The Swedish parliament has announced that the minimum age at which individuals can begin to draw on their general pension will increase from 62 to 63 in 2023.

Furthermore, retirement ages will be linked to a target age from 2026.

As of 2023, the age at which the guaranteed pension, income pension supplement and housing supplement can begin to be paid will also increase, from 65 to 66.

When this age is changed to 66, it also means that benefits that would have ended 65 years ago, such as survivor’s pension from the Swedish Pensions Agency or sickness benefit from the Swedish Social Insurance Agency, will continue to be paid for another year.

From 2023, people born in 1961 or later will have to be 63 years old to be able to begin drawing on their general pension, while those born in 1960 or earlier will be able to begin withdrawals at 62.

For those born in 1958, 66 will be the age at which the guaranteed pension, income pension supplement and housing supplement can be paid, while people born in 1957 or earlier will be able to receive payments from 65.

From 2026, the ‘target age’ will be introduced, which is an age that will be calculated every year based on life expectancy and will then be applied six years later.

This target age will govern when individuals can draw upon their pension or receive the guaranteed pension, income pension supplement and housing supplement.

It must reflect the change in life expectancy and will form the basis for the age limits in the pension system.

The target age for the years 2020 and 2021 has already been decided by the Riksdag and will be 67, which in practice will be applied from the years 2026 and 2027.

The decision was made by the Riksdag is based on an agreement in the pension group from December 2017.

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