Swedish Pensions Agency launches inquiry into the country’s pension system

The Swedish Pensions Agency (SPA) has launched an inquiry into the country’s pension system, following criticisms that suggested Swedish pensions were inadequate for some savers.

The SPA noted the system had been criticised for pensions being too low, younger Swedes having to save more to receive the same pension levels as previous generations and goals decided by the Riksdag not being achieved.

According to the SPA, the system was often described as being “constantly eroded” and that if things continued, current and future pensioners could be thrown into poverty.

The body says that various players are demanding higher pension contributions and more favourable conditions for private savings.

“The Swedish Pensions Agency has an information assignment where we will increase our understanding of the pension system. To create a true picture of pensions and the pension system, we will provide a fact-based picture of the system and its effects,” said SPA Director General, Daniel Barr.

“Regardless of what decisions are made about the pension system, they need to be well-founded, we owe it to current and future pensioners and those in employment.”

The inquiry and subsequent reports will be based on central criticisms of the pension system. The Swedish Pensions Agency will publish the reports with pre-determined dates up until the summer of 2022.

The first report, titled ‘Are pensions sufficient?’ will be published on 12 November 2021.

In August, the SPA released findings from a report that revealed a fifth of Swedish people who worked past retirement did so because they felt their pension was too low.

A recent study from Skandia suggested students were hit hardest under the current system. Graduates could be required to save an additional SEK 1,800 a month in their career to attain their desired pension sum, according to the study.

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