Checklist when you retire

The majority of people retire at 65, but you can choose when you want to begin to receive your pension. For ITP, pension benefits can be received at earliest at 55 and at latest at 67/ There is no limit to how long you can postpone your pension . You can choose to have your pension paid for life or over a shorter period.

Retire BEFORE 65

To keep in mind

  • Less money in your pocket

    If you want to retire before 65, you will have a lower amount of pension capital at your disposal. This is due to the fact that the pension premiums are terminated in advance and that your pension capital is to be allocated over a longer period of time.

  • Good to wait until 62 for those of you having ITP 2

    For those of you having ITP 2, it is beneficial to wait with taking out your ITP pension until you turn 62. Your pension capital will, in fact, be the same as if you had worked until 65. This is due to the fact that the premiums your employer should have paid in to your occupational pension plan until you were 65, are, instead paid through collective funds. The monthly pension will, however, be lower than if you had waited until 65 as the capital must be allocated over a longer period.

  • National retirement pension benefits from 61

    National retirement pension benefits paid out by the Swedish Pensions Agency (Pensionsmyndigheten) can be received, at earliest, at 61.

What you need to do

If you wish to retire before 65, you have to, yourself, inform the insurance company managing your ITP pension premiums that you wish to instigate pension payments.

  • You also need to inform the Swedish Pensions Agency (Pensionsmyndigheten) that you wish to retire. 

RETIRE AT 65

To keep in mind

  • You can choose how you want your ITP pension benefits to be paid out. Contact the insurance company managing your ITP or ITPK pension premiums för more information.

  • You can also receive your ITP pension benefits in partial amounts, for example 25 or 50 percent.

What you need to do

  • If you want to retire at 65, you do not need to contact the insurance company. They will contact you at a certain point in time prior to your retirement and request that you reply to questions as to how you want your ITP pension to be paid out – during five years, during your entire life or during a period between these two intervals.

  • However, you need to contact the Swedish Pensions Agency (Pensionsmyndigheten) when you wish to receive your national retirement pension. This is not paid out automatically.

RETIRE AFTER 65

To keep in mind

  • If you do not want to retire when your turn 65, you now have the right to continue to work until you are 67. If you wish to continue after 67, the employer must approve of such continuation.
     
ITP retirement pension National retirement pension
Do you earn more pension benefits if you continue to work after 65? Yes, if you and your employer agree on this. Yes
Can you receive pension benefits and continue to work? Yes Yes
How long can you wait to begin to receive pension benefits? You make this decision. You will receive information as to how you delay the payment of pension benefits from your insurance company.  You make this decision, but if you have supplementary pension benefits, special regulations apply.
Do you want to receive further information? Contact the company managing your ITP/ITPK. Contact the Swedish Pensions Agency (Pensionsmyndigheten).
  • If you work at least eight hours a week, your employer is to pay group occupational insurance premiums on your behalf. You can have TGL until you are 70.

What you need to do

  • Prior to turning 65, you inform the insurance company managing your ITP or ITPK pension premiums that you wish to delay pension payments.

All-in overview

After a long working life, you may have pension benefits accruing to you on the basis of pension plans other than ITP. At minpension.se you can obtain an overall view of your pension benefits.