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Pension taxation

The tax will be withheld from your pension and therefore you need a tax card for your pension.

Taxation when your pension begins

Contact the tax authorities and request a tax card for your pension.

Once you receive your pension decision, ask the tax authorities to calculate a withholding percentage for your pension income and to forward the tax card information to Elo. For the calculation of the tax rate, you will need to provide the authorities with your pension decision as well as information about other forms of income and related withholdings. 

Altogether 40 % tax will be withheld from your pension if your tax information is not available prior to the first pension payment. Any excessive withholding tax will be returned to your account within a few weeks of Elo receiving the tax card calculated by the tax authorities. 

The repayment of excessive taxes is only possible as they relate to pension payments made during the current year.

Are you currently receiving vocational rehabilitation?

Notification of the amount of pension paid during the tax year

You do not need to notify the tax authorities about any pensions paid to you. Elo handles that on your behalf at the end of each year. We will send the same information to you annually in a notification letter. You can also check the payment information at any time in our Online Service.

Withholding tax in subsequent years

After the first year in which your pension is paid out, Elo will automatically receive your withholding percentage directly from the tax authorities. You will also receive the percentage information from the tax authorities for your own records. You do not need to submit your copy of the tax information to Elo. 

Make sure to get your withholding percentage checked by the tax authorities if there are any changes to the amount of your pension or other forms of income. 

Elo utilises the tax information provided by the tax authorities. Please contact the tax authorities directly if you need information concerning the tax percentage or you want, for example, to lower your tax percentage. You can independently increase your tax percentage in our Online Service.

Increasing the tax percentage for your pension

You can increase the tax percentage for your earnings-related pension if you wish to pay more than the withholding rate calculated by the tax authorities. You can independently increase your tax rate in the Online Service.

The tax percentage cannot be decreased independently, but requires you to request a new tax card from the tax authorities.

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