Valtion Eläkerahasto, the €7.5bn ($9.1bn) Finnish State Pension Fund, registered a 8.2% return for the first half of the year almost double the 4.3% recorded in the same period a year ago.

Timo Lottyniemi, managing director of the fund, said: "The market environment with decreasing interest rate levels and at the same time very good earnings growth for equities has resulted in a good return for both the fixed income and equities portfolios."