Common use of Retirement Pension Clause in Contracts

Retirement Pension. ‌ An employee has a right to retirement pension as from the month in which he or she reaches the age of 65 or the earlier date when the employee is entitled to draw a retirement pension up to and including the month in which the em- ployee dies. Full retirement pension is payable based on the following per- centage of the pension-qualifying salary: Pension-qualifying salary portion Pension until the month 65 years of age are reached Pension from the month 65 years of age are reached — 7.5 income base amounts 65 % 10 % 7.5 — 20 income base amounts 65 % 65 % 20 — 30 income base amounts 32.5 % 32.5 % The retirement pension may be reduced, as the case may be, under Section 4. Retirement pension before the age of 65 calculated on the basis of pensiona- ble salary up to 7.5 x Income Base Amount shall be reduced by the following benefits under the Swedish Social Insurance Code (SFB) or the Swedish Oc- cupational Injury Insurance Act: • Sickness benefits if the employee at the retirement date is drawing disability pension, however, not less than 5 percent of the retirement pension on salary up to 7,5 income base amounts will always be paid out. • Sickness compensation or annuity. Where the retirement pension is reduced owing to the period of employment, the reduction will be by such an amount that the total benefits do not exceed full retirement pension under this agreement.