Finland’s supplementary pension system is dominated by pension insurance companies Varma, Ilmarinen and Elo. Keva manages local government pensions and VER is in charge of state pensions. The pension insurance companies manage a financed component of the first pillar, so are not IORPs under EU law. The government has recently been pushing social partners to agree stabilise contribution levels to the workplace pension system. Pension insurers would prefer reforms to solvency rules to allow them greater leeway to invest in equities, which could in turn lower contribution rates.
Danish schemes embrace defence – as long as ESG criteria and international conventions are adhered to
Pension fund/entity | Assets (€’000)
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Weak economic situation in Finland reflected in increasing credit losses due to customers, Elo reveals
Strong solvency and improved efficiency directly seen by clients as lower prices, says Ilmarinen CEO
Upward trend in retirement age seen continuing, central pensions body says
Ilmarinen and Varma say increased volatility is price worth paying for the higher return potential that newly agreed investment reforms allow
Finnish pensions insurer invests in Invesco New-York ETF launch, with fund tailored to its own needs
Company | Assets (€m)
As at 30.9.3.23, *30.16.23, **15.11.23, ***10.6.22
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Nordic Region
Fear and uncertainty are rattling markets, but financial concerns are dwarfed by the human suffering caused by the war in Ukraine. In Finland, people have particular reason to worry due to the country’s long land border with Russia.
Weak economic situation in Finland reflected in increasing credit losses due to customers, Elo reveals
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Strong solvency and improved efficiency directly seen by clients as lower prices, says Ilmarinen CEO
Upward trend in retirement age seen continuing, central pensions body says
Pension funds in Europe have been reducing their allocation to European assets, especially listed ones. While valuations may be attractive, there is little else to convince them to raise their investments in their home market
Ilmarinen and Varma say increased volatility is price worth paying for the higher return potential that newly agreed investment reforms allow
Jaakko Kiander, the CEO of Keva, Finland’s largest pension provider, which looks after state and local government pensions there as well as administering the pensions of other public sector organisations talks to IPE Editorial Director Liam Kennedy.
Finnish pensions insurer invests in Invesco New-York ETF launch, with fund tailored to its own needs
Plus: Clarity for Icelandic pension funds on legal situation around provisions for changed life expectancy; Sweden’s financial watchdog on increased pension transfers
Finnish pension firm’s listed chief says Varma will carry on creating more sustainability products