Smooth retirement to ensure your livelihood

Transitioning into retirement represents one of life’s major changes. One of Veritas’ most important tasks is to help our customers manage this transition smoothly. Our customer service assists those contemplating their own old-age retirement, as well those for whom pension becomes topical, for instance, on account of disability. We want to ensure a smooth transition from working life to retirement and that there are no disruptions in an individual’s livelihood.

Target 1: We focus on customer service

Indicator 1B: Score awarded by beneficiaries on customer service, NPS*

In 2024, the customer satisfaction of Veritas’ beneficiaries remained at a very high level. We measure beneficiary satisfaction through NPS surveys conducted after service encounters, and we aim for the results to always be above 50. We were successful in this goal.

During 2024, we carried out systematic work to reduce the processing time for pension applications. The work produced good results and we succeeded very well in terms of our goals. The target was an improvement of about 20 per cent, but the average processing time was decreased by as much as 40 per cent from the previous year’s level. The development proceeded in the right direction for the entire year and the results can be seen as a positive achievement, particularly since the number of applications remained high.

Target 3: We issue pension decisions swiftly and reliably

Indicator 3A: Pension application processing time in days on average

Indicator 3B: Percentage of decisions upheld in redress process

The average processing time was 20 days (33). Although the direction is right, we will continue to endeavour to further reduce the processing time as a means of assuring a smooth and safe transition to retirement. The target set for 2025 is still to reduce the processing time by amending the processes and instilling new procedures.

Our objective is for our pension decisions to be lawful and comprehensible while also meeting all other criteria set for good decision-making. We are constantly monitoring the decisions made by appeal instances, which allows us to ascertain the lawfulness of our decisions. If necessary, we will make changes to our decision-making policies. Our goal is for the percentage of amended decisions to remain below 15 percent.

Number of pension recipients

*including part-time pensions and partial early old-age pensions

During the year, we granted 4,057 (3,865) new pensions. Of the pensions, 59 (68) per cent were old-age pensions, 28 (11) per cent disability pensions and 13 (21) per cent survivors’ pensions.

Managing and assuring pensions is our basic task. During the year, Veritas paid monthly pensions to approximately 40,000 beneficiaries. We ensured that the right amount of pension was paid at the right time. The total sum of pensions and other benefits amounted to approximately EUR 760 million. In addition, our experts advised entrepreneurs and employees on pension matters.

Vocational rehabilitation facilitates continuation in working life despite deteriorating work ability

Vocational rehabilitation is our most tangible tool for combating work ability risks. The aim of vocational rehabilitation is to help the rehabilitee to return to working life and, thus, reduce the need for disability pensions. The methods used in vocational rehabilitation include, for instance, work trials, work coaching, further training, retraining and support for entrepreneurship.

During 2024, we significantly improved the processing time for applications. In 2024, the average processing time for a rehabilitation application was 18 days, compared to 24 days in 2023.

The number of applications for earnings-related pension rehabilitation declined slightly in Veritas during 2024. We issued a total of 206 (213) rehabilitation decisions (acceptances + rejections). The total number of preliminary decisions concerning the granted right to rehabilitation (in response to rehabilitation applications and in connection with the processing of disability pensions) amounted to 209 (216). The number of rehabilitation decisions issued within the entire industry amounted to 6,421 (6,347) and the number of preliminary decisions totalled 5,409 (5,902). Unfortunately, in a certain percentage of cases, the criteria for the rehabilitation are not met. From the applications submitted to us last year, we were compelled to reject 58.3 per cent (41.8). Across the entire industry (private sector), the percentage of rejected applications amounted to 57 per cent (53.2).

Application volumes for vocational rehabilitation

*Due to a human error, last year’s report included an incorrect figure for the preliminary decisions in the earnings-related pension sector in 2023. The correct figure is 5 902 preliminary decisions.