{"id":3272,"date":"2026-03-23T00:00:00","date_gmt":"2026-03-23T00:00:00","guid":{"rendered":"https:\/\/new.leinonen.eu\/fin\/voluntary-pension-insurance\/"},"modified":"2026-04-01T09:47:10","modified_gmt":"2026-04-01T09:47:10","slug":"voluntary-pension-insurance","status":"publish","type":"post","link":"https:\/\/leinonen.eu\/fin\/news\/voluntary-pension-insurance\/","title":{"rendered":"Voluntary pension insurance"},"content":{"rendered":"<p>Voluntary pension insurance (<em>vapaaehtoinen el\u00e4kevakuutus<\/em>) remains a relevant but evolving part of personal retirement planning in Finland. While statutory earnings\u2011related pensions continue to form the foundation of retirement income, voluntary arrangements still offer additional flexibility for individuals who wish to supplement their future pension. However, several <strong>major regulatory and tax changes<\/strong> have recently affected the attractiveness and conditions of voluntary pension saving, making it increasingly important to understand the rules that apply in 2026.<\/p>\n<h2>What Is Voluntary Pension Insurance?<\/h2>\n\n\n<p>Voluntary individual pension insurance is a long\u2011term savings product offered by insurance companies. The saver pays regular or lump\u2011sum premiums, and the insurer pays out pension income at an agreed retirement age. Funds may be paid depending on age, contract terms, or in the event of the insured person\u2019s death.<\/p>\n\n\n\n<p>Voluntary pension insurance belongs to the broader category of <strong><a href=\"https:\/\/www.veronmaksajat.fi\/neuvot\/henkiloverotus\/sijoittaminen\/vakuutukset\/vakuutussaastamisen-verotus\/#2eec7e85\" target=\"_blank\" rel=\"noreferrer noopener\">insurance\u2011based savings solutions<\/a><\/strong> in Finland, alongside individual pension insurance, savings life\u2011insurance (<em>s\u00e4\u00e4st\u00f6henkivakuutus<\/em>), and capitalisation agreements (<em>kapitalisaatiosopimus<\/em>).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Taxation of Voluntary Pension Insurance in 2026<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Taxation of payouts<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When a voluntary pension insurance payout is made while the insured is alive, <strong>only the return (profit)<\/strong> is taxable as capital income (30% or 34%), provided the insured and policyholder are the same person and the payment goes to the insured or close family members. <\/li>\n\n\n\n<li>If the insured and policyholder are different persons, the <strong>entire payout is taxable capital income<\/strong> for the recipient. <\/li>\n\n\n\n<li>If money is withdrawn partially, the insurer calculates the share of return included in the withdrawal, and that part is taxed as capital income. <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Taxation at death<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Payments to close family members due to the insured\u2019s death are generally <strong>taxed as inheritance<\/strong> (perint\u00f6vero). <\/li>\n\n\n\n<li>For policies taken after 17 September 2009, heirs also pay <strong>capital income tax<\/strong> on the portion representing investment gain, in addition to inheritance tax. <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Tax deductions<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As of 2026, voluntary pension insurance contributions <strong>continue to be deductible<\/strong>, but <strong>the Finnish government has already decided that this tax benefit will be abolished from 2027<\/strong>.<br><em>This makes 2026 the final year when <a href=\"https:\/\/valtioneuvosto.fi\/-\/10623\/vapaaehtoisen-elakesaastamisen-verotuki-poistuu-vuonna-2027\" target=\"_blank\" rel=\"noreferrer noopener\">the deduction remains unchanged.<\/a><\/em> <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Broader Pension System Changes That Affect Voluntary Saving (2026)<\/h2>\n\n\n\n<p>Although voluntary pension insurance rules themselves have not changed dramatically in 2026, the <strong>overall pension environment<\/strong> has shifted due to reforms affecting statutory pensions:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Unified pension accrual &amp; contribution rates<\/h3>\n\n\n\n<p>As of 2026, pension accrual is <strong>1.5%<\/strong> for all ages, and employee contributions are unified (TyEL 7.3%, YEL 24.4%).<br>This removes earlier age\u2011based differences and may influence how individuals <a href=\"https:\/\/www.tyoelake.fi\/en\/how-earnings-related-pensions-will-change-in-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">plan their supplementary saving<\/a>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Higher insurance obligation age<\/h3>\n\n\n\n<p>Employers and self\u2011employed persons must insure earnings until <strong>age 69<\/strong> (previously 68), meaning people work longer under mandatory pension schemes <a href=\"https:\/\/www.etk.fi\/en\/topical-issues\/how-earnings-related-pensions-will-change-in-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">before relying on supplementary savings<\/a>. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pension index increases in 2026<\/h3>\n\n\n\n<p>Statutory pensions increase modestly in 2026 (earnings\u2011related +0.9%, national pensions +0.5%). <\/p>\n\n\n\n<p>These changes collectively impact how attractive voluntary pension planning may be for different income groups.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Long\u2011Term Outlook: End of Tax Support in 2027<\/h2>\n\n\n\n<p>A key policy development is that <strong>the tax deduction for voluntary pension savings will be abolished starting in 2027<\/strong>, increasing the importance of reviewing contracts during 2026 while current rules still apply.<br>The government estimates this reform will increase tax revenue and primarily affects savings in voluntary individual pension insurance and long\u2011term savings agreements (<em>PS\u2011tili<\/em>).<\/p>\n\n\n\n<p>For individuals, this means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Existing contracts <strong>remain valid<\/strong>, but <strong>tax benefits disappear<\/strong> after 1 January 2027.<\/li>\n\n\n\n<li>Small balances (up to \u20ac5,000) may be withdrawn as a lump sum without increased taxation once the law comes into force. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Is Voluntary Pension Insurance Still Relevant in 2026?<\/h2>\n\n\n\n<p><strong>Yes \u2014 but it depends on individual circumstances.<\/strong><\/p>\n\n\n\n<p>Voluntary pension insurance still plays a role for people who:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Want <strong>additional guaranteed pension income<\/strong>.<\/li>\n\n\n\n<li>Prefer insurance\u2011based savings rather than investment accounts.<\/li>\n\n\n\n<li>Wish to lock in disciplined, long\u2011term saving.<\/li>\n<\/ul>\n\n\n\n<p>However, its relevance is decreasing due to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>upcoming removal of tax benefits<\/strong>.<\/li>\n\n\n\n<li>Availability of more flexible investment solutions (funds, investment accounts).<\/li>\n\n\n\n<li>Increasing work- and earnings\u2011based pension accrual due to changes in statutory pensions.<\/li>\n<\/ul>\n\n\n\n<p>Thus, voluntary pension insurance is still relevant in 2026 but requires careful consideration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Practical Recommendations for Individuals in 2026<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review existing voluntary pension insurance contracts <strong>before the end of 2026<\/strong> to understand how the 2027 changes will affect you.<\/li>\n\n\n\n<li>Consider whether alternative investment options may offer greater flexibility or tax efficiency going forward.<\/li>\n\n\n\n<li>Seek professional advice if unsure about the tax consequences of partial withdrawals, early termination, or capitalisation agreements.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Contact Leinonen Finland for Assistance<\/h2>\n\n\n\n<p>If you have questions about voluntary pension insurance, taxation, or how the 2027 reform affects your existing arrangements, <strong><a href=\"https:\/\/leinonen.eu\/fin\/contacts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Leinonen Finland is ready to help<\/a><\/strong>. Our specialists can support you in evaluating your contract, assessing tax implications, and choosing optimal long\u2011term solutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Voluntary pension insurance (vapaaehtoinen el\u00e4kevakuutus) remains a relevant but evolving part of personal retirement planning in Finland. While statutory earnings\u2011related pensions continue to form the foundation of retirement income, voluntary arrangements still offer additional flexibility for individuals who wish to supplement their future pension. However, several major regulatory and tax changes have recently affected the [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":4498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"coauthors":[113],"class_list":["post-3272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Voluntary pension insurance &#8211; Leinonen Finland<\/title>\n<meta name=\"description\" content=\"Learn how voluntary pension insurance works in Finland, including taxation, payout rules, savings options, and how Leinonen Finland can support your pension planning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leinonen.eu\/fin\/news\/voluntary-pension-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voluntary pension insurance &#8211; 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