Eläkekassa

Eläkekassa is a Finnish term referring to a pension fund, a financial arrangement that collects contributions to provide retirement benefits to its members or beneficiaries. In Finland, eläkekassat typically operate within or alongside the earnings-related pension system. Some funds are closed to new members and serve a specific employer or profession; others are open to individuals who belong to a broader group.

A eläkekassa is usually governed by a board of trustees, often including employee representatives, with professional management. It relies on actuarial assessments to determine funding levels and promised benefits, and it must prepare annual reports and undergo external audits. The fund invests contributed capital to generate returns, pursuing a diversified asset mix such as government and corporate bonds, equities, and real estate, with risk controls aligned to the fund’s liabilities and time horizon.

Funding and benefits: Contributions come from employers and, in many schemes, employees. Benefits are paid as lifetime pensions or annuities to retirees, survivors, or disabled members, depending on the fund’s rules and member contracts. In Finland, eläkekassat operate within the broader pension system, which includes the national pension administered by Kela and other earnings-related schemes. Regulation is provided by Finnish law and overseen by financial supervisory authorities, with requirements for solvency, governance, disclosure, and actuarial valuation.

See also: Kela, earnings-related pension systems, and private or occupational pension funds.