FINLAND - Nokia Pension Fund is to transfer the statutory pension liability of Nokia and Nokia Siemens networks in Finland to the pension insurance companies Ilmarinen and Varma in March 2008.
In a statement, Nokia said the transfer did not affect the level or scope of the statutory pension security and would not have an impact on personnel at either Nokia or Nokia Siemens Networks.
It said: "By transferring the administration of the pension funds to Ilmarinen and Varma, Nokia and Nokia Siemens network can focus their human resources planning on more proactive measures such as maintaining and improving personnel's working capacity and well-being at work."
The transfer is subject to the approval of the Insurance Supervisory Authority, the boards of directors of the receiving pension companies and the employer companies that are participants in the pension fund.
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