Veritas provides its TyEL insurance customers with an annual client bonus in the form of a discount on the TyEL insurance contributions of contract employers. The client bonuses are issued once a year after the preparation and approval of Veritas’ financial statements. This means, for example, that the client bonuses for 2020 are paid out in spring 2021. Occasional employers are not entitled to receive the client bonus.
The total amount of the client bonuses is based on Veritas’ investment profit, solvency and operational efficiency. The amount of the client bonuses received by customers, on the other hand, is based on the amount of TyEL insurance contributions paid by the customer and the duration of the customer’s relationship with Veritas. The longer a company remains a customer of Veritas and the higher a payroll it has, the greater the discounts on its insurance contributions.
The total amount of the client bonuses is determined the same way by all pension providers, but depends, naturally, on the result of the individual pension provider in question. The distribution of the total amount of bonuses is determined by the company-specific calculation bases confirmed by the Ministry of Social Affairs and Health for each pension provider.
Client bonuses for new customers
If an insurance policy is transferred from another pension provider to Veritas, the client bonus begins to accrue immediately in the year of transfer and is credited to the customer in the spring of the year following the year of the transfer. The bonus to be paid during the actual year of transfer is credited to the customer by its former pension provider. The former pension provider will also pay so-called bonuses in arrears if the fund accrued in the former pension company is at least 50,000€. Correspondingly, if an insurance policy is transferred from Veritas to another pension company, Veritas will pay the client bonus for the year of transfer as well as the bonuses in arrears if the fund accrued in Veritas is at least 50,000€.
Bonuses in arrears are paid for the three years following the transfer when the insurance terminates as a result of a transfer at the end of the year. If an insurance policy terminates as the result of a transfer in the middle of the year, the bonuses in arrears comprise the bonuses paid for the year of termination and bonuses in arrears for the following two years.