Working situations

I have ITP 2 and I have a high salary

If you have ITP 2 and earn more than SEK 52,787 per month (equivalent to ten income base amounts), you can influence your occupational pension in various ways.

 

I am on a leave of absence

Your employer is not obligated to continue paying premiums for your ITP occupational pension when you are on leave. However, premiums for TGL will be paid as long as you are employed and a resident in Sweden. Special rules apply if you are in the military service or studying.

If you are on leave for studies in accordance with the Study Leave Act (and are entitled to study assistance) your TGL may continue to apply through a so-called post protection for up to 27 months.

 

I work abroad

Are you still employed and paid by a Swedish legal entity when you are working abroad? Then your ITP applies just as before. You also have an occupational group life insurance TGL and work injuries insurance (TFA, which is managed by AFA försäkring) just as before. Moreover, your employer must take out medical expense insurance for you.

If you do not have the right to Swedish sick pay when you are working abroad, you will instead receive an extra disability pension through your ITP for long-term sickness (more than three months). When you work in Sweden, you receive disability pension for the salary you have above SEK 28,586 per month. But when you are abroad, you will receive disability pension also for amounts below this limit.

If you do not earn national pension when you are abroad, you can in some cases receive compensation for this loss through your ITP. Read more about compensation abroad.

When you are on leave from your Swedish employer and are working on contract abroad, in some cases you can be covered by the collective agreement. Talk to your employer about how they usually solve the pension issue in such cases.

 

I have moved to/from Sweden

If you have pension savings in another country, you are not allowed to move this to Sweden and into your ITP.

The same goes if you leave Sweden. You are not allowed to move your pension savings in ITP to another country. You are still entitled to your ITP pension though, even though you have left Sweden. Make sure that we have your adress in your new country, so we can find you when it´s time to pay your pension.

 

I have resigned my job/ I have been noticed of termination / My employer has gone bankrupt

The premiums for your occupational pension ITP and your occupational group life insurance TGL is covered until the last day of employment. If your employer goes bankrupt you get a notice of termination, so the same rules apply as if you resigned your job yourself or were noticed of some other reason.

You are covered until three months after your employment. In case you get sick during this time, and your illness continues more than 90 days, your occupational pension continues to be valid until you get well. If you get sick, contact Collectum by filling in the form  Notification of absence due to illness (Sjukanmälan).

In case you die within three months after your employment, your beneficiaries get an amount from your occupational group life insurance TGL. If you have Family cover, it will also be valid during this time. And if you have the Family pension within ITP 2, it will also be valid.

If you are unemployed and searching for a job or you don’t get TGL from your new employer, this extra cover can be valid for up to 27 months.

 

I have been offered salary exchange

Salary exchange means that you reduce your salary in exchange for another benefit, for example extra occupational pension.

If you earn less than the limit for the national pension (i.e. 8,07 income base amounts or approx. SEK 43 309 a month), it may not be profitable for you. Discuss with your employer what is best for you.

ITP 1 and ITP 2 handle salary exchange in different ways.

Within ITP 2, the employer can continue to report your original salary before the exchange, so that your retirement pension and family pension are not affected. Your disability pension will be based on your salary after the exchange though.

Within ITP 1, your employer can only report your salary after exchange. You therefore have to make an agreement with your employer to pay the same premium as before the exchange. This is then done as an addition, a so-called complementary premium. The salary exchanged to an extra occupational pension payment can be payed to the existing ITPK insurance or the ITP 1 insurance.

 

I am getting close to retirement

If you no longer need to cover anyone else’s financial security, you should remove your survivors’ cover to ensure a higher pension for yourself. The survivors’ cover costs more the closer to retirement you get, so it’s valuable to remove when you no longer need it.

If you have ITP 2 and get a raise when you have less than five years left to pension, you may get a premium cutting (i.e. your premium will not take your whole salary into account). This happens if your salary is raised more than a certain per cent or if you start working more hours when you have less than five years left to pension.

The majority of people retire at 65, but you can choose to begin to receive your pension from 55 at the earliest and 67 at the latest. You can choose to have your pension paid for the rest of your life or over a shorter period. Read more in our checklist for retirement.