News in brief: 26 February 2021

- Momentum Pensions has extended its offering to facilitate transfers from Irish Pension Schemes.

Suitable for Irish expatriates or individuals with Irish Pension Schemes intending on retiring overseas, the proposition aims to deliver flexibility around retirement planning in a currency and jurisdiction that suits their needs. Transferring an Irish Pension Scheme to a Momentum Scheme enables expats to take advice from an independent financial adviser in the country where they live on how to achieve their pension aspirations.

- Sweden’s Finansinspektionen approved KPA Life Insurance's application to transform the company into an occupational pension company in accordance with the IORP II Directive.

Therefore it has changed its name to KPA Tjänstepension AB. With the approval, KPA Tjänstepension AB will be among the first Swedish occupational pension companies to fully comply with the new directive. The new organisation and name change applies from 1 March 2021.

- Sweden’s Skandia will raise the regular bonus on customers’ traditionally managed insurance capital from 4 per cent to 5 per cent on 1 March.

Skandia CEO and president, Frans Lindelöw, said: “Thanks to a good return on our traditional life portfolio, we can now raise the bonus rate from 4 to 5 percent. The traditional life portfolio is a safe and stable form of savings that resists strong movements in the financial market, as was proven in the previous year, which was characterized by volatility and unrest.”

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