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SEB Life Pension Policy

SEB Life Pension Policy is not open for new applications.

SEB Livpensionsförsäkring is no longer open for new applications. Existing policyholders continue to get fully serviced.

Changes to the Taxation of Voluntary Individual Pension Savings from 1 January 2027

The tax treatment of personal voluntary individual pension insurance policies will change from 1 January 2027. However, there will be no changes to the tax treatment of voluntary individual pension insurance policies taken out by employers for their employees, and premiums paid for such policies will remain tax-deductible.

The change is based on an amendment to the Income Tax Act approved by Parliament and enacted in June 2025.

Premiums paid for a personal voluntary individual pension insurance policy up to the end of 2026 will continue to be tax-deductible under the current rules, up to a maximum of EUR 5,000 per year. If an employer has paid premiums in 2026 to an individual pension insurance policy taken out by a company, the maximum deductible amount is EUR 2,500.

Premiums paid on or after 1 January 2027 will no longer be tax-deductible. When pension benefits are later withdrawn, only the investment return attributable to premiums paid after 1 January 2027 will be taxed as capital income, while the return of the paid-in capital will be tax-free. The tax treatment of premiums paid before 2027 and the pension benefits accrued on the basis of those premiums will remain unchanged.

In connection with the legislative amendment, a transitional provision will also be introduced. Under this provision, a voluntary pension insurance policy with a total value of no more than EUR 5,000 at the time the legislation enters into force (1 January 2027) may be withdrawn as a one-time payment during 2027–2028. This withdrawal right does not apply to policies where pension payments have already commenced.

The change applies to personal voluntary individual pension insurance policies. Existing contracts will continue as normal, and the change does not require any immediate action. If you do not wish to continue paying premiums, you have the right to suspend premium payments in accordance with the terms and conditions of your insurance contract.

For further information, please contact your insurance advisor.

Frequently asked questions about pension policies

If the policyholder is a company, then the company can surrender the policy if the life assured is no longer working at the company. Money is returned to the company and not to the life assured. Note! If the life assured has signed an irrevocable beneficiary clause the life assured’s signed approval is needed for surrender.

If the policyholder is a private client, then they can surrender the policy providing one of the following terms has fulfilled within the last year:

  •  the policyholder’s spouse has died
  •  the policyholder’s divorce is set in force
  •  the policyholder OR his/her spouse has been unemployed for more than one year
  • the policyholder is permanently unable to work due to their health

If one of the above mentioned reasons do apply then we require the following documents (originals to be sent to PL 953, 00101 Helsinki).

  •  surrender application form
  • bank statement or other document confirming account number, account owner, bank and date
  • copy of a valid ID
  • proof of valid surrender reason (for example doctor’s statement or court order)
  • if it is a company owned policy and there is an irrevocable beneficiary nomination we also require written confirmation from the life assured that he agrees that the company surrenders the policy back to themselves

There is no online portal for the pension products.

Contact SEB Life at life.finland@seb.fi or call our customer service at 0800 90805 and request to receive a statement of value for your policy. You also get your annual statement automatically every January.

By filling out our change of contact details form and emailing it back to us on life.finland@seb.fi. The form can be found here.

By filling out a fund switch form and emailing it to life.finland@seb.fi . The Fund switch form and Fund list can be found on our web page at https://seb.ie/fi/suomi/tuotteet/ei-uusmyyntia/seb-life-elakevakuutus

Tax cert for income tax needs to be for ’jatkuvaa eläkettä’. If tax cert is not received tax is 40%.

You can start your pension age once you have reached your policy’s pension age. The pension age depends on the policy’s commencement date.

Commencement date Pension age
Before                   23.6.1999                                      58
Between              24.6.1999 – 5.5. 2004            60

The minimum term is two consecutive years and four payments but note that timing of when the savings were paid into the policy also affect the minimum term.

  • Savings paid between 1.1.2010 – 31.12.2016 cannot be taken out before the client has turned 62.
  • Savings paid after 1.1.2017 are subject to the statutory retirement age of each client.

By adhering to the above restrictions the client can plan their own pension term. Please discuss possible payment plan with your broker or tax advisor.

Payslips are electronic and can be viewed through your own personal online bank. Service provider is Maventa and can be found in different ways depending on your online bank.

By filling out a amendment form and emailing it to life.finland@seb.fi.

Minimum savings amount is 84 euro a month or 840 euro in a year.

Savings are tax redactable following the tax authorities guidelines.

Private up to 5000 euro and Corporate up to 8500 euro per year.

Product literature

The product literature is only available in Finnish.

Fund updates

Fund 1 – SEB Europe Exposure Fund – customer letter

SEB Fund 1 – SEB Europe Exposure Fund has merged with SEB Europe Exposure. For more information, please see customer letter.

SEB Fund 1 – SEB Europe Exposure Fund – customer letter

(Information i Finnish)

Previous Fund updates

2 June 2025

SEB Concept Biotechnology fund has merged with SEB Läkemedelsfond. Further details can be found on sebgroup.lu and in the customer letter.

30 January 2024

SEB Asia ex Japan – the fund is merging. Further details can be found on sebgroup.lu and in the customer letter.

3 October 2023

The SEB Short Bond fund is merging. Further details can be found on sebgroup.lu and in the customer letter.

28 April 2023

The SEB Medical fund is merging. Further details can be found on sebgroup.lu and in the customer letter.

30 November 2022

The SEB Eastern Europe Small and Mid Cap fund is being split. Further details can be found on sebgroup.lu and in the customer letter.

7 June 2022

There have been changes to the funds linked to SEB Life pension insurance:

  • SEB Global High Yield
  • SEB European Equity
  • SEB Finland Small Cap, SEB Euro Short Rate, SEB Euro Bond
  • SEB 30, SEB 50, SEB 80, SEB Finlandia Optimized Low Carbon

Further details can be found in the customer notice. (in Finnish)

25 March 2022

The SEB SICAV 2 - SEB Eastern Europe Small and Mid Cap is opening to redemptions. Further details can be found on sebgroup.lu.

Contact us at SEB Life International in Finland

You are welcome to contact us if you have any further questions.

We are open from Monday to Friday 10:00–17:00 Finnish time.

0800 9 0805
life.finland@seb.fi
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