Entrepreneur’s pension security

Retirement is one of life’s biggest changes. The YEL insurance secures entrepreneurs’ livelihood during retirement. Your YEL income directly affects how much pension you accrue during your entrepreneurial activity. In the online service for private customers, you can view your accrued pension and manage all your pension matters.

Log in to the online service

It’s a good idea to familiarize yourself with different pension options well in advance and plan your own transition to retirement. At the same time, consider what will happen to your business when you retire.

When to retire?

As an entrepreneur, you can retire just like employees. You’ll find more detailed information about different pension options and how to apply for them in the Apply for a Pension section.

Old-age pension

Your old-age retirement age is determined by your year of birth. You can retire at the lowest retirement age for your age group. You can also postpone applying for your pension, which will give you a permanent increment to your accrued pension when you retire.

You are free to continue your business even after retirement. The YEL insurance is voluntary during old-age retirement. If you take out voluntary YEL insurance, you will accrue additional pension, and the insurance contributions are paid just as before.

Partial old-age pension

With a partial old-age pension, you can reduce your workload before transitioning to full retirement. As a partial pension, you can withdraw 25 or 50 percent of the pension accrued by the end of the previous year.

If you wish, you can also continue your business as before and receive the pension alongside it. The YEL insurance must remain valid if the insurance conditions are met.

The age limit for partial old-age pension is 61 years for those born in 1963 or earlier and 62 years for those born in 1964. Those born in 1965 and later can take a partial old-age pension three years before their old-age retirement age.

Disability pension

A disability pension can be granted:

• permanently, as a full disability pension or a partial disability pension, and
• temporarily, as a rehabilitation allowance or partial rehabilitation allowance.

You can apply for a disability pension if you are permanently unable to work in any job. If you are temporarily unable to work in any job, you can apply for a rehabilitation allowance.

Partial disability pension and partial rehabilitation allowance are intended for people whose work ability has decreased but who can still work to some extent.

If your work ability has permanently decreased, you can apply for a partial disability pension. If the decrease is temporary but lasts for at least one year, you can apply for a partial rehabilitation allowance.

Survivors’ pension

The survivors’ pension secures the family’s livelihood if the entrepreneur passes away. It consists of a spouse’s pension granted on the basis of marriage or cohabitation and a child’s pension for children under 20 years of age.

Years-of-service pension

The years-of-service pension is intended for those who have performed strenuous work for a long time. You may be eligible for a years-of-service pension if you are at least 63 years old, have a work history of at least 38 years in work that causes strain and wear, and your work ability has deteriorated.