Why is this year’s information missing from my pension record?
The pension record on paper primarily shows the payroll information up until the end of the previous year. The online pension record also shows payroll information for the current year. If you wish, you can check your pension record at any time via Elo’s Online Pension Service at www.elo.fi/elakepalvelu.
Why is last year’s information missing from my pension record?
The payroll information for 2018 is updated in the pension record at some point between January and March. Any social benefits received in 2018, for which you accrue pension, will generally appear in the pension record as of April 2019. It is possible that payroll information for 2019 may appear in the record before the information for the previous year is updated.
I have completed a degree from which I should accrue pension, so why doesn’t it appear on my pension record?
The information about any vocational basic qualification or university degree appears on your pension record in the spring of the year following your graduation. Pension is not accrued from degrees or qualifications completed prior to the year 2005.
Why does the life expectancy coefficient reduce the amount of my pension?
The life expectancy coefficient is a tool that adapts the future monthly pensions to cover longer potential lifespans and encourages people to continue working. If the average life expectancy continues to increase, the life expectancy coefficient will reduce the amount of monthly pensions. If you want to retain the pension level you would receive without the impact of the life expectancy coefficient, you will need to work longer. The life expectancy coefficient cannot ever be totally eliminated, but its impact can be lessened.
What are LEL and TaEL earnings?
LEL earnings refer to income paid between 1962–2007 for insured building, farming, forestry and harbour work.
TaEL earnings refer to income paid between 1986–2007 for work carried out as an artist or journalist. Between 1998–2007, TaEL earnings could also derive from short employment relationships, i.e., intermittent work, in the private sector.
The new Employees Pensions Act (TyEL) that entered into force at the beginning of 2007 replaced the former acts concerning TaEL and LEL pensions.
The pension record should be checked to ensure that the annual earnings from any LEL and TaEL employments have been registered correctly. If the LEL and TaEL earnings are listed under incorrect months, but the annual earnings are correct, this does not affect your pension security and the pension provider does not need to be informed.
What is meant by the earnings basis?
The earnings basis refers to the earnings that serve as the basis for calculating benefits or pensions and to unsalaried benefits from which it has been agreed that pension is accrued.
What is a target pensionable age?
A target pensionable age is the age to which one should work in order to counteract the reduction to the monthly pension caused by the life expectancy coefficient.
How does the increment for deferred retirement affect the amount of my pension?
Remaining in working life longer pays off in the end. Your pension will be increased if you continue to work beyond your lowest pensionable age for old-age pension. The increase amounts to 0.4% for each month that the retirement is deferred. If, for example, you delay the commencement of old-age pension by one year, your accrued pension will be permanently increased by 4.8%.