Retire earlier

The normal retirement age is 66 if you have ITP 1 and 65 if you have ITP 2. As a general rule you have ITP 1 if you are born 1979 or later and ITP 2 if you are born 1978 or earlier.

To keep in mind

• Less money in your pocket
  If you want to retire before the normal retirement age, 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
  If you have ITP 2, it is beneficial to wait 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) External link. can be received, at earliest, at 61.

What you need to do

• If you wish to retire before the normal retirement age, you have to inform the insurance company managing your ITP pension premiums that you wish to start your pension payments.
• You also need to inform the Swedish Pensions Agency (Pensionsmyndigheten) External link. that you wish to retire.