The individual retirement pension is part of your retirement pension in PA 03. You start to earn this pension from the age of 23. The employer makes a monthly pension contribution amounting to 2.5 percent of your gross salary. You decides how the pension contribution should be invested and managed.

Remember that the individual retirement pension is part of your total future pension. It is therefore important that you yourself determine the form of savings and the insurance company that will manage your money. You can affect the amount of your future occupational pension.

Choice of insurance company

To make your choice you have to choose your insurance company and complete the form accordingly. Don't forget to sign the form when you have finished.

Read more about the Personal choice PA 03 and how the form works (pdf, new window)

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Traditional insurance or unit-linked insurance

You can choose an insurance company that offers either traditional insurance or unit-linked insurance.

With traditional insurance, the 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.

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.

Repayment protection

Repayment cover means that your surviving dependants (husband, wife, partner, children) continue to receive your pension payments in the event of your death. However, it also means that your own pension will be lower. You can always change and remove the repayment cover at a later date if you wish.

If you choose to remove repayment cover now, you can in some cases include it at a later date. Contact your chosen insurance company regarding the rules that apply. Repayment cover regulations can vary between different insurance companies. It may be worth looking more closely at what could happen before you commit yourself.
Don't forget that your employment gives you financial cover in the form of Survivors Pension and Employment Group Life Insurance for your surviving dependants.

Change and replacement

If you are not satisfied with your choice, you can change your mind once a year. This change will apply to the pension contributions to be made in the forthcoming calendar year. If you want to add or remove repayment protection, or if you have a unit-linked insurance and want to replace funds, contact your chosen insurance company.

If you don't choose

If you do not make an active choice, your pension contributions will be invested by Kåpan Pensions in a traditional insurance with repayment protection (read more on Kåpan´s website).