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All services / Pension / 3rd Pillar Pension |
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The 3rd level pension system stipulates that anybody may voluntarily accumulate additional funds for old age pension, thereby facilitating their welfare for later days. As of 2003, Swedbank Open Pension Fund offers a possibility to accumulate a private pension making use of tax relief granted under the law and drawing on Swedbank experience and skills in investment management. Operations of private pension funds are governed by the law On Private
Pension Funds. Tax relief is stipulated under the law On Personal Income
Tax and the law On State Social Security. Because of the tax relief,
you may substantially enhance your welfare in old age, without increasing
the employer’s expenses and reducing personal consumption.
If contributions to the pension fund are made by the employer according to a collective contract, the contribution to the extent of up to 10% of the employee’s gross salary is exempted of both the social and personal income tax (payroll tax). When determining the taxable income amount, investments in the private pension funds on behalf of the employees are considered deductible expenses for taxation purposes. If contributions to pension fund are made by the person himself/herself according to an individual contract, the contribution to the extent of up to 20% of the person’s gross income is exempted of the personal income tax. The private pension capital is accumulated through pension plans (schemes). The Swedbank Open Pension Fund offers three pension schemes: |
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