Swedish schemes apply for IORP conversion after rules battle
With two days to go before the deadline, the Swedish financial supervisory agency has now received applications from six of the country’s pension funds to convert to the new status of occupational pension company (tjänstepensionsföretag) under the new IORP II-based regulatory regime.
The new act on occupational pension companies (2019:742), which puts the EU directive into Swedish law, was passed by the country’s parliament (Riksdag) in December following a long period of wrangling between stakeholders.
The authority, Finansinspektionen (FI), confirmed to IPE that Kyrkans Pensionskassa, the pension fund for the Swedish Church; Försäkringsbranschens Pensionskassa (FPK) the pension fund for the insurance industry; Sparinstitutens Pensionskassa (SPK), the pension fund for savings institutions; and PP Pensions Försäkringsförening, which covers media workers, had applied for conversion to occupational pension companies.
Applications from these four funds were followed this week by filings from the pension fund of Swedish bank Handelsbanken, Pensionskassan SHB, and the Volvo staff pension fund VFF Pension, FI said. The deadline for receipt of applications is 30 April.
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