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PLUSpension is a pension insurance offered to employees of the Volvo Group or Volvo Cars. PLUSpension is a traditional insurance. VFF Pension is the insurance provider.

As of 2019, PLUSpension is closed for subscription, premium payment and capital inflows. Existing PLUS pensions are not affected. Your PLUS pension will be managed and administered as before.

Traditional Asset Management

Traditional management is the choice for you if you want a secure placing where you will get guaranteed interest and a bonus when the managed fund generates a surplus.

The bonus is not guaranteed and may vary over time.

Your pension pay-out

About 4 months before you turn 65, we will send you a letter about your pension pay-out. It is only then you need to decide when you want to start receiving your pension. If you want to start pension pay-outs before turning 65, you have to contact us.

The pension is normally paid out over 5 years, between ages 65 and 70. The earliest start is the month after you turn 55, and the latest is the month you turn 70. Pensions are taxed as  income.

The size of your pension varies depending on when you start drawing it, and the pay-out period you choose. Paid-out pensions are taxed as income.

Do you want to start taking your pension? The form you need can be obtained under Forms and Documents in the form of PDF files.

How much will your pension be?

Your pension is based on paid-in premiums and guaranteed interest. The guaranteed interest depends on when the premiums were paid. Any return over and above the guaranteed interest is not assured and may increase or decrease over time. The size of your pension also depends on when you start drawing your pension, and the length of the payout period that you choose. Pensions received are taxed as earned income.

VFF Pension uses life expectancy assumption to calculate the size of the pension in the event of lifelong payment. VFF Pension uses gender-neutral life expectancy assumptions, ie we calculate the same average life expectancy for all insured persons regardless of gender. The current life expectancy assumption that VFF Pension uses is 21.83 years for an insured 65-year-old, ie for lifelong payment we expect to pay a pension until you have reached 86.83 years.

Survivor’s protection/repayment cover

When signing up for a new traditional PLUSpension, you chose whether you wanted survivor’s protection or not. In the event of your death, your pension will be paid, in the first instance, to your spouse/cohabiting partner/registered partner and, secondly, to your child(ren). You can choose to amend the order of beneficiaries or cancel the repayment cover. To make an amendment, please use the Amendment to Beneficiary Clause form, which you find in the section “Forms and Documents”.

Transferring your PLUSpension

Transferring your PLUSpension means that the entire value of your pension insurance is transferred to a new pension insurance policy with the same person as the insured party. In connection with transfer of insurance capital, a market value assessment is carried out if the consolidation level is below 100%. This means that the insurance capital in your policy is reduced. Once the insurance capital has been transferred you cannot change your mind, and VFF Pension’s obligations and responsibilities cease.

The administrative fee for transfer is 600 kronor.

Repurchase

If the value of your PLUSpension is less than 1 indexed price base amount (47,600 kronor in 2021) you can repurchase your pension – that is to say, you can have it paid out before reaching retirement age. In connection with repurchase of your pension, a market value assessment is carried out if the consolidation level is below 100%. This means that the insurance capital in your policy is reduced.

The administrative fee for repurchase is 400 kronor.

You can find the application form for repurchase under Forms and documents.

Bonus rate

The bonus rate is 10% as of September 1st 2021.

Fees

1 % in premium fee
0.4 % in annual fee on pension assets

Terms and conditions

Terms and conditions for PLUSpension is found in the section “Forms and Documents”.

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