The privatization they're describing in the article is a lot like a 401(K). What they did was allowed a portion of the company's total pension contribution for that worker to be diverted to an employee-directed investment account.
Whereas, what happened in America, is they mostly got rid of pension plans, and replaced them with employee-directed investment accounts, aka 401(K)s and IRAs.
The pension system in Sweden looks like an actual national system designed to meet Sweden's needs, which is not a thing I can say about America.
Sweden's public pension pillar is unique in Western Europe. Part of the social security contribution is paid into individual investment accounts and a funded pension is built up with independent fund management companies responsible for the asset management.
In addition, mandatory occupational pension schemes are in place for employees working in industries covered by nationwide collective bargaining agreements. Employers who are not part of collective agreements may offer plans on a voluntary basis. Voluntary individual pension savings complement the pension landscape in Sweden.
The public pension system consists of three elements:
1. The income-based pension
The major component of the state pension system is the income-based pension. It is financed on a pay-as-you-go basis. The contribution rate amounts to 16%, which is recorded in notional accounts. The retirement age is flexible and retirement benefits can be claimed from the age of 61 at the earliest...
2. The premium pension
The premium pension is the funded part of the earnings-related old-age pension. The premium pension system is administered by the state Premium Pension Authority (PPM)...
3. The guaranteed pension
In addition to the income-based and premium pension, the guaranteed pension, a means-tested benefit, provides a minimum pension for persons older than 65 with low or no income and at least 40 years of residency in Sweden. It is financed by the government's budget...