Take Control of Your Pension: Consolidate and Save
With prices soaring across various sectors, many individuals are adopting strategies to manage their finances more effectively. One often overlooked aspect of financial management is the monitoring of fees associated with pension insurance policies. As you transition out of your employment, the contributions to your occupational pension from your previous employer come to an end, but your pension insurance remains with the firm chosen by your former employer. This continues to incur fees, which can frequently be unreasonably high.
Research indicates that the average Swede accumulates about eight so-called free policies by the time they reach retirement. Consequently, this distribution of savings among different pension providers can complicate the management of your portfolio and lead to suppressed pension growth due to excessive fees.
Fortunately, a legislative change enacted in summer 2022 empowers individuals to transfer and consolidate most older pension insurance policies. This consolidation is crucial as it can result in substantial savings—up to 80,000 kronor for an average 56-year-old customer, according to calculations from the Swedish Free Insurance Company.
By making an informed decision to consolidate your pension plans, not only do you gain clarity and control over your retirement funds, but you may also access significantly lower fees—increasing your future savings potential.
To help you get started on the path to a more organized pension, consider signing up for a complimentary pension analysis from the Swedish Free Insurance Company. This service is designed to provide you with an overview of your current pension funds and inform you of which free policies can be merged and where fees could be reduced. Registrations are quick and easy via BankID, paving the way to a more streamlined approach to managing your retirement savings.
By taking control of your pension and utilizing resources like Swedish Free Insurance Company, you can work towards maximizing your pension savings and ensuring a more secure financial future.
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