela) has revealed.

During the second quarter of 2023, the number of transfers under the Employees Pensions Act (TyEL) amounted to 2,099

Meanwhile, the number of policies transferred under the Self-Employed Persons’ Pensions Act (YEL) during the same period was 2,512.

Therefore, a total of 4,611 policies were transferred during the quarter.

Policyholders can transfer their TyEL/YEL policies from one pension insurance company to another provided that the earnings-related pension insurance has been obtained from the same company for at least one year before the transfer.

Transfers between companies have four deadlines during the year: On the first day of January, April, July and October.

The €117.6m transferred in Q2 2023 was a slight increase year-on-year, with the total volume of Finnish earnings-related pension transfers in Q2 2022 being €117.3m.

Although the total value of transfers only increased slightly, the number of policies transferred rose year-on-year more significantly.

In the second quarter of 2022, 3,828 policies were transferred, compared to 4,611 in the second quarter of 2023.

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