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New agreement ready for the premium pension’s fund platform

| press

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Today sees the announcement of the new fund agreement for fund managers that intend to participate on the Swedish Pensions Agency’s fund platform. The new agreement will enter into force on 1 November 2018 and contains more stringent requirements on fund managers. The objective is to create a better and more secure fund platform for pension savers.

The new requirements are the result of a new parliamentary decision with several legislative changes aimed at creating a secure and sustainable premium pension system. All fund managers intending to participate must apply to the Swedish Pensions Agency to enter into a new fund agreement. Under the agreement, fund managers are subject to new requirements for participating in the premium pension’s fund platform. The same agreement will apply to all fund managers.

The fund platform will be commission-free

A clear advantage for the pension savers is that direct or indirect distribution and sales commissions linked to fund assets in the premium pension are not allowed. A minimum requirement is introduced: at least SEK 500 million from investors outside of the premium pension for each fund. Funds that today participate in the premium pension and that do not reapply, or that fail to meet the new requirements, will be deregistered during next year. The closing date for a new application is 28 December 2018 at 16:30.

– Quality is improved by higher requirements that we are placing on fund managers. The new fund platform will also involve a higher level of security for savers with clearer rules on best practices, relevance and suitability. If we assess that confidence in a fund is lost then it will not remain on the platform. The requirements for sustainability being introduced are at a minimum level that we will continue to develop, says Erik Fransson, who is head of the Fund Department at the Swedish Pensions Agency.

New fund options may be necessary in 2019

The pension saver need not take any action as a result of the new fund agreement. During 2019, changes in funds choices may be necessary in the event that funds are deregistered from the fund platform due to the new requirements.

Some of the new requirements on the fund manager from 1 November 2018:

  • At least SEK 500 million from investors outside the premium pension.
  • The fund manager shall follow well-defined best practices and code of conduct for the premium pension.
  • A minimum of three years of relevant experience, track-record and business activity for the fund manager and for each fund.
  • The Swedish Pensions Agency charges fees that cover the cost of processing applications and auditing.
  • The fund manager shall act based on the best interests of pension savers.
  • Minimum requirements for sustainability work.
  • There will be one fund agreement for each fund, replacing the existing cooperation agreements with the fund managers.

More information on the new fund agreement

The Swedish Pensions Agency’s website contains further information on the new agreement. There is also an FAQ section that is continually updated.

For Fund Managers

About the fund market

The Swedish Pensions Agency’s is one of the world’s largest Defined Contribution Pension Plans, with the current AUM in excess of SEK 1 200 billion in and the growth rate is one of the fastest in the world. The Swedish Pension Agency accounts for 35 per cent of all new fund savings in Sweden.

For further information

Johan Andersson, press officer, +46 (0)72-210 21 63
The Swedish Pensions Agency’s press office, evenings and weekends, +46 (0)10-454 30 00