Changed age limits in the ITP plan

The Confederation of Swedish Enterprise and PTK- the council for negotiation and cooperation have decided to raise the age limit for earnings in the occupational pension ITP 1 to the age of 66. The age for disability pension is also raised to the age of 66 for everyone who has ITP. The new age limit applies from 1 January 2023.

-More and more people are working after the age of 65 and for those who are covered by ITP 1, it will be better with the new retirement age.  From now on, money will continue to be paid into their occupational pension until the age of 66 without them having to make any agreements with their employer, says Malin Ejderberg, head of Product and parties at Alecta. 

- For those with ITP 1 who are planning to retire at the age of 65, it will be a little bit more complicated. From the turn of the year, they need to make an early withdrawal of their pension to be able to retire at the age of 65, continues Malin. 

On 1 January 2023, the age limits will come into effect. For Alecta’s customers, this will mean some changes compared to today. All the details are not clear at present, but here you can read more about what we know today.  

Retirement pension  

Will the retirement age change? 

Yes, the retirement age for ITP 1 is raised to the age of 66. The retirement age for ITP 2 remains at the age of 65.  

When does the requirement for retirement purposes apply at payment of the retirement pension?  

Requirements for retirement purposes apply for withdrawals before the age of 65 for ITP 2 and for withdrawals before the age of 66 for ITP 1. 

How long do I earn the retirement pension? 

Retirement pension according to ITP 1 is currently earned for as long as you are covered by ITP 1, but at the latest until the age of 65. After the age of 65, the employer and the employee can make an agreement on continued earnings. From 1 January 2023 the retirement pension according to ITP 1 will be earned for as long as you are covered by ITP 1, but at the latest until the age of 66.  After the age of 66, the employer and the employee can make an agreement on continued earnings. 

Earning of the retirement pension according to ITP 2 will also in the future cease from the age of 65. The employer and the employee can, just like today, make an agreement on the earning of a retirement pension according to ITP 1 after the age of 65.  

Will there be an income cap introduced in the ITP 1?  

Yes, an income cap will be introduced for ITP 1. Today, if you have ITP 1 you earn an occupational pension on the entire salary, regardless of size. The new income cap signifies that if you earn more than 30 income base amounts, which in 2022 corresponds to a monthly salary of SEK 177,500, you will not receive pension payments on the part of the salary that exceeds 30 income base amounts. In
ITP 2, an income cap of 30 income base amounts already applies.
 

ITP disability pension 

Will the time for how long ITP disability pension can be paid be increased? 

The age limit for entitlement to ITP disability pension is raised to the age of 66 and applies both to those who belong to ITP 1, and to those who belong to ITP 2. The raise applies to new cases of illness that occur after 1 January 2023.  

I´m sick today. How does the raise to age 66 affect me? 

If you have an ongoing illness in 2022, you will not be affected by the raise at all. 

The ITP disability pension can be paid out until you turn 65 years at the latest. 

Survivors’ protection 

How long does the Family cover apply? 

For ITP 2, the Family cover ends at the age of 65. For ITP 1, the Family cover applies until the age of 66. 

How long can the Family cover be paid out? 

The Family cover if you belong to ITP 2, can be paid out until the month before you would have turned 70 years at the latest. If you belong to ITP 1, the Family cover can be paid out until the month before you would have turned 71 years at the latest. 

How will the Family pension and occupational group life insurance, TGL be affected?   

There will be no changes within the Family pension and occupational group life insurance, TGL. 

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