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
‘Pension funds are economically interesting creatures with deep social relevance’
The outgoing CEO of Finnish pension fund lobby group TELA speaks to Rachel Fixsen about intellectual challenges, taking difficult advocacy positions and her future plans
Finnish pension funds reveal shrinking allocations to domestic market
Ilmarinen narrowly trumps nearest rival Varma on 2025 returns with 8.1%
IPE Nordic Briefing: Iceland sees pension fund merger activity
The country’s second-biggest pension fund, the Pension Fund of Commerce, LV, had entered talks with Birta, the number four pension fund, over a potential merger
Finnish pension fund majors benefit from surging domestic equities
Smallest pensions insurer, Veritas, beats Varma as well as Keva on 2025 returns with 8.7% gain after sticking with high equities exposure
Finnish pension debate driven by poorly managed state finances
Mikko Kautto, ETK’s managing director, says pension cuts are increasingly justified as a way to create fiscal space elsewhere
Finnish member of parliament appointed TELA chief executive officer
Finnish pensions lobby group appoints MP Saara-Sofia Sirén to replace Suvi-Anne Siimes this summer
Varma stubs out tobacco blacklist in responsible investment rethink
Finnish pension giant shifts from exclusion to engagement but says tobacco could still be uninvestable
Finnish pensions reform to deliver twice the public finance boost it targeted
Pensions lobby TELA says ‘strongly supports’” approval of the bill
IPE Nordic Briefing: Danish pension funds keen to invest in defence sector
Plus: Norges Bank Investment Management unveils new strategy plan for the Government Pension Fund Global
Rantala report urges major overhaul of self-employed pensions in Finland
Jukka Rantala, former head of Finnish Centre for Pensions, puts forward proposals for increasing transparency and improving pensions adequacy for the self-employed
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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Interviews
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‘Pension funds are economically interesting creatures with deep social relevance’
The outgoing CEO of Finnish pension fund lobby group TELA speaks to Rachel Fixsen about intellectual challenges, taking difficult advocacy positions and her future plans
Finnish pension funds reveal shrinking allocations to domestic market
Ilmarinen narrowly trumps nearest rival Varma on 2025 returns with 8.1%
IPE Nordic Briefing: Iceland sees pension fund merger activity
The country’s second-biggest pension fund, the Pension Fund of Commerce, LV, had entered talks with Birta, the number four pension fund, over a potential merger
Finnish pension fund majors benefit from surging domestic equities
Smallest pensions insurer, Veritas, beats Varma as well as Keva on 2025 returns with 8.7% gain after sticking with high equities exposure
Finnish pension debate driven by poorly managed state finances
Mikko Kautto, ETK’s managing director, says pension cuts are increasingly justified as a way to create fiscal space elsewhere
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