Together, we can take on an even stronger role in supporting the work capacity and productivity of Finnish companies.
Ilmarinen’s President and CEO Timo Rita-kallio in Ilmarinen’s release


Etera’s Merger into Ilmarinen


We were the legal advisor to Ilmarinen Mutual Pension Insurance Company in its planned merger with Etera Mutual Pension Insurance Company. Ilmarinen and Etera signed a merger agreement on 29 June 2017 under which Etera will merge into Ilmarinen. The merger will be completed when the general meetings of Ilmarinen and Etera as well as the authorities have approved it. The Finnish Competition and Consumer Authority has already deemed that there is no competition law obstacle to approving the transaction. The plan is to complete the merger on 1 January 2018.

The merger will create a solvent and cost-effective earnings-related pension company with the most competitive client benefits in the sector. By combining the strengths of each company, the goal is to build an innovative and agile service company that offers even more diverse and higher-quality services than before.

The pension assets of the new company would be more than EUR 44 billion. It would manage the pension cover of more than 1.1 million Finns – the total number of insured coming to over 675,000 and pensioners numbering 460,000.

  • Ilmarinen, founded in 1961, is Finland’s oldest pension company. It provides pension cover to employees and self-employed persons.
  • Ilmarinen insures over half a million people, with over 60,000 self-employed persons and 330,000 pensioners. Ilmarinen employs nearly 600 people.
  • Etera is an earnings-related pension company founded in 2003 to continue the operations of the LEL Employment Pension Fund. In addition to employees, Etera has insured self-employed people since 2007.
  • Etera insures approximately 210,000 people, with approximately 10,000 self-employed persons and 135,000 pensioners. Etera employs approximately 230 people.

The Team