vastaavanken

Vastaavanken is a concept within the framework of Swedish social security, specifically related to pensions and old-age insurance. In Swedish, "vastaavanken" can be translated to "life insurance for oneself" or "life insurance equivalent".

Individuals are not eligible for a full state pension upon retirement if they do not have sufficient lifetime benefits, known as the "vastaavanken". To meet this requirement, Swedish citizens may have to fund their own life insurance or pension savings, or rely on occupational pensions.

The "vastaavanken" can be met through various means, including private pension plans or guaranteed savings products offered through financial institutions, employers' group life insurance, and other forms of life insurance. There are penalties for people who fail to meet the requirement, making it a significant consideration for people approaching retirement.

Failing to meet the "vastaavanken" can result in lower state pension payments, increasing reliance on private retirement savings and other forms of support. There have been various changes to the requirement in recent years, with an aim to simplify the system and provide more options for individuals to meet the requirement.

The "vastaavanken" is an essential concept for individuals nearing or in retirement in Sweden, requiring careful planning and decision-making with their financial resources to ensure a sufficient pension and old-age security.