Finland's Ministry of Finance has opened a consultation on a draft bill to amend the Act on Keva, refining governance and operational requirements for the public-sector earnings-related pension institution. The proposal is intended to ensure sufficient competence, expertise and independence among those in charge of Keva, strengthen the autonomy and planning of its investment activities, and align its financial statements more closely with key principles of the Accounting Act. The draft would extend to Keva, as applicable, the leadership fitness and independence requirements recently tightened for private earnings-related pension insurers, including expectations that the board as a whole has the professional competence and experience needed for its duties and that board members and the Chief Executive Officer meet the same independence requirements. The board could also appoint two expert members with investment expertise, would be required to define Keva’s key functions, and the law would set competence and experience requirements for those responsible for those functions. On investments, the bill would spell out more detailed requirements for investment activities, the preparation and making of investment decisions, and the investment plan; on reporting, it would clarify when Keva must apply the Accounting Act, including preparing consolidated financial statements where required and valuing investments at fair value under the Accounting Act, while expanding the Finnish Financial Supervisory Authority’s powers to issue more detailed provisions on Keva’s investment activities and financial statement preparation. The proposal would also move the start of the term of office for Keva’s delegates to the beginning of November in municipal and regional election years, from the beginning of September. Comments are invited until 12 March 2026. The amendments are proposed to enter into force on 1 January 2028, with the changes on financial statement preparation and compliance with the Accounting Act applying from the beginning of 2029.

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