A project that will see the most “significant system reform” for the earnings-related pension sector in Finland has entered the tendering stages, according to the Finnish Centre for Pensions (ETK).

The business-driven technology reform, known as the Vala project, intends to modernise existing earnings-related pension insurance systems. The reform has been in the pipeline for several years with implementation planned to be phased over several years between 2026-2029.

ETK said the “revolutionary overhaul” of the information and systems architecture of the occupational pensions sector is about using modern technology in a new way and enabling functionalities to meet business needs on a larger scale.

ETK development manager, Tarja Keveri, explained: “Preparing for the introduction of new technology and new systems is a direct result of the fact that the old systems are simply coming to the end of their useful life,”

Finnish occupational pension providers are working together with Arek Oy, which is building new information system services for the sector.

ETK said the most difficult part of the project is how to build a cost-effective system that will stand the test of time and how its functionalities can be exploited in new ways throughout its life cycle.

“Within this framework, we do our part to ensure the most cost-effective and efficient overall solution," Keveri said.

---