PLUSpension is a private pension insurance offered to employees of the Volvo Group or Volvo Car Group. PLUSpension is a traditional insurance. VFF Pension is the insurance provider.
NOTE! 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 asset management provides a guaranteed interest which is currently 0.7%. When the management generates a surplus, bonuses are paid. Bonuses are not guaranteed and can vary over time.
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. Placing in a traditional insurance policy means that the entire transferred insurance capital is guaranteed. Read more about traditional management here.
Our goal is to generate, in the long-term, a 4% return on investments with an acceptable level of risk. There are guidelines that determine the capital investment policy. The normal portfolio comprises 55% interest-bearing securities, 30% shares, 8% real estate and 7% alternative investments.
What pension will you get?
Your pension is based on paid-in premiums and guaranteed interest, which at present is 0.7 % before deductions for fees and taxes. Any return over and above the guaranteed interest is in the form of a bonus and is not guaranteed. The size of your pension depends on when you start taking it, and the length of the pay-out period that you choose.
The bonus interest is 7% as of June 1, 2019
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 from services.
Tax deductions and taxation
Tax deduction for private pension savings is no longer allowed (from January 2016). Pension payments are taxed as income from employment.
Survivor’s protection/repayment cover
When signing a new traditional PLUSpension, you must choose whether or not to have survivor’s protection. 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”.
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 that 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 yourself.
The pension is normally paid out over 5 years, between ages 65 and 70. The earliest you can start taking your pension is the month after you turn 55, and the latest is the month you turn 70. Pensions are taxed as earned income.
Want to start taking your pension? The form you need can be obtained under Forms and Documents in the form of PDF files.
Transfer of private pension insurance
Moving your private insurance means that the entire value of your pension insurance is moved to a new traditional pension insurance with the same person as the insured party. See our checklist here for more information on what to think about before making up your mind to transfer.
The current transfer fee is 1 % of transferred capital, at least 800 SEK.
1 % in premium fee
0.4 % in annual fee on pension assets
Terms and conditions
Terms and conditions for PLUSpension, traditional management is found in the section “Forms and Documents”.