The total number of Finnish earnings-related pension insurance policies transferred from one pension insurance company to another fell to 4,198 in Q3 2021, according to figures from the Finnish Pension Alliance (Tela).
The group revealed that the number of policies transferred under the employees Pension Act (TyEL) had fallen to 1,887, compared to 2,914 in Q2 2021, representing a total volume to €201.2m.
The number of policies transferred under the Self-Employed Persons’ Pensions Act (YEL) saw less movement over the past three months, with a total of 2,311 policies transferred in Q3, down from 2,354 in the previous quarter.
In total 1.4 per cent of TyEL premium income policies were transferred during Q3 2021, alongside 1.3 per cent of TyEL insurance portfolio policies, and 1.1 per cent of YEL insurance portfolios.
Finland’s pension system allows savers 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.
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