On 1 October 2020, new rules will be introduced regarding payment of the selectable part of the state occupational pension. These new rules give greater flexibility when it comes to drawing your pension and mean that you need to apply to have it paid out yourself. If you have a separate agreement with your employer regarding supplementary payments into your pension plan, (löneväxling), your extra pension contributions will fall into the selectable part of your pension. This agreement therefore fulfils our members’ wish for greater freedom of choice. For more information about the changes go to The National Government Employee Pensions Board (SPV) website.
New rules from 1 October 2020
These new rules apply if you wish the money to be paid out starting on 1 October or later.
- You need to apply for payment of the selectable part to be made yourself. You do this by contacting the insurer you have chosen. If you do not apply for payment to commence, payment will automatically begin on your 71st birthday and continue as long as you live. From 2023, the age will be raised to 72.
- You can choose for payment to be spread over the rest of your life or to be made during a fixed period, which must be at least ten years.