ITPK PENSION CHOICE FOR PRIVATE SECTOR EMPLOYEES

Transcription

1 2018 ITPK PENSION CHOICE FOR PRIVATE SECTOR EMPLOYEES You have started saving for your pension. Your employer pays the premium and you can decide how some of the money is invested. In this folder we tell you how to do it. 1

2 WHAT IS ITP 2 AND ITPK? You have a collectively agreed pension, ITP 2, through your employer. ITP 2 is a supplementary pension for salaried employees in the private sector. Your employer pays a premium for this pension every month. Most of your ITP 2 is managed and paid out by Alecta. But this brochure is about the complementary retirement pension ITPK, which is the part you can invest yourself by making an ITPK choice. Collectum makes sure that your ITPK pension money is invested as you wish. HOW MUCH MONEY CAN YOU DECIDE OVER? Every month your employer pays a premium that corresponds to 2 % of your salary for your ITPK. For example, if you earn SEK 35,000 per month this would be SEK 8,400 per year. You choose how you wish to invest this money by making an ITPK choice. The ITP occupational pension is the result of an agreement between The Confederation of Swedish Enterprise and The Council for Negotiation and Co-operation (PTK). Some people have an agreement with their employer on additional complementary premiums. HOW MUCH WILL YOUR ITPK PENSION BE? How much money you will have to live on later in life depends, among other things, on how well your ITPK money has been managed and the amount of the charges made by the insurance companies. ITP 2 IS NOT ONLY MONEY FOR YOUR PENSION ITP 2 not only provides you with financial security when you retire, but also if you should become ill for a long period. You can also choose cover for your family. Read more about this on the next page. 2

3 HOW TO MAKE THE ITPK CHOICE Make your choice by completing the choice form you will find at collectum.com. In the ITPK choice you choose traditional insurance or unit-linked insurance in one company whether you want repayment cover whether you want family cover. Collectum s charge is 1 percent of paid-in ITPK premiums. TRADITIONAL INSURANCE Traditional insurance provides a more cautious investment with certain guarantees. The insurance company decides how the money should be invested. UNIT-LINKED INSURANCE Unit-linked insurance is an investment with more risk but the possibility of a more substantial increase in value. There are no guarantees. The money is first placed in an entrance fund. You can then choose among the company s funds. WHAT TYPE OF SAVINGS SUIT YOU? We cannot advise you on what you should choose, but we can help you to compare the different alternatives. Read more on the last page about where you can find help in making your choice. REPAYMENT COVER Repayment cover means that the family will receive your ITPK pension when you die. You do not pay a fee, although you do incur a reduction of income. This is because you will not receive a share of the so-called inheritance gain, received by those who choose not to have a repayment cover. Choosing repayment cover thereby impacts the size of your future pension. The inheritance gain is relatively small up until the retirement age, but becomes larger after that point. If you change your choice of repayment cover in the future, this change will apply to all your ITPK insurances within the same agreement area, if you have several insurance contracts, and also to premiums paid in previously. FAMILY COVER Family cover is an extra pension which goes to your family if you die before 65 years of age. You can decide the amount and payment period. Depending on what you choose and your age, family cover costs different amounts. The family cover ceases if you are no longer employed with right to ITP. The family cover is insured with Alecta. The cost of the family cover is deducted from the premium your employer pays for your ITPK pension. HOW MUCH CAN YOUR FAMILY RECEIVE? Visit collectum.com for more information regarding the amounts and payment periods you can choose for your family cover, and who is entitled to receive money after your death. 3

4 SELECTED COMPANIES We have carefully selected the insurance companies that you can choose to manage your ITPK and we have made tough demands. Among other things we have pressed down their charges so that your pension will be as high as possible. Here are the selected companies that you can choose between: TRADITIONAL INSURANCE Alecta (default alternative) AMF Folksam Skandia Liv UNIT-LINKED INSURANCE AMF Danica Pension SEB SPP Swedbank YOUR SIGNATURE To make your reply form valid you must sign it. 4

5 YOU CAN CHANGE YOUR CHOICE IN THE FUTURE When you make your first choice you have a so-called choice period. You can, of course, change your choice even after the choice period has expired. MAKE YOUR CHOICE WITHIN THREE MONTHS If your choice form reaches Collectum within the choice period (no later than the date specified under D on the form), you do not need to fill in a health declaration if you choose repayment cover and/or family cover. On the other hand, if you make your choice after the choice period has expired or if there is no date in section D you will have to complete the health declaration. The choice period is three months. IF YOU DO NOT MAKE A CHOICE If you do not make an ITPK choice, your money will be invested in the default alternative, which is a selected and quality-assured insurance at a low fee. You will then have no repayment cover or family cover. You are free to add this cover at any time. If you do this after the choice period has expired, you must complete a health declaration. IF YOU WISH TO CHANGE YOUR CHOICE You can choose another company for your future payments whenever you wish. You may also transfer already earned ITPK to another company. You can also remove or add repayment cover or family cover. If you do this you will need to complete a health declaration. KEEP A LOOK OUT FOR THE RED ENVELOPE Every year you will receive a red envelope from Collectum that contains an annual statement with a summary of your occu pational pension. If you have any questions about the value appreciation of your occupational pension money, please contact the insurance company that manages your money. 5

6 LIKE TO KNOW MORE? Since we are impartial we do not offer any advice on what you should choose. On the other hand, we can give you objective information. If you have any questions, please visit our website or give us a call: At collectum.com you will find more information about ITP 2 and ITPK, repayment cover, family cover, types of savings and the companies charges. If you have any questions you are always welcome to contact our customer service by telephone, WHAT DOES COLLECTUM DO FOR YOU? The occupational pensions company Collectum is the choice centre for the ITPK choice. One of our key tasks is to ensure that you, as a salaried employee in the private sector, receive an occupational pension that is as high as possible. We do this by making tough demands on the companies we contract to be managers of the ITPK occupational pension. Profit is not the goal of our operations, which enables us to offer you objective information when you make your choice. Text Collectum Grafisk form Ziggy Creative Colony Illustrationer Rithuset F