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This is ITP
ITP is a collectively agreed pension that you have through your employer. Your ITP occupational pension gives you, as a salaried employee in the private sector, extra security on the day you retire. You can also benefit from it if you should become ill for a long period.
The occupational pension ITP includes
- retirement pension
- a disability pension, if you are ill for a long period
- repayment cover and family cover – which you can choose so that your immediate family can receive money in the event of your death.
You also have an occupational group life insurance (TGL), which provides
compensation to your immediate family if you die before you retire.
ITP 1 and ITP 2
You have either ITP 1 or ITP 2, depending on your age. (If the company has applied for and been granted ITP 1 for all salaried employees, ITP 1 may apply for everyone, regardless of their year of birth.)
- ITP 1, for salaried employees born in 1979 or later, includes a defined contribution retirement pension.
- ITP 2, for salaried employees born in 1978 or earlier, includes a defined benefit retirement pension.
What choices can you make?
You can invest the money that your employer pays for your ITP retirement pension by making an ITP 1 choice or an ITPK choice (if you have ITP 2). You can also choose repayment cover and/or family cover, so that your family can receive compensation in the event of your death.
The ITP agreement
ITP occupational pension is the result of an egreement between PTK
External link. (the Council for Negotiation and Co-operation for Salaried Employees), which is a joint organization of 27 member unions, representing 860 000 salaried employees in the private sector in Sweden, and Svenskt Näringsliv External link. (the Confederation of Swedish Enterprise), representing 49 member organizations and 60 000 member companies with over 1.6 million employees.
Read more
- Invest your ITP pension by choosing which company should manage your money.
- How much is paid into your retirement pension?
- You will recieive an annual statement from us.
The differences between ITP 1 and ITP 2
ITP 1
for salaried employees born in 1979 or later
All salaried employees are eligible for disability pension from ITP after 90 days of sick leave, on the condition that they simultaneously receive benefits from the Swedish Social Insurance Agency. External link.
ITP 2
for salaried employees born in 1978 or earlier
Defined benefit retirement pension
The ITP 2 retirement pension is benefit-defined. The size of the pension itself, but not that of the contribution, is pre-determined. The ITP 2 pension is managed by Alecta. External link.
Defined contribution ITPK
Salaried employees also have a defined retirement pension, the ITPK. The premium is equivalent to 2 % of your annual salary. The ITPK pension premium is invested according to your choice.
All salaried employees are eligible for disability pension from ITP after 90 days of sick leave, on the condition that they simultaneously receive benefits from the Swedish Social Insurance Agency. External link.