The number of Finnish earnings-related pension insurance policies transferred between companies declined by approximately 15 per cent to around 3,500 in Q2 2020, according to the Finnish Pension Alliance (Tela).

This is a drop from the 4,800 transfers reported in the first quarter, while transfers under the Employees Pensions Act (TyEL) dropped by 32 per cent to 1,323 and transfers under the Self-Employed Persons’ Pensions Act (YEL) fell by 21 per cent to 2,209.

The total value of the transfers fell from €117m to €79m, or 32 per cent, over the same period.

The figures also represent a drop compared to the second quarter of last year, with the number of transfers having declines by 10 per cent from 2019’s second quarter reading of around 4,200, while total value has declined by 31 per cent from €115m.

Pension savers whose savings have been with the same company for 12 months or longer have the opportunity 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, with recent figures showing that assets in the earnings-related pension system stood at €193bn at the end of March 2020.

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