Finland.
Finland ranked 8th globally with an average total score of 64.
The base of Finland’s pension system consists of a flat rate government pension called the national pension which provides up to 20 per cent of the average wage. Supplementing the national pension are mandatory earnings-related plans provided by employers through several pension insurance companies. The mandatory earnings related plans are funded by contributions from both employees and employers. Voluntary pension plans are not common and are generally only put in place for executives.
One of the funds reviewed is the fund that manages the assets backing the national pension (VER). The other four organisations are pension insurance organisations which manage assets and administer benefits backing the mandatory earnings-related plans.
Overall Factor Ranking
Cost
Governance
Performance
Responsible Investment
Overall Results
Finland.
Funds Analysed
Elo
Elo is a large pension insurance company which provides services to both employers and individuals.
Ilmarinen
Ilmarinen is a mutual pension insurance company owned by its members and offers pension services to both employers and the self-employed.
Keva
Keva is Finland’s largest pension provider and administers the pensions of Local Government, State, Evangelical Lutheran Church and Keva employees.
Varma
Varma is a mutual pension insurance company owned by its members and offers pension services to both employers and the self-employed.
VER
VER is the state pension fund of Finland and manages the assets backing the base government pension.