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The most distinctive aspect of the statutory pension in Sweden are pension accounts composed of the earnings-related pension, titled Income Pension, as well as a smaller funded share, the so called ‘Premium Pension’. The benefits are calculated on the bases of the paid contributions while also reflecting the life expectancy and a certain projected income growth. Furthermore, there is an income-tested Guarantee Pension that secures the basic needs. Over 90 % of Sweden’s workforce are covered by occupational pension schemes that are, in general, based on nationwide collective bargaining agreements with a highly standardized framework.
Statutory Pension
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Pensionsmyndigheten (Swedish Pensions Agency, SPA) |  |
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| Statutory national retirement pension: |
The statutory pension insurance is obligatory for all employees, self-employed and Swedish residents. The system consists of three components: | |||
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Guarantee Pension:
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Income Pension:
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Premium Pension:
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| The total contribution for the statutory old-age pension is 18.5% (paid by the employer and the employee). The maximum pensionable income that contributions are paid for amounts to 7.5 times the annual income base amount (in 2019: 7.5 x SEK 64 400 = SEK 483 000). | ||||
Occupational Pension
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Coverage rate: |
90 % of workforce is covered by occupational pension schemes established on the basis of collective bargaining agreements | |
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| Mandatory/ voluntary: |
Non-obligatory by law Compulsory insurance on collective agreements Voluntary occupational pension insurance for employed and self-employed person not covered by compulsory insurance |
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| Tax incentives: | Contributions to a tax-approved scheme are tax-deductible up to a certain limit. But employee contributions are rare. | |||
Private Pension
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Products: | Traditional insurance, fund insurance, bank saving plans. | ||
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| Tax incentives: | Contributions are tax deductible under certain conditions | |||
Pension Tracking
If you have been saving for a pension in Sweden, the minpension service will help you figure out how much money you will receive (from your Swedish pension claims), once you retire.
To get started, you have to log in. There are three different ways to do so (logga in). You can log in with your Pensions Agency PIN which you can easily order from a link at minpension.se or with e-identification or Bank ID instead.
To get started, you have to log in. There are three different ways to do so (logga in). You can log in with your Pensions Agency PIN which you can easily order from a link at minpension.se or with e-identification or Bank ID instead.