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
IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
Varma, Ilmarinen get into shape for reform’s new investment scope
Big two Finnish private-sector pension insurers beat public-sector peer Keva on January-September returns
Keva’s outgoing CIO sees storm clouds on horizon for US stocks
Finland’s biggest pension fund recoups some private equity losses in Q3; Veritas posts 5.2% nine-month return
Ilmarinen CEO: Mindset shift needed before pension age hits 70
Rise in pension age proposed in general debate in Finland to bolster public finances and respond to rising life expectancy
Varma flags four new investments in unlisted domestic growth firms
Investing in growth companies ‘aligns with goals of pension reform’, says Finnish pensions giant
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
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
Varma, Ilmarinen get into shape for reform’s new investment scope
Big two Finnish private-sector pension insurers beat public-sector peer Keva on January-September returns
Keva’s outgoing CIO sees storm clouds on horizon for US stocks
Finland’s biggest pension fund recoups some private equity losses in Q3; Veritas posts 5.2% nine-month return
Ilmarinen CEO: Mindset shift needed before pension age hits 70
Rise in pension age proposed in general debate in Finland to bolster public finances and respond to rising life expectancy
Varma flags four new investments in unlisted domestic growth firms
Investing in growth companies ‘aligns with goals of pension reform’, says Finnish pensions giant
Keva picks deputy CIO Kettunen to replace retiring Huotari in November
The role of CIO is ‘of great societal importance’, says Maaria Kettunen
TELA warns domestic investing bias harmful for Finnish pension fund returns
Pensions alliance TELA speaks out in face of pressure for earnings-related pension funds to support domestic economy
Elo acts to protect solvency amid choppy markets
Finnish pension insurers Elo and Varma returned 1.5% and 1.7%, respectively, in the first half of the year
Ilmarinen profits from bonds in first half, and tops Keva’s flat return
Municipal pensions giant Keva blames “devaluation of dollar’ for its narrow overall investment loss
Keva adopts ethical principles guiding own use of artificial intelligence
Finnish pensions giant says code drawn up for use of the emerging technology is mainly about risk management and good governance
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