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For salaried employees
The ITP occupational pension
The ITP occupational pension is for salaried employees in the private sector who work for a company that has a collective agreement. The ITP is the result of an agreement between the Council for Negotiation and Cooperation (PTK) on the employee side and the Confederation of Swedish Enterprise (Svenskt Näringsliv) on the employer side.
You can customize your ITP at Avtalat. This means you inform them where you want to invest your ITP or ITPK pension – if you want to choose. If you don’t choose where to invest your pension, the premiums are invested in a selected and quality-assured default option, which is a traditional insurance policy with Alecta. You can also choose additional cover for your family.
Thanks to the competitive tendering we carry out at Collectum approximately every five years, you pay very low fees to the insurance companies that manage your ITP.
Each year, you receive a red envelope from Avtalat containing an annual statement of your ITP occupational pension. You can find information about the annual statement in English here
Länk till annan webbplats, öppnas i nytt fönster.. To see the amount of money paid in by your employer and the choices you have made for your ITP or ITPK, you can log on to your account at avtalat.se Länk till annan webbplats, öppnas i nytt fönster. (in Swedish) using Swedish electronic identification (e-legitimation).
Collective agreement
Your ITP pension is part of your company’s collective agreement
In Sweden it is to a large extent the labour market parties who determine the conditions in the workplace, not just politicians and laws. We call this ‘The Swedish Model’. The labour market parties include representatives from employees (through trade unions) and representatives from employers (through employers’ organisations). Their agreements are called collective agreements.
Collective agreements regulate matters such as terms of employment, salaries, working hours, holidays and occupational pensions, and constitute binding agreements for the companies that sign them. Different sectors have different collective agreements.
The collective agreement that applies to salaried employees in the private business sector is an agreement between an employee union within the Council for Negotiation and Cooperation (PTK) and an employers’ organisation within the Confederation of Swedish Enterprise (Svenskt Näringsliv). The ITP occupational pension is part of this collective agreement.
When your workplace has a collective agreement, you are entitled to several important employment benefits. For example, your employer is obliged to take out an ITP occupational pension for you and allocate money to your pension.
In addition to your occupational pension, you have a range of other insurance policies through the collective agreement that can provide you with benefits such as compensation if you fall ill, have a work-related injury or take parental leave, as well as support in the event of termination of your employment. The collective agreement also regulates the terms of employment.
You can always speak to your employer or to a trade union if you have questions regarding the terms of employment or collective agreement at your workplace.
The great thing about collective agreements is that you don’t have to do too much yourself. You are entitled to benefits that have already been negotiated.
In the event that you need to get compensation from any of the insurance cover provided by the collective agreement, such as accident insurance, you may need to make a claim.
If you are unsure about what to do, for example to get compensation from an insurance policy, or what you are entitled to, speak to your employer.
At Avtalat Länk till annan webbplats, öppnas i nytt fönster. you can learn more about the work-based pension and insurance you’re entitled to as an employee.
If you are unsure whether your workplace has a collective agreement, ask your employer. And when you change jobs, remember to check whether your new employer has signed a collective agreement.
ITP - an insurance package
Retirement pension, disability pension and cover for your family
The ITP occupational pension is an insurance package that gives you
- a retirement pension – you can draw this pension from age 55
- compensation if you suffer from a long-term illness
- cover for your family when you die.
Your employer pays money, called retirement pension premiums, into your occupational pension. You can choose how all of the money (if you have the ITP 1) or some of the money (if you have the ITP 2) should be invested. If you don’t make a choice, your money is invested in the default option, which is a selected traditional insurance policy with Alecta.
- If you are on sick leave for more than 90 days, you will receive compensation called the ITP disability pension Länk till annan webbplats, öppnas i nytt fönster.. This is to supplement the compensation you receive from the Swedish Social Insurance Agency (Försäkringskassan).
- If you have a family and would like them to receive compensation when you die, you can choose survivor’s protection cover Länk till annan webbplats, öppnas i nytt fönster..
- Read more about the rules that apply when you take parental leave Länk till annan webbplats, öppnas i nytt fönster..
If you have the ITP 1
The premium that your employer pays is a certain percentage of your monthly salary:
- 4.5 % of your monthly salary on amounts up to SEK 47,625.
- 30 % of your salary portions on amounts over SEK 47,625 and up to SEK 190,500.
If you have the ITP 2
The largest portion of your occupational pension is the ITP 2 part. It is calculated as a certain percentage of your final salary when you retire. Alecta, the provider that manages the ITP 2, calculates the premiums your employer pays into your ITP 2 based on your age, estimated period of service and any occupational pension you have accrued previously.
A smaller portion of your pension is the complementary occupational pension ITPK, that you also have with the ITP 2. The premium that your employer pays into your ITPK corresponds to 2 % of your monthly salary.
If you want to, you can choose where to invest your pension money Länk till annan webbplats, öppnas i nytt fönster. yourself. If you don’t make a choice, your money is invested in the default option, which is a traditional insurance policy with Alecta. You can also choose extra cover for your family Länk till annan webbplats, öppnas i nytt fönster..
- Here is where you can find the forms to choose cover for your family or where to invest your pension savings Länk till annan webbplats, öppnas i nytt fönster..
- You can also log on to your account at Avtalat Länk till annan webbplats, öppnas i nytt fönster. (in Swedish) to make a choice.
You keep the ITP pension you have accrued even if you move away from Sweden, but the earliest you can draw your pension is at age 55. When you want to begin drawing your ITP pension, you need to contact the insurance company that manages your pension savings.
Competitive tendering means lower fees
A top-notch pension
Roughly every five years, Collectum carries out a competitive tender process to appoint managers of the ITP occupational pension. This ensures that your occupational pension is as high as possible, through low fees and good conditions. Our competitive tender processes have enabled us to push down ITP fund fees by as much as 78 per cent since 2007. This means more money upon retirement for everyone with the ITP.
You can choose where to invest your pension savings yourself if you want to, but you don’t have to. Through competitive tendering, we ensure that you will receive an exceptionally good occupational pension, regardless of whether you make an active choice or not.
If you wish to, you can move the capital you have accrued to another of the eligible companies at any time. Thanks to our competitive tendering, even the transfer costs are low. You can also add or remove survivor’s protection to your ITP 1 or ITPK at any time.
The fifth and latest competitive tender process took place in 2023. At avtalat.se you can find information about the selected options for the ITP occupational pension Länk till annan webbplats, öppnas i nytt fönster..
