Finland Investment and Pensions
Finland’s 2025 pension reform takes a measured approach to strengthening the system, with lower contribution rates, increased equity exposure, and a new inflation-linked stabiliser. Major funds are also shifting toward defence and dual-use sectors. These changes aim to boost long-term returns, align with national priorities, and modernise the system for future generations.
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
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
IPE Nordic Briefing: Swedish manager slams FTN’s procurement process
Plus: Finland’s pensions debate continues ahead of next year’s general election
Finnish pensions sector lambastes talk of pension cuts
‘Debate about pension rights has caused a new blow to trust in the pension system,’ says Elo’s chief actuary
Trusted partners: Advising Europe’s pension funds
IPE’s survey of European consultants reveals a complex patchwork of client preferences
Listed equities: Beyond the Magnificent Seven, betting on the future of AI
America’s tech giants not only dominate equity indices; they are breaking records for capital expenditure on AI. How are European pension funds approaching their allocation to the Mag 7?
European pension funds report mixed results
Denmark’s ATP posts stellar results, while pension funds in the Netherlands were hit by underperforming interest rate hedges
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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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
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