Volvo Företagspension is a local collectively agreed occupational pension for Volvo employees. It has no age limit and does not affect your other retirement benefits. Volvo Företagspension is a traditional insurance that always start out with repayment cover. You can choose to have it with or without repayment cover.
The company pays an annual premium as agreed into your Volvo Företagspension.
Time bank exchange
In addition to the agreed contribution you can enhance your occupational pension by converting time bank hours into pension premiums. As well as receiving a higher pension, the company also adds approximately 5.7% extra to your time bank, which will further increase your future pension. Time bank Exchange is done in connection with your time sheet report, please contact your HR department for further information.
Payment of your pension
Approximately 4 months prior to reaching the age of 65, you will receive a letter with information regarding the payment of your pension. This is when you need to make a decision on when you would like to initiate your pension payments and over what period of time, in years, you would like them distributed. If you would like to initiate payment of your pension prior to the age of 65, your will have to contact us.
Pensions are normally paid over a period of 5 years between the ages of 65 and 70. Payments cannot be initiated before the month after you have reached 55, and no later than the month in which you reach 70. Pension payments are taxed as income from employment.