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The Varieties of Pension GovernancePension Privatization in Europe$
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Bernhard Ebbinghaus

Print publication date: 2011

Print ISBN-13: 9780199586028

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199586028.001.0001

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Finland: From Statutory Pension Dominance towards Voluntary Private Schemes

Finland: From Statutory Pension Dominance towards Voluntary Private Schemes

(p.210) 8 Finland: From Statutory Pension Dominance towards Voluntary Private Schemes
The Varieties of Pension Governance

Olli Kangas

Päivi Luna

Oxford University Press

Finland's pension system consists of income-tested ‘national pensions’ and statutory employment-related pensions. The latter are ‘hybrid’ public–private pensions that were legislated in the 1960s and partly funded through private insurance companies, while employers and trade unions participate in their administration. There is a strong corporatist element: the social partners have been owners of the statutory schemes, therefore they channelled improvements through ‘their’ own schemes, not via voluntary private pensions as elsewhere. Since the mandatory employment-related pensions are income-related with no ceilings, the high-income earners have had no incentives to contract voluntary supplementary pensions. However, this is changing through piecemeal institutional change: as statutory pension promises are cut back, an expansion of voluntary occupational and individual pensions occurs.

Keywords:   Finland, public–private mix, mandatory occupational pension, employers, trade unions, corporatism, voluntary pensions, pension fund governance

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