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Old 08-09-2015, 09:46 AM
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Mary Pat Campbell
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SWEDEN

http://www.ft.com/intl/cms/s/0/2f53a...#axzz3iKDT90Ld

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The Swedish government’s plan to overhaul the country’s pension system has prompted condemnation from senior officials who fear the proposal will put the entire retirement framework at risk.

The proposal would lead to the closure of two of Sweden’s six state pension funds, known as the AP funds.

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The SKr23.6bn ($2.7bn) private equity-focused AP6 fund would be rolled into AP2, the largest of the funds. One of AP1, AP3 and AP4 would also be closed under the plan, which is intended to improve performance and reduce running costs.
The funds were deliberately set up as separate entities to avoid political meddling. Two of Sweden’s eight political parties have opposed the reforms, as well as the head of AP2, which has escaped the threat of closure.
Eva Halvarsson, chief executive of AP2, said: “Sweden’s AP funds work well and are cost effective. It is important that there are several independent funds pursuing different strategies.
“If implemented, the reforms will reduce this spread of risk and the relative independence enjoyed by the AP funds. For Sweden’s pensioners, the reforms are going to cost more than they are worth.”
In AP2’s latest annual report, Ms Halvarsson added that eliminating one or more AP funds “poses significantly increased risks”. She said: “Rather like removing the leg from a stool, it’s likely to collapse.”
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