The selectable part – born before 1988
Every month, your employer pays money equivalent to 2.5% of your wages into the selectable part of your occupational pension. You select how the money is managed. You earn into the selectable part from the age of 23, and at the longest until you turn 65.
As a new government employee
When entering into government employment, you select how this part is managed. You only need to select if you want to. If you do not make your own selection, the money is placed into a traditional insurance scheme without repayment cover with Kåpan Pensions (Kåpan Valbar). If you wish to change your selection, you may do so. To make a selection you can send for or order a selection form.
If you want to make a new selection
You can change your selection, and choose another insurer to manage your money. To make a new selection you can send for or order a selection form.
These are the choices you should make
1. Select the type of savings
You should choose between traditional insurance or unit-linked insurance.
With a traditional insurance, it is the insurer that determines how your money is placed and managed. The insurer places the money in e.g. interest-bearing securities, shares and real estate properties and takes care of the administration. You always have a guaranteed pension. The warranty differs between various insurers. It can involve e.g. a warranty that promises you will get back your deposited money when you retire. If the insurer manages the money better than what they promised in the warranty, you can get bonuses, that is to say that you would receive a higher pension than the guaranteed pension.
With a unit-linked insurance, you decide how your money should be placed by selecting one or more funds. Money placed in funds can both decrease and increase in value, and therefore, no pension is guaranteed. This means that you might recieve less money than you have deposited into the funds, however should the market be doing well your money can increase in value.
2. Select insurance company
- You are to select which insurance company you want to manage your money. You can see the fees and costs that the various insurance companies charge to manage your money.
- If you select an insurer that offers unit-linked insurances, your money is firstly places in a so-called entry solution. The insurer you have selected then contacts you so that you can choose between the funds which the insurance company offers.
3. Select if you want a repayment cover
Repayment cover means that your family members receive your pension in the case of your death. It is your wife, husband, partner firstly and your children secondly that will recieve the pension. You can also chooce your previous wife, husband, partner or children to any of these as beneficiaries of the pension. If you choose to place a repayment cover on your insurance your own pension will be lower as you do not receive “inheritance gain”
You can change your mind and add the repayment cover later. The rules to add repayment cover later can vary between different insurers. If you are single and do not have children, you should not select repayment cover.
Remember that you, via your employment, have a financial protection in the form of survivor's pension and service group life insurance for your survivors.
If you want to move your money
If you want to, you can move your money from one insurance company to another, or to another form of savings with the same insurance company. To move your money please contact our Customer Service at +46 (0)20-51 50 40.
If your State employment ends
If your State employment ends, your employer will stop paying in money to the selectable part. The money you have earned, however, will remain with the insurance company managing your money until it is time for you to retire.
When you want to retire and take out your money
Most people have their money with Kåpan Pensions. You may also have chosen to place your money with another insurance company. Contact the insurance company managing your money if you have questions about how you can take out your pension.
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