02.05.2011

Mandatum Life to buy Silta Oy's pension and personnel fund operations

Mandatum Life has signed an agreement to purchase Silta Oy's pension and personnel fund operations. For Mandatum Life, this is an opportunity to further strengthen the company's portfolio of incentive and reward services – in particular those aimed at all personnel – which it provides to companies in both the private and public sectors.

The operations, once purchased, will be transferred to a new subsidiary of Mandatum Life. All 27 employees of Silta pension and personnel fund services will be moved to the new company. In terms of employee benefits and legal rights, their employment term at Silta will be considered as part of their employment term at Mandatum Life. The revenue of the purchased operations totalled 4.2 million euro in 2010. The sale will be finalised by the 30th of June.

Silta Oy Pension services provides companies with expert services in the arrangement of pension coverage and in the reporting of pension costs. Silta evaluates the various pension options available and finds each company the system that best meets their individual needs. The company also provides expert assistance in the foundation of pension funds, as well as supplying any services these funds may require.

Silta Oy Personnel fund services is the only company in Finland to offer a comprehensive management service of personnel funds. This management service includes the consultation services related to starting a fund, the maintenance of the fund's membership register, the payment of shares, accounting, member support services and the meeting, secretarial and support services for fund managers.

Petri Vieraankivi of Mandatum Life will serve as CEO of the new subsidiary. Vieraankivi will also continue in his role as head of Mandatum Life's Business Development unit.

Further information
The Silta Oy operations subject to this sale: http://www.silta.fi/hr-palvelut/elake-ja-henkilostorahapalvelut

Mandatum Life:
Petri Niemisvirta, CEO, tel. 010 516 7200 or petri.niemisvirta[at]mandatumlife.fi
Niina Riihelä, Vice President, Marketing and Communications, tel. 040 7281 548 or niina.riihela[at]mandatumlife.fi

Silta Oy:
Seppo Matikainen, Chairman of the Board, tel. 040 5887 950 or sepa.matikainen[at]elisanet.fi