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PA 03 - Occupational pension and National retirement pension

PA 03 - Occupational pension and National retirement pension. Source: SVD:s pensions guide. PA 03 agreement. retirement pension survivor´s pension disabilaty pension. Retirement pension. defined-contribution pension 1. Individual retirement pension 2.Supplementary retirement pension

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PA 03 - Occupational pension and National retirement pension

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  1. PA 03 - Occupational pensionandNational retirement pension Section for salaries and pension

  2. Source: SVD:s pensions guide Section for salary and pensions

  3. PA 03 agreement • retirement pension • survivor´s pension • disabilaty pension Section for salaries and pension

  4. Retirement pension • defined-contribution pension 1.Individual retirement pension 2.Supplementary retirement pension • defined-benefit retirement pension Section for salaries and pension

  5. Individual retirement pension • Earn from the age of 23 • 2,5% of the salaryyoureceiveeverymonthuntil the retirement age of 65 • Personal choice ofhow the pension should be invested and managed (www.spv.se) 1.traditional or unit-linkedinsurance 2.insurance company 3.with or withoutrepayment cover • Lifelongpayment, earliest from the age of 61. Section for salaries and pension

  6. Supplementary retirement pension(Kåpan tjänste) • Earn from the age of 23 • 2% of the salaryyoureceiveeverymonthuntil the retirement age of 65 • possibletochooserepayment cover but not how the pension is managed or typeofinsurance. • normallypayed over a period offiveyears, earliest from the age of 61. Section for salaries and pension

  7. Defined-benefit retirement pension • Earn from the age of 28 • Whataffects the amount? 1. the lengthofyourpensionabletimeof service 2. 60% of the componentofyourpensionablesalarybetween 7,5 and 20 incomebaseamounts (present amount 426 750 - 1 138 000 SEK) 3. Special transitionalprovitions: bornbetween 1943 and 1972 (bornbetween 1946 and 1976 for employees at Chalmers) Section for salaries and pension

  8. Pensionable time of service • In order toreceive a full amount, yourtimeof service in employmentwithgovernment pension entitlementhavetoamountto 30 years. • Less timewillgiveyou a part of a full pension (Pensionable service factor, for example 180/360) • Timeofemployment, including part timecounts. Requiresthatyouareemployed for at least 20% of full time. Section for salaries and pension

  9. pensionable income and pensionable salary • Pensionableincomeincludes: 1. yourfixedsalary 2. other cash emoluments (not overtimecompensation) 3. benefits in kind in the form av board and lodging • Pensionablesalary: - the averagepensionableincome for the fivecalendaryearsimmediatelypreceding the yearofretirement (65). Section for salaries and pension

  10. Vested benefit • What happens If you don´t stay in government employment until the age of retirement? • You will receive a vested benefit which amounts to what you have earned in pension rights during your time of employment Section for salaries and pension

  11. Special transitional provitions if you are born 1943-1972 If you are employed at Chalmers the percentages correspond to the age group 1946-1976 Section for salaries and pension

  12. How to aply for pension if you live outside Sweden • Notification of a move from Sweden shall be given in writing to the Swedish Tax Agency. SPV should also be given notice of a change of address abroad. • Application form, see www.spv.se • Give the bank in Sweden, at the moment Nordea Bank, notice to which bank they can transfer your money. • Certificate of existence Section for salaries and pension

  13. Survivor´s pension • Survivor´s pension for adults • Survivor´s pension for children • Group life insurance Section for salaries and pension

  14. Disability pension • A supplement to sickness compensation from the Swedish Social Insurance Agency (Försäkringskassan). • Full or partial compensation corresponding in scope and term with the decision made by Försäkringskassan. Section for salaries and pension

  15. National retirement pension • Income pension • Premium pension (individual choice) • Guarantee pension (complementtoearnings-related pension) Section for salaries and pension

  16. Howyouearnyour national retirement pension Premium pension - Individual choice 2,5 % 18,5 % 16 % Government manage the income pension Section for salaries and pension Salary Sickness benefit Parental benefit Unemployment benefit Sickness- or Activitycompensation Activity grant Pensionqualifyingamounts (yearsspentwithchildren, higher studies)

  17. Individual information (www.pensionsmyndigheten.se) Section for salaries and pension

  18. Decide for yourselfwhentoretire • 61 year of age • The later you retire, the higher your pension will be • Work and receive pension at the same time • Full pension or partial pension • You have to aply for your pension! Section for salaries and pension

  19. Howtoaply for pension ifyou live outsideSweden • EU/EEA/Switzerland • A country outside EU/EEA/Switzerland with which Sweden has an agreement • Other country Section for salaries and pension

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