Nokia transfers statutory pension liability in Finland to Ilmarinen and Varma

Espoo, Finland, (PresseBox) - The Board of Directors of Nokian eläkesäätiö (Nokia Pension Fund) has decided to transfer the statutory pension liability of Nokia and Nokia Siemens Networks in Finland to the pension insurance companies Ilmarinen and Varma, respectively, as of March 1, 2008.

This transfer does not affect the level or scope of the statutory pension security and it does not have an impact on personnel at either Nokia or Nokia Siemens Networks. 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.

At the end of 2007, Nokia Pension Fund's total statutory pension liability to be transferred is expected to be approximately EUR 1.2 billion.

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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