Glossary

A B C D E F G H I J K L M N O P Q R S T U V X Y

A

B

Beneficiary

A person to whom insurance amounts or social benefits will be payed out(In Swedish: Förmånstagare).

C

Compensation for Personal Injury Agreement (PSA)

You are covered by an agreement via your job. The agreement is a complement to the financial support you can recieve from e.g. The Swedish Social Insurance Agency (In Swedish: Personskadeavtalet).

Complementary occupational pension

An insurance with Kåpan Kåpan Government Employees Pension Fund., a part of the occupational pension for state employees, called Kåpan Tjänste. It is also called retirement pension obligatory (In Swedish: Kompletterande ålderspension, Kåpan Tjänste or ålderspension obligatorisk).

D

Defined benefit retirement pension

The defined benefit retirement pension is in advance decided for a fixed amount or a fixed level, for instance an assured percent of the final salary or middle-range income. Defined benefit retirement pensions are e.g. collective agreement occupational pensions ITP, ITP-S, ITP-P, PA-91, PA-91 F. Compare with defined contribution pension below (In Swedish: Förmånsbestämd ålderspension).

Defined contribution pension

Means that the employer pays a contribution – a certain percentage of the salary received by the employee – for the future retirement pension. The amount of the pension depends on how much money has been paid in and the return/yield earned on the capital. The income during the entire period of employment affects the amount of the pension (In Swedish: Premiebestämd ålderspension).

Disability pension

A disability pension is a form of pension given to those people who are permanently or temporarily unable to work due to a disability (In Swedish: Sjukpension).

E

F

Family pension

Family pension is paid to your spouse or registered partner. If you have children below the age of 20 when you die, they will also receive a pension. Your cohabitant, on the other hand, cannot receive this pension. (In Swedish: Familjepension)

G

Government and Social Insurance Office Service Group Life Insurance

Government employees are covered by the agreement concerning the Government Service Group Life Insurance (TGL). The service group life insurance provides financial protection for an employee’s surviving husband, wife, registered, partner, cohabitee and children. (In Swedish: Tjänstegrupplivförsäkring, TGL)

H

I

Income base amount

The income base amount is among other things used for calculating the pensionable income. The amount is set every year by the government and is calculated according to the income index, which follows the income trend and variations in the price range. The calculation of the income base amount is made by the Swedish Social Insurance Office. (In Swedish: Inkomstbasbelopp)

Inheritance gain

The pension balances of deceased persons, which are inherited by the surviving insured. (In Swedish: Arvsvinst)

Insurance company

An insurance company takes care of your pension savings and invests them. (In Swedish: Försäkringsgivare)

J

K

Kåpan Retirement Pension

If you are your employer will set a side 2.5 % of your salary to your Individual retirement pension every month. You can also choose wich insurance company you would like to manage your pension. If you do not make a choice your money will be set a side to the Kåpan Retirement Pension wich is managed by the insurance company Pensions for Government Employees. (In Swedish: Kåpan Ålderspension)

L

Life annuity

A life annuity is mainly the same thing as a paid-up policy. The phrase "life annuity" is used within some collective agreement occupational pensions. The life annuity is payed out regularly from the age of 65 as long as the pensioner lives or until the time appointed. (In Swedish: Livränta)

Life certificate

If you have a pension and living abroad, you must annually submit a Life certificate. The Life certificate is a way for those who are residents outside Sweden to certify to us that you are still alive. (In Swedish: Levnadsintyg)

Locally agreed occupational pension

If you are a civil servant your employer can set a side an additional pension for you in the form of Locally agreed occupational pension. (In Swedish: Kåpan Extra)

Lump sum

A lump sum is a single payment of money, as opposed to a series of payments made over time (In Swedish: Engångsbelopp).

M

Minpension.se

If you have been saving for a pension in Sweden, the minpension.se service, owned by Minpension.se, will help you figure out how much money you will receive once you retire. The service is a collaborative project of the government and participating pension funds. (In Swedish: Minpension.se)

N

The National Government Employee Pensions Board

The National Government Employee Pensions Board was established in 1963 and is today one of Sweden's largest providers of pension administration. (In Swedish: Statens tjänstepensionsverk, SPV)

National retirement pension

The national retirement pension consists of income pension, premium pension and guarantee pension. (In Swedish: Allmän pension)

O

Occupational pension

Every year, your employer pays money into a pension savings scheme for you. This is your occupational pension. During your working life this may amount to hundreds of thousands of kronor – a significant part of your future pension. (In Swedish: Tjänstepension)

Occupational Pensions Agreement PA 03

The government occupational pension agreement PA 03 entered into force on 1 January 2003. This agreement has been concluded between the Swedish Agency for Government Employers and the union organisations OFR/S, P and O, SACO-S (the Swedish Confederation of Professional Associations - S) and SEKO (the Union for Service and Communication Employees). The agreement includes retirement pension, survivor’s pension and disability pension. (In Swedish: Tjänstepensionsavtalet PA 03)

Occupational Pensions Agreement PA-91

Is a occupational pension agreement for civil servants that are born before 1943. The agreement entered into force in 1991. The agreement includes retirement pension, survivor’s pension and disability pension. (In Swedish: Tjänstepensionsavtalet PA-91)

Occupational Pensions Agreement PA-SPR

Is an occupational pension agreement for civil servants. The Occupational pensions PA-SPR consists of a defined benefit retirement pension. The size of the defined benefit component depends on your salary and how many years you have been employed. (In Swedish: Tjänstepensionsavtalet PA-SPR)

P

Partial pension

Partial pension is a benefit that can be granted or denied by your employer, and it is a tool for competence transfer during generation change. The state partial pension agreement has the purpose of enabling older employees to retain their jobs up to the normal retirement age, which is presently 65. (In Swedish: Delpension)

Pensions for Government Employees

Pensions for government employees manages defined contribution pensions for public sector employees. 

Personal identity number

The personal identity number is unique to each individual, based on your date of birth. You need the number for all official transactions, for example to open a bank account, have access to the health system, paying for goods and services, signing an apartment contract etc. (In Swedish: Personnummer)

Price base amount

The price base amount follows the price trend in the country year after year and is set by the government. The amount is used for calculating different kinds of benefits. The sum of the benefit changes automatically when the price base amount is changed. (In Swedish: Prisbasbelopp)

Private pension scheme

For most people, retiring with a pension means a reduction in income. To save privately for your pension can be a tax advantageous way of compensating this loss of income. (In Swedish: Privat pension)

Post-cover

If you become ill within a period of three months after your employment ends you can get a continuation insurace. This is known as post-cover. (In Swedish: Efterskydd)

Q

R

Repayment cover

If you select a repayment cover for your privat pension, the pension will be payed out to survivors, should you pass away before your retirement. (In Swedish: Återbetalningsskydd)

Retirement pension

A pension that is paid out when you reach a certain age, usually the age of 65. The stipulated age could however be varying in different pension systems. (In Swedish: Ålderspension)

S

Survivor's pension

Pension paid out to surviving husband/wife and child. (In Swedish: Efterlevandepension)

The selectable part

A part of the retirement pension within the occupational pension PA 16 for civil servants that is a defined contribution pension. The contribution for the unit-linked or traditional insurance is paid by the employee. (In Swedish: Den valbara delen)

The Swedish Pensions Agency

The Swedish Pensions Agency is in charge of the national retirement pension in Sweden. We help both those who are still working and earning their pension and those who are already retired. (In Swedish: Pensionsmyndigheten)

The Swedish Social Insurance Agency

The Swedish Social Insurance Agency´s role is to administer social insurance and to ensure that you get the benefits and allowances you are entitled to. (In Swedish: Försäkringskassan)

The Swedish Tax Agency

The Swedish Tax Agency administers Sweden´s various taxes and deals with population registration in Sweden. The Swedish Tax Agency also registers estate inventories. (In Swedish: Skatteverket)

T

TGL

Government and Social Insurance Office Service Group Life Insurance. (In Swedish: Tjänstegrupplivförsäkring, TGL)

Traditional insurance

With traditional insurance, the insurance company determines how your contributions will be invested. Investments are selected to give as high a return as possible at the lowest possible risk, so that you always have a guaranteed pension sum. (In Swedish: Traditionell försäkring)

U

Unit-linked insurance

With unit-linked insurance you determine where your funds will be invested by choosing one or more funds. In this case, the money invested can rise or fall in value, which means that your pension is not guaranteed. You may end up with a smaller pension than the amount you have paid in, but if the market is good your money may grow in value. (In Swedish: Fondförsäkring)

V

X

Y

Z