A shift to company-specific expense loading components for TyEL contributions in 2023

7.12.2022, News and press releases

From the start of 2023, the expense loading component of TyEL insurance contributions will be linked to the specific pension provider in question. The expense loading component is intended to cover the business expenses of the pension insurance company. Making the expense loading component company-specific will bring transparency to TyEL insurance contributions.

“The expense loading surplus from 2022 will be paid out to customers in the form of client bonuses during spring 2023”, says Teppo Rakkolainen, Chief Actuary at Veritas.

Veritas’ expense loading fee for 2023 will be determined on the basis of the individual customer company’s payroll. The larger the company’s payroll, the smaller the fee. If a company belongs to a group that is insured by Veritas, the fee will be determined on the basis of the payroll for the entire group.

“The expense loading fee collected from our customers is set to correspond as closely as possible to Veritas’ estimated business expenses. The fee is smaller than the earlier general fee and, as a result, the expense loading surplus will likely be minimal.”

Veritas’ expense loading fee is collected as part of the pension contributions paid from salaries. The group discount is taken into account automatically in each of the customer’s contributions and will be shown in the invoice as a smaller overall payment percentage.