The Swedish pension is quite complex, especially when it has to be explained in another language. My contact did a great job, though I think he was a bit nervous.
The Swedish pension plan has recently been changed and so, currently there are various plans for different age groups as the government tries to phase out the old plan.
The national basic pension plan for those born in 1938 or later consists of income/supplementary pension, premium pension and guarantee pension and is administered by the Swedish Social Insurance Agency and the Premium Pension Authority. The pension is based on income earned from age 16 until the year 1998. 18.5% of income is paid to the pension system, with 16% going to income pension and 2.5% going to premium pension. Employees can choose the funds they would like to invest in with the premium pension. There are pension entitlements for sickness benefits, parental benefit, unemployment benefit, and sickness and activity compensation. Individuals can start drawing from their pensions at age 61.
This is just a gist of the pension plan, so if you would like to know more, let me know and we can discuss one on one.
-Vanessa
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