FINLAND – The Helsinki based actuarial consultancy and pension scheme administrator, Pension Service (EPS) has undergone a radical re-structuring and changed its name to Silta.
The new company plans to grow to be the leading human resources and services firm in the country and is targeting mid-size and large companies, as well as public services.
Internet technology company Novo Group and the Republic of Finland have bought shares in the company from independent mutual pension insurance group Varma-Sampo and Teollisuusvakuutus, the industrial insurance arm of financial services group Sampo.
Novo’s outsourced administrative salary services have been switched to the new company in exchange for 44.9% of its shares. The Finnish state has also externalised its public salary services to the new company for a 10.2% share. Varma-Sampo still owns 39.1% and Sampo Group, through Teollisuusvakuutus, has a 5.8% share in the consultancy.
According to Juha Kivinen, managing director of Silta, 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, and plans to expand in salary services.
“Rahastopalvelu the fund services arm of_Silta, 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 new company hopes to offer its services to financial services company Sampo as well as about 30 of its current pension fund clients. Silta is based in Helsinki and has offices in Oulu, Riihimäki, Tampere, Turku and Vaasa.
Juha Kivinen was formerly deputy managing director of the Finnish mail service, Posti, and member of the board of directors at EPS.