A total of SEK 54bn will be deposited into Swedish premium pension savers’ accounts this week, bringing the total pension contribution for this year to around SEK 655bn, the Swedish Pensions Authority has revealed.

This transalates to SEK 9,093 per saver on average, up from SEK 8,574 in 2023, while the maximum deposit is SEK 14,433.

In 2024, 5,966,308 savers will receive premium pension rights, up from 5,959,882 savers in 2023. Of these, 184,924 savers are new to the premium pension system.

However, the Pensions Authority clarified that the upcoming premium pensions deposit "is only part" of the deposits for pensions, as during the year, SEK 341bn was also paid into the income pension, an average of SEK 55,988 per person.

This represents a SEK 17bn increase compared to 2023, when SEK 324bn, or an average of SEK 53,350 per person, was deposited.

In addition to this, employers payed around SEK 260bn in occupational pension premiums to their employees, taking this year's total pension contribution to approximately SEK 655bn.

Of the pension contribution of a total of 18.5 per cent of the pension base that goes to the general pension, 2.5 percentage points, roughly one-seventh, goes to the premium pension.

Swedish Pensions Authority head of fund information, Estrella Zarate, said: "Now approximately SEK 54bn is distributed in premium pension funds according to each person's fund choice.

"Those who want to know more about their fund choices within the premium pension do not need to call, but can log on to pensionsmyndigheten.se."

The premium pension is recorded and saved for each person and placed in funds that the saver has chosen or in the pre-selected AP7 Såfa.

Following the deposit, a rebalancing of AP7 Såfa will also take place, where the weighting between equity and fixed income investments is adjusted according to the age of the Såfa saver.

Rebalancing also takes place for the other AP7 portfolios.

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