Etera has a multi-generational and interesting history. Four earnings-related pension funds first became one, then two and finally one again. Through the decades, there have also been several earnings-related pensions acts.
It all began with legislation. The Temporary Pension Act (LEL) came into force on 1 July 1962 together with the Employees Pensions Act (TEL). LEL, the Temporary Employees Pensions Act, covered all employees working in construction, agriculture and forestry as well as dock work.
Four became one
From 1962 to 1975, LEL pension security was handled by four different pension funds: the Construction, Agriculture, Forestry and Dock Work pension funds. As of 1976, the funds were unified into the LEL Employment Pension Fund. Back then, the LEL Employment Pension Fund was the only pension institution handling pension cover in accordance with the LEL Temporary Employees' Pension Act.
Pension cover for the self-employed
Finland's earnings-related pension legislation expanded in the 1970s when the Self-Employed Persons Pensions Act (YEL) and the Farmers Pension Act (MYEL) came into force.
Cover for artists and periodic employment
The Pensions Act for Performing Artists and Certain Groups of Employees (TaEL) entered into force on 1 January 1986. Artistic professions (e.g. musicians, actors, journalists, and photographers) listed in the Act were covered by TaEL.
A dedicated pension fund for performing artists, i.e. the TaEL Pension Fund, was set up for managing pension cover. The TaEL Pension Fund has always been managed in connection with the LEL Employment Pension Fund.
Periodic, or temporary, work was secured in the late 80s. The TaEL Pensions Act expanded at the beginning of 1998 to cover short-term employment relationships in the private sector which were not covered by TEL-act.
The birth of Etera
Etera Mutual Pension Insurance Company was established on 1 July 2003 to continue the activities of the LEL Employment Pension Fund. The TaEL Pension Fund merged with Etera on 1 July 2004.
TyEL was born in 2007
Etera was the only employment pension company to offer LEL and TaEL insurance in Finland until 2006. The LEL, TaEL and TEL employment pensions acts were then harmonised and the old pension legislation repealed. Since 2007, a single employment pensions act, TyEL, has covered the entire private sector.
As of 2007, Etera has insured all employees and salaried employees across all sectors covered by TyEL-act, as well as self-employed persons covered by YEL.
- The Construction, Agriculture, Forestry and Dock Work pension funds for pension cover under LEL were founded in 1961.
- In 1976 the sector-specific funds were unified under the LEL Employment Pension Fund.
- Since 1986, Etera has also been taking care of the TaEL pension cover of artists and reporters.
- Periodic work was included in 1998.
- Etera Mutual Pension Insurance Company was established on 1 July 2003 to continue the activities of the LEL Employment Pension Fund.
- Since 2007, Etera has insured employees and the self-employed across all sectors.
- Etera celebrated its 50th jubilee in 2011.
The Acts in brief
- TEL (Employees Pension Act)
- LEL (Temporary Employees Pensions Act)
- TyEL (Employees Pensions Act)
- TaEL (Pensions Act for Performing Artists and Certain Groups of Employees)
- YEL (Self-Employed Persons' Pensions Act)