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Occupational pension for employees of Volvo Group

All Volvo Group employees in Sweden, apart from vacation temps and work-experience/internship staff, are covered by Volvo Företagspension, the company’s pension scheme.

If you are a permanent employee, you are covered as of your first full month of employment. If you have a temporary job, you must have been employed for three complete consecutive calendar months during the year in the same company and at the same location.

The same insurance terms apply to insured persons with affiliated employers.

Parental leave

You are covered by Volvo Företagspension in the event of parental leave.

Illness

Your premium is reduced in the event of illness. Sick leave for an entire year gives a premium for half the time. This applies to the year of illness + one calendar year.

Leave of absence and study leave

During leave of absence that is not the basis for calculating your annual vacation, no premiums are paid to Volvo Företagspension on your behalf.

Ordinary premium

The full annual premium for both white- and blue-collar staff for 2022 is SEK 10,800, that is to say SEK 900 per month between 2022-01-01 – 2022-12-31. Half annual premium for 2022 is SEK 5,400 that is to say SEK 450 per month.

The premium is value-hedged and follows the development of the income base amount.

Full premium if you work more than 50%. If you work 50% or less, but no less than 20%, you get half a premium.

The premium for Volvo Företagspension is paid in as a lump sum in the following year. This means that the account statement sent at the start of the year does not include the previous year’s premium.

In My Benefits you can see all the paid-in premiums and the insurance capital.

Time bank conversion

The Volvo Group allows you to convert your time-bank hours into beneficial pension savings in your Volvo Företagspension account. Register this directly in your time report. In addition to you receiving a higher pension, the company adds about another 5% to your savings, thus further increasing your future pension.

You can find a calculation example of how much extra you can receive in pension if you make a time bank conversion on the page “Time bank conversion”

In order to transfer work-hours from your regular time bank, go to “Alternative compensation” in time info and select code 86.

To transfer work-hours from a temporary time bank, go to “Alternative compensation” in time info and select code 89.

Occupational pension within Volvo Cars – applies to the following companies

the companies that are not on the list have their own regulations for Volvo Företagspension, more information is available here

Volvo Företagspension within Volvo Cars applies in its entirety and with the same conditions for the companies where Volvo Personvagnar AB has a labor law negotiation mandate (ie Volvo Personvagnar AB, Volvo Car Sweden AB, Volvo Car Försäkring AB, VPPS and Volvo Bil AB).

You who are permanently employed or fixed-term employees are covered from the first month of employment. However, invoicing and placement of the premiums takes place with a certain delay. If you are an intern, a flex pooler or an International Assignee (IA), you are not covered by Volvo Företagspension.

When changing staff category, i.e. from blue collar worker to white collar worker or vice versa, the premium entitlement to which new staff category is changed to applies. The premium change occurs on the 1st of the month the exchange takes place.

Volvo Företagspension is earned regardless of your age.

Ordinary premium

The monthly premium for blue collar workers is from 1 April 2022 SEK 675. The premium for white collar workers is SEK 599 per month throughout 2022.

The premium is calculated for each month of employment. The premium is value-hedged and follows the development of the income base amount.

Full premium applies to all employees regardless of employment rate.

Premiums are paid monthly to the insurance.

Parental leave

You are covered by Volvo Företagspension in the event of parental leave.

Illness

Consecutive sickness absence generates a premium payment of illness as follows:

For the first two years of sickness you are entitled to a full premium.

From the third year of sickness you are not entitled to any premium to your Volvo Företagspension if the sickness absence is 100%. If the sickness absence rate is lower than 100%, you are still entitled to full premium payment.

If the illness is caused by a verified work-related injury, special regulations apply.

Leave of absence or study leave

During leave of absence for complete calendar months that are not used as the basis for calculating your annual vacation, no premiums are paid to Volvo Företagspension on your behalf.

Time bank conversion

You can convert your time-bank hours into pension savings in your Volvo Företagspension account. Register this directly in your time report.

The tax on occupational pension is lower than on salary, the difference is about 5%. The difference accrues to you and your premium is increased by the corresponding amount.

Please note that time bank switching affects premium payment to Avtalspension SAF-LO and can also negatively affect social security benefits.

You can find a calculation example of how much extra you can receive in pension if you make a time bank conversion on the page “Time bank conversion”

Seniority premium

When you have worked for 25, 35, 45 and 50 years, this is rewarded with a premium in Volvo Företagspension.

Occupational pension for employees of Other Companies

 

Qualification and conditions

The companies listed under Other Companies are those that were previously part of Volvo Group or Volvo Cars. Other Companies have chosen to continue being members of VFF Pension.

Companies within the Volvo groups that have chosen to have their own regulations for Volvo Företagspension are also included in Other companies.

Normally all employees apart from vacation staff and interns are covered by Volvo Företagspension. Volvo Företagspension is earned regardless of your age.

The same insurance terms apply to insured persons with affiliated employers.

Ordinary premium

Your employer pays a premium to your Volvo Företagspension, premiums can be paid monthly or annually in arrears. In case of annual payment, the premium is calculated on the months you have worked in the previous year or during a fixed premium period.

Other payments

VFF Pension is able to accept other types of premium payments. Some companies have chosen to offer seniority premium and/or the opportunity to convert time bank hours into pension savings.

Sickness leave and parental leave

The premiums for your Volvo Företagspension can be affected by sickness leave and parental leave.

Leave of absence and study leave

The premiums for your Volvo Företagspension can be affected by both leave of absence and study leave.

To find out what applies for your employment contract, contact your local HR department or pension manager.

What rules apply to my company?

To find out what applies to your particular company, contact your local HR department or pension manager.

The following companies are at present listed as Other Companies

GKN AerospaceSweden AB
GKN Drivline Köping AB
HaleyTek AB
Jernbro Industrial Services AB
Logent AB
NOVO Energy AB
NOVO Energy Production AB
NOVO Energy R&D AB
Polestar Automotive Sweden
Polestar Performance AB
Powertrain Engineering Sweden AB
VFF Pension
WirelessCar Sweden AB

Companies within Volvo Cars with their own regulations

Automotive Components Floby AB
Volvo Car Retail AB
Volvo Polestar Göteborg AB
Volvo Polestar Stockholm AB

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