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Self-employed persons’ pension insurance

An individual supplementary pension helps you to ensure that you get the pension you deserve.

A flexible way to increase your income after retirement

Pension insurance is an investment that supplements the basic cover provided by YEL insurance. The premiums are flexible, and you will have access to a wide range of investment vehicles.

Tax benefits for companies

Insurance premiums are tax-deductible in your company’s taxation, and they are not considered as pay to the insured person. Consequently, they are not subject to indirect labour costs.

Individual insurance cover

Pension insurance will be tailored to your company’s needs. The insurance will always include a payment, investment and pension plan as well as specified beneficiaries.

Self-employed person’s pension insurance supplements the statutory YEL insurance

As a self-employed person, you are responsible for your own pension cover, i.e. YEL insurance. It ensures your income after retirement or in case you become sick and are unable to work anymore.

The statutory self-employed person’s pension insurance is based on the premiums of the YEL insurance that you, as a self-employed person, pay on the basis of your specified earned income. Because of the amount of the YEL premium, many report their income as lower than their actual income, in which case their pension will also be lower.

The changes made to the pension systems mean that pensions are lower and the retirement age is higher. Partially for this reason, the statutory part is no longer enough to provide most self-employed persons with the living standard they are used to after retirement.

The individual self-employed person’s pension insurance is specifically intended for self-employed persons and companies who want to supplement the statutory YEL insurance cover. The voluntary self-employed person’s pension insurance is a practical and flexible way to accumulate additional income for retirement.

Voluntary pension insurance protects self-employed persons after retirement

The self-employed person’s pension paid from the YEL insurance is often modest compared to the income earned during working life. Many self-employed persons have decided to get a voluntary pension insurance to supplement their statutory pension cover.

By taking care of your pension cover in time you are able to better prepare for the end of your business activities after retirement. For example, if you are forced to sell your business for a lower-than-expected sale price, the voluntary self-employed person’s pension insurance will give you additional cover and a sufficient income after retirement.

Benefits of the voluntary pension insurance for a self-employed person:

  • You will receive sufficient income even after retirement. The pension paid on the basis of the voluntary pension insurance will not affect the amount of your statutory employment pension.
  • You will secure the livelihood of yourself or your next of kin in case of death or disability. The self-employed person’s supplementary pension includes a life insurance that covers 100% of pension savings.
  • You can pay premiums up to EUR 8,500 annually for the self-employed person’s supplementary pension insurance without the premiums being deemed salary of the insured self-employed person. This pension premium can be deducted in your company’s taxation.
  • Unlike in many other forms of investment, tax will not be specifically collected from the proceeds of pension insurance. Instead, you will receive your pension savings as income in full after retirement.

How to invest with OP Corporate Pension Insurance?

When you get self-employed person’s pension insurance from OP, we will help you to draw up a plan for paying your insurance premiums and investing your savings. The pension insurance is always tailored to the requirements of each insured person. You should think about your own pension target and scale the sum paid to your insurance accordingly.

With flexible payments, you can fit them to your and your company’s situation: you can invest more in a good year and less or not at all in a bad year. The value of savings is determined by the insurance premiums paid and the value performance of the selected investments. You are also free to make changes without the accrued profits being taxed as capital gain.

There are several investment vehicles available, with profits that will increase your savings in the long term. You can also leave it up to the experts to select your investment vehicles. You can keep an eye on the development of your savings and easily manage your investments via OP eServices.

Reward and commit your employees

You can also use pension insurance as part of your total salary package, for example, to make a key employee commit to your company. Pension insurance is a great way to provide your employee with a valuable benefit without giving up shares of ownership in your company or without your employee losing the majority of the benefit gained in tax, as is the case with performance bonuses.

OP Group pension insurance is a supplementary pension solution that can be offered to a specific personnel group, and you as the self-employed person can also involve yourself in this arrangement.

Please leave your contact information using the button below, and we will send you a quote for the supplementary pension insurance. Our experts will gladly help you in selecting your investment vehicles. This way, you can make sure that you will get the best possible return for the premiums paid at a suitable risk level. You can also get additional information regarding the individual self-employed person’s pension insurance and the YEL insurance as well as their prices.

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Self-employed persons’ statutory pension insurance YEL
YEL provides coverage for self-employed persons’ pension and social security.
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Group pension insurance
Supplement your and your employees’ statutory pension cover and enable flexible retirement.

You should take care of your YEL insurance as soon as you start as a self-employed person.

We can also provide you with our partner Ilmarinen’s YEL insurance for self-employed persons.

Using the YEL calculator on Ilmarinen’s website, you can easily see how your earned income will influence the price of the YEL policy. You can also compare the effect of various payment options on the amount of your self-employed person’s pension premium. The YEL calculator enables you to get the best possible estimate regarding your YEL pension premium and the amount of pension as well as Kela’s sickness, basic unemployment, parenthood or earnings-related unemployment allowance. You can also ask our experts for further information regarding the self-employed person’s pension insurance!

The insurance is issued by OP Life Assurance Company Ltd, and Pohjola Insurance Ltd acts as its agent.