When you retire
There are many different alternatives when you start planning for your retirement. Your pension will normally come from several different sources and there are a lot of conditions and options to consider.
Before you retire
Well before you retire you should get some idea of the amount of your capital and roughly how much this will provide in pension every month. The easiest way to do this is to log on to the website minpension.se and see where you have your savings and how much they are.
The conditions for different insurances vary. Many conditions of your occupational pension are regulated by the underlying pension agreement between the parties to the collective agreements but some conditions are governed by current income tax regulations and our statutes.
Contact us and plan your retirement
There are several possibilities and limitations depending on which of Kåpan’s pension insurances you have. But regardless of the insurance type we recommend that you contact us and tell us about your retirement plans and how you want your pension paid. You can contact our customer service by calling 060-18 75 85.
Your pension with Kåpan
Your insurance with us has different conditions depending on which insurance you have, but the following applies to everyone:
- The payment period can always be made for life before pension payments start
- When lifetime payments begin, repayment cover ceases when you reach 75
- You cannot stop payments once you have started to receive your pension
- Capital less than the price base amount may be paid as a one-time payment
- If you have a disability pension or temporary disability benefits you cannot start your occupational pension before the age of 65
We will contact you
Three months prior to the month you turn 65 years you will recieve a information letter including a form from us telling you that we will soon start to pay your pension. You only have to fill in the form if you want to postpone- or change the period of payments. If you do not fill in the form we will start paying your pension automatically from the month you turn 65 years.
Our pensions are paid through the bank chosen by SPV, which is Swedbank. Therefore you need to register your account details with them. Payments by check is no longer possible.
Depending on if you have a Swedish account or a foreign account there are different ways how you can register:
If you have a foreign account
If you have a foreign account, you can only register your account by filling out a form and returning it in original to Swedbank.
NOTEYou can only receive your pension to an account where you are the account holder or joint account holder.
If you have a Swedish account
There are two ways how you can register your Swedish account:
- If you have a Swedish account, you can register with Swedbank's account records online – this can only be done with a Swedish electronic identification (Swedish eID or BankID).
2. You can also register your account by filling out a form and returning it in original to Swedbank.
NOTE: You can only receive your pension to an account where you are the account holder or joint account holder.
Until april 2019 SPV (the National Government Employee Pensions Board) pays your pension from us. Before they pay your pension, tax is deducted on your payment.
- If your payment from us, Kåpan Pensioner, is less than 14,000 SEK per month 30 % tax is deucted.
- If your payment from us is over 14,000 SEK per month tax is deducted according to the tax tables or any specific decision that applies to you.
If you receive a pension or salary from several sources your tax deduction can be too low. To avoid tax arrears, you can check with the Swedish Tax Agency if a sufficient total amount of tax is being deducted.
Changes from April 2019
Starting from April 2019 we, Kåpan Pensioner, will manage our pension payments separate from SPV. This means that any additional tax deduction will be removed from the payment you recieve from us.The additional tax deduction will then only apply to your pension from SPV.
Do you need a higher tax deduction?
If you need a higher tax deduction, please contact the organisation which you receive your main income from. If you receive your main income from us, you can request a higher tax deduction by
- Logging on to spv.se to request a higher tax deduction at Dina utbetalningar
- Or by calling our Customer Service at 060-18 76 66.
The request can only be made in percentage, for example 35 percent instead of 30 percent.
The new tax deduction can earliest be applied on the payment for February 2019.
If you are entitled to lower tax deduction
If you want us to deduct less than 30% in tax we must have a decision for changed calculation of tax deduction (jämkning) or special income tax (SINK) from the Swedish Tax Agency.
- If you were born on days 1 – 15 of the month, we make payments on the 18th of the month.
- If you were born on days 16 – 31, we make payments on the 19th.
If the payment day is a Sunday or an immediately following public holiday, then pensions will be paid on the next following weekday that is not a public holiday. If the payment day is some other public holiday, a Saturday or Midsummer’s Eve then pensions will be paid on the immediately preceding weekday that is not a public holiday.
From pension capital to paid-out pension
When you have told us that you want to start taking out your pension we calculate a so-called forecast amount. The forecast amount is the amount of pension we will pay each month. It is based on the amount of pension capital and the length of time over which payments will be made.
When we calculate the forecast amount we take into account assumptions about future returns, tax and costs as well as life expectancy for the remaining insured period. The aim is to give you a relatively even pension payment. The assumptions are usually called forecast assumptions. The most important assumption is the forecast interest rate. We currently assume a forecast interest rate of 2% which comes from assumptions about our expected returns. You will still get a bonus rate on the capital that remains in the society. If the bonus rate is over 2%, your pension payments will increase. We recalculate the amount paid out once a year as long as payments continue using the divisor that we use when calculating the monthly forecast amount.
This means that we divide your pension capital by the calculated devisor. If you have a five-year payment period, then the divisor when you retire is currently 56.52. If, on the other hand, you have payments for life then the divisor is 212.75. After one year we make a new calculation using the revalued pension capital and devisor for the second year.
To ensure that you always get at least the pension guaranteed by your insurance, we also calculate the guaranteed pension amount per month based on your guaranteed pension capital. We always pay you the higher of these two amounts.
From pension capital to monthly payments – example