Occupational pension from your employer

A considerate employer will think about your future and pay into an occupational pension fund on your behalf. The best pension provisions are made by companies with collective agreements.

Your occupational pension supplements your state pension. By choosing where parts of the money should be invested, for example, you can exert some influence.

Which occupational pension agreement applies to you?

  • If you work for a company that is affiliated with BAO, the Swedish banking employers’ association, your collectively agreed pensions consist of two parts of the BTP plan - BTP 1 and BTP 2.
  • If you work for a company that isn’t affiliated with BAO, but that has a collective agreement, there is usually a company policy in accordance with the ITP occupational pension scheme for salaried employees in the private sector.
  • If you work for a company that doesn’t have a collective agreement, you will not automatically receive an occupational pension. You are advised to ask your employer about what pension provisions they offer.

Occupational pension may also include health insurance and survivor's protection

Occupational pension is not just a pension that you receive after you stop working. It also consists of a health insurance where you can receive compensation in addition to the compensation you receive from the Swedish Social Insurance Agency (Försäkringskassan) if you should become unwell. It also consists of survivor's protection for your loved ones if you should pass away.

We have negotiated a pension exchange with BAO, the Swedish banking employers’ association, for all our members who work for BAO-affiliated companies. The exchange scheme offers these members enhanced pensions with better provisions.

With enhanced pensions, employers make extra contributions of 2 percent, within the framework of the BTP (the Swedish banking industry pension fund). This is made possible by exchanging the current holiday pay supplement of 1.45 percent for a higher pension premium. The exchange, which is not optional, offers special benefits. Employees who were born in 1966 or earlier, within the BTP2 pension scheme, are not covered.

How much pension money you receive depends on:

  • How much and how long you have worked within the pension scheme before you retire.
  • How high your salary has been and whether you work full or part-time. For an average employee working for a BAO-affiliated company, contributions of approximately SEK 54,000 are made annually into BTP1, which is the new premium-based occupational pension.
  • How your premiums have been invested, how their value develops and what fees your pension fund charges.
  • If you have family protection insurance or repayment cover that pays pension money to your relatives when you die.
  • How much tax you have to pay on your pension money when you withdraw it. The amount of tax will be affected, among other things, by how and when you withdraw your pension money.
  • If you fall ill. Some pension agreements include health insurance, whereby your employer will continue to pay into your pension if you become ill.

BTP 1 or BTP 2?

BTP 1 is a premium-based pension plan which includes most employees recruited after 1 February 2013. The BTP 2 pension plan includes most employees recruited before 1 February 2013.

BTP 1 BTP 2

Collective agreements

Your security and your rights are most often the result of good union negotiations. Our collective agreements contribute to good working conditions in the financial industry and can improve your earnings by as much as SEK 80,000 per year.
Collective agre­e­ments
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