Swedish occupational pension transfers rise by 23% - Insurance Sweden

The inflow of capital to occupational pensions has increased by 23 per cent during the past year, according to new figures presented by Insurance Sweden.

During the last four quarters, almost SEK 56bn of occupational pension insurance and life insurance was transferred, with most of them taking place in the second and third quarters of 2021. Compared to the same period last year, the capital raised has increased by almost 23 per cent, equal to SEK 10.4bn.

Insurance Sweden believes the increase in transfers is connected to amendments to the law, which were introduced on 1 April 2021 that limits the fees charged for the transfer of individual unit-linked and custodian insurances.

Commenting, Insurance Sweden quantitative analyst, Kajsa Lindell, said: “Occupational pension migrants have increased significantly since relocation fees were reduced last spring.”

Those that transferred their pension through Valcentralen, which handles public sector pensions, increased by 9 per cent (SEK1.5bn), whereas transfers that were not through Valcentralen, for those in the private sector, increased by 34 per cent (SEK 9.1bn). Transfers of private life insurance savings, which include private endowment insurance and private pension insurance, decreased by 6 per cent (SEK 199m).

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