Finnish pension transfers total over 5,000 in Q2 2021

The total number of Finnish earnings-related pension insurance policies transferred from one pension insurance company to another increased to 5,268 in Q2 2021, according to figures from the Finnish Pension Alliance (Tela).

The group found that the number of policies transferred under the Employees Pensions Act (TyEL) has increased over the past three months, with a total of 2,914 TyEL policies transferred in the second quarter of 2021.

Alongside this, Tela confirmed that a total of 2,354 policies had been transferred under the self-employer persons’ pensions act (YEL), compared to 1,423 in the previous quarter.

These figures also represent an increase on the number of transfers in the same period in 2020, when transfers under YEL fell by 21 per cent to 2,209, and transfers under TyEL dropped by 32 per cent to 1,323.

In total, 0.6 per cent of TyEL premium income policies were transferred during Q2 2021, alongside 2 per cent of TyEL insurance portfolio policies, and 1.1 per cent of YEL insurance portfolios.

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. The most recent figures show that by the end of 2020, assets in the earnings related pension system topped €212bn.

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