VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
Finnish Centre for Pensions
1. Finnish Centre for Pensions
The Expert on Earnings-related Pensions
for More than Half a Century
4 June 2013
2. Earnings-related Pension
- Most Important Pension in Finland (1/2)
• Statutory pension provision is the most significant
component of Finnish social insurance
• Statutory pension security comprises earnings-related
pension, residence-based national pension (Kela) and
guarantee pension
• Provides security for old age, in case of disability or
death of family’s provider
Finnish Centre for Pensions 2
3. Earnings-related Pension
- Most Important Pension in Finland (2/2)
• Pension scheme managed by pension insurance
companies, industry-wide and company pension funds,
as well as special pension providers since 1962
• The Finnish Centre for Pensions, a joint statutory body,
produces services for all parties to the pension scheme
• Entire workforce aged 18-68 insured
(approx. 3 million people)
• Majority of pensioners on earnings-related pension
– 1.5 million pension recipients in total
– 1.4 million pensioners on earnings-related pension
Finnish Centre for Pensions 3
7. Earnings-related Pension Scheme
• Partially funded
• Defined benefit
• Centralised scheme with decentralised administration
– principle of the last insurer
– contributions collected, funds administered and pensions paid by
several pension providers
• Based on tripartite governance
– Social partners negotiate the principles of pension reforms
– Government makes its proposal to Parliament
Finnish Centre for Pensions 7
8. Coverage of the Pension Scheme
• No upper limit to
covered income
• No pension ceiling, i.e.
all income accrues a
pension
• Occupational and
personal private
pensions play a minor
(although increasing)
role
Finnish Centre for Pensions 8
9. Earnings-related Pension Provision –
Legislation, Supervision and Execution
Finnish Centre for Pensions 9
Ministry of Finance
FINNISH CENTRE FOR PENSIONS
Pension insurance
companies
TyEL, YEL (7)
Company pension
funds TyEL (14)
Seafarer’s
Pension Fund
MELIndustry-wide
pension funds
TyEL, YEL (6)
Keva
KuEL, VaEL, KiEL
Insured and policyholders
Financial Supervisory Authority
Ministry of Social Affairs and Health
Farmers’ Social
Insurance
Institution
MyEL
National Audit Office of Finland
Other public parties:
The Orthodox Church
Bank of Finland
The regional government of Åland
Execution of Earnings-related Pension
10. Finnish Centre for Pensions –
Guardian of Earnings-related Pensions
• Finnish Centre for Pensions founded on 5 October 1961
• Central body for the earnings-related pension scheme
in Finland
• Earnings-related pension scheme managed by pension
insurance companies, company pension funds,
industry-wide pension funds and special pension
providers has been in force since 1962
• Further information (in FI, SW, EN) on the Finnish
Centre for Pensions and earnings-related pensions in
Finland
– www.etk.fi for experts in the field
– www.tyoelake.fi for citizens
Finnish Centre for Pensions 10
11. Finnish Centre for Pensions – Statutory
Institution
• A statutory institution but not part of government
administration.
• Administrative bodies:
– Board of Representatives, chairman and deputy chairman of the
Board of Directors appointed by the Ministry of Social Affairs and
Health
– Board of Directors includes representatives from labour market
organisations, the State and earnings-related pension insurance
companies
– Headed by the Managing Director
• Operating expenses financed with earnings-related
pension contributions
Finnish Centre for Pensions 11
12. Finnish Centre for Pensions - Organisation
Finnish Centre for Pensions 12
Managing Director
Jukka Rantala
Director
Riitta Korpiluoma
Director
Mikko Kautto
Director
Katri Raatikainen
Communications
Director
Kati Kalliomäki
REPRESENTATIVES
BOARD OF DIRECTORS
Labour market organisations,
Ministry of Social Affairs and
Health, Pension Insurance
Companies represented
• HR & Development
• Legal Services
• Customer Information
• Supervision
• International
Pension Matters
• Planning
• Statistics
• Research
• Communications• Register Services
• Information Management
• Developmental Support
• Administration
13. Finnish Centre for Pensions
- Provider of Scheme’s Common Services
• Provides services common to the decentralised
earnings-related pension scheme
– Assessments and projections: earnings-related pension provision
and insurance contributions in correct proportions
– Research and statistics: data and material for the benefit of the
entire scheme
– Registers: pension accrual based on correct earnings data
– Supervision: prevents grey economy
– Legal, actuarial and customer information services
– Training and communication relating to pension provision
– International services: earnings-related pension insurance valid
abroad and applying for pensions from abroad
Finnish Centre for Pensions 13
14. Finnish Centre for Pensions - Aims
• Reliable and current expert data is used in social debate
and decision-making concerning pension provision
• Earnings-related pension provision and its significance
for the individual and society is known
• Efficient implementation of earnings-related pension
provision and developed online services
• Increased customer satisfaction with our services
The Finnish Centre for Pensions 14
15. Finnish Centre for Pensions
- Financing and Personnel
• Total annual expenses approx.
EUR 44 million
- Circa 8 per cent of the administrative
expenses of the earnings-related
pension scheme used to finance the
operations of the Finnish Centre for
Pensions
Finnish Centre for Pensions 15
• Ca 350 employees
- More than half have an academic degree
• Average age 45 yrs and 80 per cent women
16. Finnish Centre for Pensions
Finnish Centre for Pensions -
Customers and Interest Groups
16
Managers of earnings-
related pension
Earnings-related pension
providers
International insurance
institutions
Appeal bodies
IMPLEMENTATION OF
PENSION PROVISION
Decision-makers
Parliament and other political
decision-makers
Ministry of Social Affairs
and Health
Other ministries
Labour market organisations
EVALUATION AND DEVELOPMENT
OF PENSION PROVISION
The insured and
policyholders
(in special cases)
Media and society Research and
educational
institutions
FINNISH
CENTRE FOR
PENSIONS
Other social security and
insurance providers and
authorities
Kela
Unemployment security
providers
Tax authority
Others