BTP 1 - premium-based pension

If you are covered by our agreement with BAO, the Swedish banking employers’ association, your pension consists of the two parts, BTP 1 and BTP 2.

  • BTP, or Bankernas Tjänstepension (the Swedish banking industry pension fund), is an occupational pension for employees in the banking and finance sector.
  • Your employer decides whether to make BTP 1 contributions and from which date. If an employer chooses BTP 1, it will apply to staff recruited after the employer opted into the scheme and all their employees under 25.
  • If you are over 25 and were recruited before your employer opted into the BTP 1 scheme, BTP 2 contributions will continue to be made, unless you and your employer have agreed on making BTP 1 contributions.

What is BTP 1?

BTP 1 is a premium-based pension plan for employees recruited after 1 February 2013. Your employer pays contributions into the scheme, each month, from the date you started working for them, until you leave or begin working in another industry.

The premiums for BTP 1

  • 5 percent of your salary, up to 7.5 of the income base amount.
  • 30 percent of your salary between 7.5 and 30 of the income base amount.

A portion of your salary is automatically put into a safe savings account. You can decide where you would prefer the rest of your premiums to be invested and how they should be managed (see below). 

If you don't make a decision, you will have chosen a so-called non-selection option, by default, and the premiums will also go into in a safe savings account.

You can choose what to do with your future premiums, at any time, or move the premiums you have already paid.

  • Futur Pension
  • Handelsbanken
  • Nordea Liv
  • Nordnet
  • SEB pension och försäkring
  • Skandia
  • SPP
  • Swedbank

According to the BTP plan, normal retirement age is from the month you turn 65. If you want to continue working (up to the age of 68), you must notify your employer at least three months before the month you turn 65.

You have the right to continue working until the month you turn 67. By then, your occupational pension will have increased, as your employer will have continued to pay premiums, your contributions will have matured over a longer time and they will paid out over a smaller number of years. Your state pension will also increase.

The premiums kept in safe savings will be paid out evenly for the rest of your life. If you take a part-time pension, you will receive an amount corresponding with your reduced working hours. To some extent, you can choose how the optional part of your pension is paid out, although the payments must be spread over at least five years.

  • When you change jobs - ask your new employer about the pension provisions they make. If you begin working in another industry, you must also change your pension agreement.
  • If you become a parent – you may want to take out family protection insurance or add your child to your existing insurance policy?
  • When your salary changes – make sure your employer reports the correct salary to your pension scheme.
  • If you change your working hours – as pensions are calculated according your salary, increasing or decreasing your working hours will affect your pension.
  • If your get married or change partner – you may want to take out family protection insurance or change an existing policy.
  • If you become seriously ill – you may want to review insurance cover for your partner or dependents.

 

Collective agre­e­ments

Your secu­rity and your rights are most often the result of good union nego­ti­a­tions. Our collective agre­e­ments contri­bute to good working condi­tions in the finan­cial indu­stry and can improve your earnings by as much as SEK 80,000 per year.
Collective agre­e­ments
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