A salary exchange plan means that you as an employee give up some of your salary today for extra provisions for your pension. It means that you invest part of your gross salary in an occupational pension scheme and pay income tax only when you start to receive payouts from your pension. The basic requirement for it to be beneficial to sacrifice some of your salary is that you earn more than 8.07 income base amounts (IBB)/year (SEK 614 940 or SEK 51 245/month in 2024)   Potential benefits of a salary exchange plan: Lower income tax on the sacrificed amount: Many people have a lower taxable income during their retirement, which may result in lower income tax on the sacrificed amount compared to a salary paid today. Extra allocations from the employer: When there is a salary exchange plan, the employer will have lower costs for your salary. Instead of employer’s contributions, a special payroll tax is payable. The difference varies but is normally approx.: 5-6 %, a difference that can be given as an additional allocation to your savings. Example: An allocation of 6 % means that a salary exchange of SEK 2000 becomes SEK 2120 in savings. A difference that can have a big impact over time when the amount grows with compound interest effects. (NB: Not all employers give this allocation, which is important to consider before any decision on salary exchange is made) A lower yield tax: A salary exchange occurs in an occupational pension insurance which means significantly lower tax than an ISK (Investment Savings Account), endowment insurance or securities custody account. Example: In 2020, the flat-rate tax is for example 0.375 % in an ISK and the yield tax for pension insurance is 0.075 %, i.e.1/5 the size. Earmarked money: The money is dedicated to the pension as they can be withdrawn no earlier than from the age of 55 and for a minimum of 5 years (which for some people is an advantage while others see it as a limitation).    Potential disadvantages of a salary exchange plan: Possible impact on the national pension: Salary exchange below 8.07 IBB has a negative impact on the general pension (and if even lower, also on sickness and parental benefits).  Earmarked money: In the event that it would be needed before retirement, the money is not available but locked until the age of 55 and can as a minimum be paid out for 5 years.   If your employer offers you a salary exchange plan, you can submit an application at nordeanode.se. In the application flow you can see the effect on your gross and net salary (based on a standard municipal tax rate of 30 %). The application is signed with BankID and then your employer approves the application. Once you have signed and the employer has signed, an agreement on salary exchange is generated which is saved by Nordea Node and can be printed.   Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month. Example:  May 2: Your application is registered.  May 31: Your application is approved by employer. End of June: First exchange at the end of June.  If your employer offers you the possibility to make a salary exchange, you apply for this via the menu “Pension” and the tab “Salary Exchange”. The pension forecast will help you decide the amount that is needed to reach your target pension.  By following these simple steps you can make an application for salary exchange: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose "Apply for salary change". Choose how your savings are to be placed. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange.

A salary exchange plan with management through Nordnet Pension means that it is invested in an occupational pension with Nordnet and is handled by logging in to nordnet.se. As the deposits are invested in a special pension specifically intended for your salary reduction plan, it could for example be used for a so-called partial pension solution.   The pension is taken out with repayment cover, the general beneficiary provision is primarily spouse, registered partner or cohabitant and secondarily children. The repayment cover and beneficiary provision can be changed by means of a form sent to Nordnet Pension. Payouts can be made no earlier than from 55 years of age and the shortest period is 5 years.  When it is time to start payouts, you should contact Nordnet Pension.   Follow these steps to apply for salary exchange with Nordnet: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Choose "Start salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose Nordnet as the manager of your salary exchange. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange. Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month.

A salary exchange plan with management through Nordea Node means that the pension is invested in an occupational pension with Nordea. You handle your pension while logged in to nordeanode.se. As the deposits are invested in a special pension specifically intended for your salary exchange plan, it could for example be used for a so-called partial pension solution.   The pension is taken out with repayment cover, the general beneficiary provision is primarily spouse, registered partner or cohabitant and secondarily children. The repayment cover and beneficiary provision can be changed by means of a form sent to Nordea.   Payouts can be made no earlier than from 55 years of age and the shortest period is 5 years. When it is time to start payouts, you should contact Nordea. Follow these steps to apply for salary exchange: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Choose "Start salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose where your savings are to be placed. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange. Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month.

A salary exchange plan with management through Collectum means that the pension is invested in the free choice in your ITP 1/ITPK. Registration, changes to the amount as well as termination of the salary exchange plan is done while you are logged in to nordeanode.se. Investment and management of the premium takes place in the insurance company where you have chosen to invest the free portion in ITP 1 or the insurance company you have chosen for your ITPK. When you have ITP 1 through your employment you have an active salary exchange you loose contribution to your pension. Contribution to ITP is calculated on the gross salary. In order for you not to lose any pension by changing your salary, the corresponding amount is added to your salary change. This means that the premium you miss out on for your regular ITP 1 provision is added to the premium your employer pays for your salary change.   Your extra deposits are subject to the same payout rules as your as your regular ITP 1/ITPK. The repayment cover and beneficiary provision are the same as for your regular ITP. To change your choices for insurance company or repayment cover, please log in to collectum.se. Follow these steps to apply for salary exchange: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Choose "Start salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose how your savings are to be placed. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange. Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month.

A salary exchange plan with management through AKAP-KR/KAP-KL means that the pension is invested in a special occupational pension that you can choose to invest in the same portfolio as your regular occupational pension. If no choice is made, the pension is invested in a traditionally managed pension insurance with repayment cover with KPA Pensionsförsäkring AB. To make changes to your choice of insurance company or repayment cover, please log in to the selection centre that is responsible for your occupational pension: www.pensionsvalet.se alternatively www.valcentralen.se. Registration, changes to the amount as well as termination of the salary exchange plan is done while you are logged in to nordeanode.se.   Follow these steps to apply for salary exchange: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Choose "Start salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose how your savings are to be placed. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange. Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month.

A salary exchange plan with management through PA 16 means that the pension is invested in the insurance company selected by you for your selectable portion within PA 16, changes to the amount as well as termination of the salary exchange plan is done while you are logged in to nordeanode.se.    The repayment cover and beneficiary provision are the same as for your regular PA 16. To change your choices for insurance company or repayment cover, please log in to "My pages" at SPV.  Follow these steps to apply for salary exchange: Log in to nordeanode.se. Go to "Pension" and "Salary exchange". Choose "Start salary exchange". Specify the gross salary deduction you are going to make. This shows the monthly savings that are paid extra for an occupational pension and the effect on your salary after tax. Choose how your savings are to be placed. Confirm or change your financial profile. Sign the application with BankID. When this is done, your employer will receive a notification and can approve your application for a salary exchange. Remember to register your desired salary exchange well in advance. If your employer approves your application for salary exchange no later than the last day of the month, it will become active from the following month.

Follow these steps to change the amount in your salary exchange: Log in to nordeanode.se. Go to "Pension" and choose "Salary exchange".  Choose "Make a new request" which is located below your current salary exchange.  Enter the new amount, and choose "Continue".  In this step, you can choose if you want to make your salary exchange with Nordea, or if your employer allows, via Nordnet. Make your choice, and then sign your application with BankID.   After you have signed your new application, you will see two salary exchanges on your screen. One is your already valid salary exchange, which is marked in green. Your new application awaiting approval is marked in yellow. Once your employer has approved your application, your new salary exchange will replace your previous salary exchange.