Pensions
For members of Group Management Team who are residents in Sweden, all are subject to terms and conditions in accordance with the principles for remuneration.
President
The President’s retirement age is 62 and he is covered by the Swedish standard retirement plan for white-collar employees (ITP plan) on salary up to 30 times the income base amount. The President’s ITP plan shall be fully funded at age 62. In addition, the Company pays a pension premium amounting to 40 percent of fixed salary above 30 times the income base amounts to a defined contribution pension plan of his choice.
Other members of Group Management Team
In addition to the ITP plan, the Company pays a pension premium amounting to 35 percent of fixed salary above 30 times the income base amount. To one member of the Swedish Group Management Team the Company contributes 35 percent of the fixed salary to a defined contribution plan. Two members of Group Management Team, who are residents abroad, are covered by a defined benefit pension plan with a normal retirement age of 65. Annual variable salary (bonus) is capped at 30 percent of the fixed salary in the calculation of retirement benefits for one of the Group Management Team members that reside abroad and 50 percent for the other.
Page updated Apr 4, 2011