Our strategy for the years 2023–2027
We updated our strategy in spring 2023. An extensive round of interviews with our stakeholders formed the basis for the new strategy. We clarified the manner, roles and goals of our operations on the basis of the feedback we received in those conversations and the feedback our own board had given us. The TELA board approved the new strategy on 16 May 2023 and it is in force between 2023 and 2027.
Our strategy is underpinned by the idea of reinforcing the social impact of our work and to support the reorganization of our office’s daily work.
At the core of our strategy are greater visibility of what we do, clearer communications and making our work more ambitious. We do not seek quick wins; we observe and develop the occupational pension system over the long term. We offer a considered, balanced view on issues. We challenge and tackle initiatives and claims that are contrary to the long-term interests of the occupational pension system.
Our basic task is to foster and develop the earnings-related pension system and its implementation sustainably. We have three roles: an advocate of the interests of our sector, a reinforcer of cooperation, and an influencer. The roles refer to what we focus on in our daily work:
- we ensure that our positions have an impact when decisions are made (advocate)
- we facilitate cooperation between parties to ensure the earnings-related pension system is capable of change (reinforcer of cooperation) and
- we increase understanding and influence opinions through our viewpoint (influencer).
Core elements of our strategy
Basic assignment — why do we exist?
The core of our activities consists of fostering and sustainably developing the earnings-related pension system and its implementation. We summarize our basic role as follows:
We foster and develop the earnings-related pension system and its implementation sustainably.
We maintain the basic principles of the earnings-related pension system. We help the system reform itself. We work to ensure the earnings-related pension system is both financially and socially sustainable, as well as enjoying the broad approval of people in Finland.
In our work, we pay attention to and develop all kinds of earnings-related pensions: both private and public sector pensions, as well as entrepreneurs’, farmers’ and seafarers’ pensions. We also maintain and develop the decentralized implementation of earnings-related pensions.
Vision: what kind of future are we building?
Our vision is a fair pension that every resident of Finland can rely on.
Our dream is an earnings-related pension system that enjoys the trust of our key stakeholders and all of Finnish society through its responsible development, efficient and fluid implementation and fairness.
In our vision, statutory earnings-related pension coverage is constant from one generation to the next and as work is transformed. Everyone in Finland who works benefits from it, be they employees or self-employed. Another part of our vision is that every euro earned at work accrues earned pension in the same way, regardless of the nature or type of work.
We also work to ensure that the implementation of the earnings-related pension system is decentralized and that decisions on pension fund investment remain at the national level.
Three roles: what do we focus on in our daily work?
We have three roles: an advocate of the interests of the sector, a reinforcer of cooperation, and an influencer. The roles refer to what we focus on in our daily work.
- In our advocate role, we ensure that our positions have an impact when decisions are made. We build opportunities for solutions to manifest themselves and work constructively and actively in ministry working groups and other fora that have an impact on legislation.
- In our cooperation reinforcer role, we facilitate cooperation between parties to ensure the earnings-related pension system is capable of change. We also build the trust and understanding required by changes. We search for reasonable solutions for the challenges of developing the earnings-related pension system, while acknowledging the fact that we are not in the driver’s seat.
- In our influencer role, we raise decision makers’ and the media’s understanding of the occupational pension system and issues that affect its development. We enlighten decision makers and the media on the patterns and needs for improvement of the earnings-related pension system as well as various possible solutions and their effects.
Our choices of roles, as described above, are based on our observations on the operating environment in the sector. There is a wealth of information and research on earnings-related pensions, as well as a range of different opinions between various parties. However, there is a lack of unifying views and possible solutions which inspire trust. Reforming the earnings-related pension system requires trust and cooperation, and cooperation requires a unifying force. Effective advocacy requires a single voice of the sector which speaks for a range of positions.
Clarifying the vision
At the core of our strategy is the idea of strengthening and clarifying our own vision. For us, vision is a much broader concept than just the views held by earnings-related pension providers. Another essential part of it is understanding the time and situation, as well as understanding what stage each individual issue is at. Different stages require different ways of acting.
- Stage 1: Discussion, dialogue and building understanding of the topic. What is this matter about? What options exist? What advantages and disadvantages may the different options have? (Influencer)
- Stage 2: Showing direction. What kind of options should we be moving towards and why? Building the conditions for making decisions. (Influencer, cooperation reinforcer, advocate)
- Stage 3: Forming an opinion and influencing decision making when the time is right. Creating opportunities and pressure to solve the issue. (Advocate, influencer)
The basic values that guide our work are openness, transparency, reliability and the ability to discuss the difficult matters aloud. They continue to be present in our strategy work. We have complemented our basic values with the functional values which support our own regeneration. They are as follows:
- Help others to see the light — Using our professional skills, we help various parties understand the earnings-related pension system. We thus ensure that positions are set and decisions made with a basis on the right information.
- Dare to change — Responsible maintenance of the earnings-related pension system also requires an ability to change, challenge established concepts and seek new areas for development.
- Lead from speech to decisions — We push issues purposefully towards decision making when the time is right. That is in the interests of all parties.
Our strategic goals 2023–2027
We have clarified our strategic goals into four baskets:
- Securing the basic principles of earnings-related pensions
- Developing the earnings-related pension system over the long term
- Bolstering society’s trust
- Reviewing what TELA does
Securing the basic principles of earnings-related pensions
- We work to ensure that the Finnish statutory earnings-related pension continues to be accrued, extensive and uncapped on the basis of earnings. We want it to be worth it for every generation to invest in as well for it to suit the professional and geographic mobility of the workforce.
- We also work to ensure that a pension earned through employment is a defined benefit, predictable and life-long, protected from inflation, and offers security against loss of working capacity and the death of a provider.
- We develop the entrepreneur’s pension system (YEL) to better meet the challenges arising from the transformation in work and the labour markets.
Developing the earnings-related pension system over the long term
- We ensure the decentralized implementation of the earnings-related pension system and the use of pension funds solely for pension funding needs.
- We seek and promote methods to improve long-term returns on investment.
- We work to ensure that the long-term revenue of the pension system remains sufficient.
Bolstering society’s trust
- We reinforce trust in the earnings-related pension system and its general acceptance by Finnish society.
- We develop the earnings-related pension system from a national standpoint.
- We ensure that the central features of the earnings-related pension system will remain in future, too.
Reviewing what TELA does
- We reinforce the impact and vision of what we do.
- We make our communications and work with our stakeholders more visionary and thought provoking.
- We develop our office’s capabilities and reinforce the ambition of what we do.