Finland Investment and Pensions
The Nordic country’s partly-funded supplementary pension system is dominated by pension insurance companies Varma, Ilmarinen and Elo for workers in the private-sector. Finland’s largest pension fund Keva manages local government pensions and VER is the buffer fund for the state’s occupational pensions obligations. The pension insurance companies manage a financed component of the first pillar, so are not IORPs under EU law. Pensions reform legislation taking effect in 2026 will allow them to take on more investment risk by increasing equity allocations in pursuit of higher returns. Further reform is afoot for self-employment pensions, potentially giving entrepreneurs freedom to choose the basis determining their contributions.
Pension Funds in the Nordic Region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
TOP FINNISH PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Keva | 70,700,000
- Varma Mutual Pension Insurance Co. | 65,364,566
- Ilmarinen | 64,409,516
- Elo Mutual Pension Insurance Co. | 32,800,000
- Valtion Eläkerahasto (VER) | 24,240,100
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Ilmarinen’s equity investment strategy: Handpicking the world’s best stocks
The biggest segment of Ilmarinen’s equity investment strategy is driven by sector-focused active stockpicking
Consultation opens on flexible contribution model for Finland’s self-employed
Proposed reform would give self-employed workers greater flexibility in determining pension contribution levels
VER’s Suhonen: ‘Markets have a way of looking past conflict and recovering’
Antti Suhonen has taken the helm at Finland’s €25.7bn state pension buffer fund after three decades in London’s financial markets
Nordic pension funds embrace AI for efficiency and insight
Major Nordic pension funds are rapidly adopting artificial intelligence to achieve cost savings, improve performance and gain insights, though concerns remain about data privacy and ethics
IPE Nordic Briefing: Nordic pension funds on Arctic protection
Nordic pension funds – Danish ones in particular – made their voices heard on Arctic protection following EU Commission’s position on oil and gas
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
TELA says government’s pensions reform proposal only halfway there
Finnish pensions lobby positive on shifting YEL scheme towards earnings-based system, but bemoans fiscal burden, freedom of choice model
Elo doubles pace of Finnish unlisted growth bets with €100m push in H1
Finnish pensions insurer posts narrowly positive Q1 return as bonds, property gains offset equities losses
Keva CEO calls for more state participation in investment to boost growth
Kiander cites rise of protectionism by major powers: ‘Remains to be seen how these changes will affect our own national strategy‘
Finland’s Ilmarinen seeks SBTi validation as part of climate work
Pensions insurer joins peer Varma and other Nordic pension funds – AkademikerPensiona and PensionDanmark – in turning to international initiative for climate target approval
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.6.23, **15.11.23, ***10.6.22
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Consultation opens on flexible contribution model for Finland’s self-employed
Proposed reform would give self-employed workers greater flexibility in determining pension contribution levels
IPE Nordic Briefing: Nordic pension funds on Arctic protection
Nordic pension funds – Danish ones in particular – made their voices heard on Arctic protection following EU Commission’s position on oil and gas
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
TELA says government’s pensions reform proposal only halfway there
Finnish pensions lobby positive on shifting YEL scheme towards earnings-based system, but bemoans fiscal burden, freedom of choice model
Elo doubles pace of Finnish unlisted growth bets with €100m push in H1
Finnish pensions insurer posts narrowly positive Q1 return as bonds, property gains offset equities losses
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