Eläke-Tapiola suspected of misuse of pension assets
The Financial Supervisory Authority (Fiva) believes Eläke-Tapiola, the predecessor of the mutual pension insurance firm Elo, may have misused its pension assets. According to information obtained by Helsingin Sanomat, Fiva suspects that Eläke-Tapiola has transferred millions of euros in pension assets through service contracts to the mutual insurance firm Lähi-Tapiola.
The act governing the operations of earnings-related pension insurers stipulates that pension assets must be invested profitably and securely as well as prohibits the use of such assets on non-related operations. Eläke-Tapiola is believed to have violated this paragraph of the act at least in 2013.