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the Tapiola area of Espoo now has its own website and social media Annual Report of the Board
channels, the management of which was transferred to an external
service provider in autumn 2021. Seafarers’ Pension Fund 2021 Annual Report

Maritime Day (Sjöfartens Dag), a maritime sector fair in Strategy of the
Mariehamn, Åland, took place in November 2021 after having been Seafarers’ Pension Fund
delayed several times due to the COVID-19 pandemic. The Seafarers’
Pension Fund had its own stand at the event. Values
Our key values are reliability,
Future outlooks and essential events sustainability and co-operation.
after the financial period
Task
The Seafarers’ Pension Fund serves as the pension fund in the field We safeguard the pensions of seafarers.
of seafaring, so the development of Finnish navigation and shipping
affects essentially its operations. The COVID-19 pandemic has had a Objective
significant impact on passenger traffic and our premium income has We act in a responsible, cost-
declined to a much larger extent than in other industries on average. effective and productive manner.
The lower than normal premium income level will, based on current
understanding, prevail during 2022, but is assumed to recover, in
stages, to the level seen prior to the pandemic.

The renewed information systems and processes facilitate more
efficient operations and the increased allocation of resources for the
benefit of customer work; a fact that is reflected in, for example, the
initiation of our work ability coordinator activities.

The significance of responsible and sustainable operations continues
to grow, and we will share more about this issue in our sustainability
report to be published in spring 2022. We have already done a lot, but
the key has been to identify and set the goals we shall pursue over the
next some 30 years into the future.

The solvency of the Fund is strong and facilitates investing with high
yield expectations. Our investment horizon is long and, for us, a quarter
is 25 years. This is reflected in the fact that our portfolio has a great
many non-liquid investments with investment periods of more than
10 years. Furthermore, the strong solvency facilitates the addition of
higher-risk investments when their pricing is under pressure.

The number of seafarers on old-age pension is growing slowly. The
number of disability pensions is not anticipated to increase, regardless of
the lengthening of work careers due to the reforms of the MEL pension
system. The Seafarers’ Pensions Fund aims to continually develop its
risk-based well-being at work activities in order to manage disability
risks.

After the financial period, the Seafarers’ Pension took a new pension
processing system, Erasmus, into use. The initiation date was 10 January
2022 and the first pensions have already been paid through the new
system. Organisational changes went into effect from the start of 2022,
and some job descriptions were amended as part of the change. The
Fund’s Executive Group grew by one member with the addition of the
new Chief Investment Officer.

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