The cross-bloc pension group has agreed on the future of the premium pension system, the government states in a press release.
According to the investigation that has been done, the number of funds will be between 150-200 funds, compared with today's approximately 500.
The reforms in the system are based on the pension group's agreement from 2017 and an inquiry in 2019. Now the group - which includes all parties except the Sweden Democrats and the Left Party - has completed negotiations and can specify the new arrangement.
- There will be significantly fewer funds.
The procurement system must involve a selection, the best funds must be selected.
There must be freedom of choice, but there must be a selection, says Minister of Social Insurance Ardalan Shekarabi (S) to Ekot.
New authority
A new board authority is established.
It will procure funds for the premium pension fund marketplace.
The funds have different risk levels and investment orientations, and their control is tightened.
One purpose is to curb unscrupulous players, not least in light of several scandals in recent years with pension companies.
"The funds must be cost-effective, sustainable, controllable and of high quality," the guidelines state.
The board authority decides how many funds are to be procured.
The pension group believes that there should be approximately as many as the maximum number within the elective part of the occupational pension, ie 150–200 funds.
Criticized system
But that range should not be seen as a maximum ceiling, the pension group points out;
the board authority has the last word on the number of funds "in professional procurement".
In the original premium pension system, there were over 800 funds.
The system was criticized because the large sample was considered to place too high demands on the pension savers' prior knowledge.
Also in the new premium pension system, the state pension fund AP7 Såfa will be the default option for those who do not want to make their own fund choices.
Nearly five million Swedes have pension money in the "soffliggarfonden".
Now, procurement of funds awaits the premium pension fund marketplace.
The new premium pension system will be ready during the term of office, ie before September 2022, says press secretary Viktor Nyberg at Minister of Social Insurance Ardalan Shekarabi (S) for TT.