FINLAND – Helsinki based actuarial consultancy and pension scheme administrator, Pensionservice (EPS) is to undergo a radical re-structuring to expand its services from May 1.

The company, owned by non-life insurance group Varma-Sampo and Teollisuusvakuutus, the industrial insurance arm of financial services group Sampo, has signed a deal with internet technology company Novo Group and the Republic of Finland to widen its service offering.

“The name of the company is being registered at the moment, so I’d rather not reveal it yet, but Pensionservice will be made into a new firm; its business area, services, name and administration will be changed,” says Juha Kivinen, EPS managing director.

Novo’s outsourced administrative salary services will be switched to the new company in exchange for 44.9% of its shares.
The Finnish state will also externalise its public salary services to the new company.
According to Kivinen, the pension fund administrative services will not be changed, but the new firm will widen its offering of value added products, such as FAS and IAS services.

“Rahastopalvelu the fund services arm of_EPS, will also retain its functions as external personnel fund administrator to almost all Finnish company staff funds. The idea is to develop these services, especially in systems where the bonus is based on company revenue, which contributes to personnel funds,” says Kivinen.

The Finnish competition authority has apparently approved of the new company, Kivinen jokes: “As far as I know, the letter’s in the post, second class, and hopefully we’ll get it before May 1.”

Owned partly by the Sampo Group, the new company will offer services to the financial group as well as about 30 current pension funds clients.