Concepts




Pension foundation or fund


This category also includes insurance and unemployment funds.

A pension foundation is an insurance or pension company set up by an employer for the purpose of provision of statutory or voluntary pensions or comparable benefits for its employees and their beneficiaries.

A pension fund is an industry-specific insurance fund for administering corresponding pensions and benefits.

Besides pension foundations and funds, this category of legal form also includes some other pension companies based on separate employment pension acts. Employment pension insurance companies administering pension schemes of the type of described above (e.g. Ilmarinen, Varma) come under the legal form of mutual insurance company or are limited companies.

Besides pension funds, there are also other insurance funds (previously known as benevolent funds) which grant financial aid or administer other social personal insurance schemes. Examples of these include burial funds and redundancy funds.

An unemployment fund is a corporation operating on the mutual liability principle for the purpose of organising for its members the compensation for loss of earnings referred to in the Unemployment Security Act.



Statistics using the definition

Topic

Validity of the definition

  • Valid until (31 December 2078)
  • This category also includes authorised pension providers and unemployment and mutual benefit societies.

    A pension foundation is a foundation set up by an employer for the purpose of provision of pensions and comparable benefits to its employees and their relatives. The rules for calculating benefits and the conditions on granting them are recorded in the statutes of the foundation. A pension foundation is entered into the pension fund register maintained by the Ministry of Social Affairs and Health. Mutual pension insurance companies (e.g. Ilmarinen, Tapiola, Varma) come under the legal form of mutual insurance company.

    A pension fund administers employees' pension security (e.g. LEL, TaEL).

    Unemployment funds are funds operated by trade unions, in which membership is voluntary and which pay to the members who have been made redundant earnings-related daily unemployment allowances.



    Statistics using the definition

    Topic

    Validity of the definition

    • 1 January 1900 - 31 December 2006

    Source organisation

    • Tilastokeskus

    Related concepts

Source organisation

  • Tilastokeskus

Jaa