The system for supervising earnings-related pension providers consists of several components.

These components are:

  • the pension provider’s own governance
  • internal control systems
  • auditing
  • public financial supervision.

The Ministry of Social Affairs and Health is responsible for preparing legislation in the earnings-related pension sector.

The Financial Supervisory Authority (FIN-FSA) supervises the operations of pension insurance companies. The supervision encompasses the finances, governance and procedures of the companies. FIN-FSA also supervises industry-wide pension funds, company pension funds, the Farmers’ Social Insurance Institution and the Seafarer’s Pension Fund. The finances, governance and procedures of these bodies are also included in the supervision. The Financial Supervisory Authority is responsible for ensuring that:

  • the bodies under supervision operate in a stable manner
  • the interests of the insured are safeguarded
  • the general confidence in the system is maintained.

Keva’s operations are supervised by the Ministry of Finance and, with respect to the implementation of the State’s pension provision, by the National Audit Office of Finland. The State Treasury operates under the Ministry of Finance and its operations are supervised by the National Audit Office.

The Pension Fund of the Evangelical Lutheran Church is supervised by the Church Council, which is subordinate to the Ministry of Education and Culture and the General Synod.

The Financial Supervisory Authority also has a say in the affairs of the public-sector pension providers, i.e. Keva, the State Pension Fund and the Central Church Fund, because it supervises their operations with regard to investments.