By Patrick Anderson
Publication by way of Anderson, Patrick
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Extra resources for Ageing and Employment Policies: Sweden (Ageing and Employment Policies)
Thus, it is of great importance that eligibility for social security benefits are strengthened. 44 2. Public old-age pensions For the majority of people in Sweden, their income after retirement is still mainly derived from a public pension. Occupational pensions, on average, only account for around 20% of total pension entitlements. However, these pensions are of substantial importance to persons with incomes above the social security ceiling. Individual pension schemes account for an even smaller amount, although their coverage has increased quite dramatically in recent years.
The buffer fund and contribution assets, over pension liabilities drops below unity the balance mechanism is automatically activated. Indexation of pensions and notional accounts is then reduced according to legislated rules. There is also an ongoing discussion about whether to increase indexation in the case where the buffer fund and contribution assets over pension liabilities increase above a certain ratio. A coefficient (“delningstalet”) will be used to calculate annual pensions. Income-related pensions are calculated by dividing total pension assets by the coefficient, which is related to average life expectancy over a five-year period.
Swedish replacement rates start at an earlier age of 61 years, with a rate of 57% rising to 90% at the age of 70. Finally, in the United States, the replacement rate rises from 43% at the age of 62 to 76% at the age of 70. Since occupational pensions and other systems increase the final pension, the importance is not so much to have a high replacement rate, but rather to have a curve that rises relatively steeply with age. Clearly, there is no simple relationship between the level of replacement rates and effective retirement ages across countries.