Finland's Varma to take on healthcare pension
FINLAND - PlusTerveys, a private healthcare provider, is the latest company to transfer its pension provision to Varma Mutual Pension Insurance Company.
The transfer is still subject to approval by the Finnish Financial Supervisory Authority, but the pension fund, which covers 1,100 employees, is expected to transfer to Varma on 1 January 2011.
PlusTerveys, which is owned by dentists, doctors, physiotherapists and dental technicians employed by the company, has 1,128 staff and a turnover of €111.5m.
It said the dissolution of the pension fund would allow it to concentrate on providing high-quality healthcare services.
Eila Annala, managing director of PlusTerveys, said: “By transferring our earnings-related pension insurance with confidence to the experts in the field, we can better focus on developing our core business.
“We can meet future challenges only by developing our operations.”
Varma, which at the end of March 2010 had an investment portfolio valued at €30.8bn, has been among one of the biggest beneficiaries from the growing trend of Finnish companies to outsource their pension provision.
Preliminary 2009 figures published in January this year showed the pension insurance company’s assets had increased by more than €5bn over the year, as its market position was strengthened by the transfer of five corporate pension funds and the management of all the university pension schemes in 2009. (See earlier IPE articles: Outsourcing trend drives Varma growth, Kesko becomes latest corporate to transfer pension and Finnish railways pension follows outsourcing track)