Applications for Finnish partial old-age pensions almost double

Applications submitted to Finnish pension company Varma for partial old-age pensions increased by 93 per cent year-on-year in September 2022.

Varma noted that it had received more than 400 applications during the month, nearly double the amount it received in September 2021.

In January to September 2022, the company received 25 per cent more applications than over the same period last year.

“The significant increase in the number of applications is explained by next year's occupational pension index, the predicted increase of which has been the subject of much discussion in the public during the early autumn,” Varma director of pension services, Tarja Syvälä, stated.

“We anticipate that the number of applications will certainly increase in October and November.”

If a retiring worker in Finland wants to benefit from the index increase at the turn of the year, the pension must start no later than 1 December 2022.

The occupational pension index for 2023 is predicted to grow by around 6.5 per cent due to rising inflation.

Pensions starting in December will be increased in January 2023 with the occupational pension index, but pensions starting in January will only be affected by the 2024 index change.

The Ministry of Social Affairs and Health will confirm next year's occupational pension index by the end of October.

“You cannot apply for a partial old-age pension retroactively,” Syvälä explained.

“If you want your pension to start this year, the application must be submitted to Varma by November at the latest.”

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