Ruukki to transfer management of TyEL pensions liability to Varma

Wednesday, 04 Nov 2009

The board of directors of Rautaruukki's Pension Foundation has decided to transfer management of the Foundation's statutory pensions liability under the Finnish Employees Pensions Act to Varma Mutual Pension Insurance Company with effect from January 1st 2010.

This change has no impact on employees and neither does it affect the standard or coverage of pension security in any way. Transferring administration of the pension funds to Varma will provide Ruukki with greater flexibility in arranging funding.

It is estimated that the amount of statutory pensions liability under the Finnish Employees Pensions Act to be transferred by Rautaruukki's Pension Foundation will total around EUR 400 million at the end of 2009. Transfer requires approval by the Finnish Financial Supervision Authority.