Authorised Finnish pension providers received a total of €25.7bn of pension contributions from employers, employees and self-employed workers in 2022, according to analysis by the Finnish Pension Alliance (Tela).

This figure does not include state budget contributions to earnings-related pensions or earnings-related pension contributions paid by the state.

More than two-thirds (69 per cent) of the contributions were made to pension companies, while 22.1 per cent were made to the public sector pension provider Keva.

The state pension fund received 6.2 per cent of the contributions, while contributions to the farmer’s, seafarer’s, industry-wide and company pension funds were each less than 1 per cent of the total.

Tela also revealed that the value of pensions paid in the earnings-related pension system totalled approximately €30.6bn in 2022.

Pension companies’ payouts made up 57.6 per cent of the total, while Keva’s share of payouts was 20.2 per cent.

The state pension fund’s payouts made up 16.3 per cent of payouts and the farmer’s pension fund paid out 2.9 per cent of the total.

In Finland, there are four pension companies operating in the private sector, all of which offer earnings-related pension insurance for both employees (TyEL) and self-employed people (YEL).

TyEL contributions in the private sector totalled around €16.6bn in 2022, with Ilmarinen receiving the most contributions at 37.1 per cent of the total.

Varma was a close second with 35.6 per cent of the contributions, followed by Elo (23.6 per cent) and Veritas (3.7 per cent).

Meanwhile, YEL contributions totalled €1.09bn during the year, with Elo having the largest share with 38.9 per cent.

Ilmarinen received 36.1 per cent of the YEL contributions, Varma received 18.2 per cent and Veritas received 6.8 per cent.

In 2022, TyEL-insured employees and self-employed persons who had taken out YEL insurance totalled about 1.9 million.

Pension companies’ shares of people insured under TyEL and YEL were 36.9 per cent (Ilmarinen), 31.7 per cent (Varma), 27 per cent (Elo) and 4.4 per cent (Veritas).

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