Swedish regulator responds positively to proposal for additional oversight
The Swedish Financial Supervisory Authority (Finansinspektionen) has responded positively to a consultation proposal from the country’s Ministry of Health and Social Affairs that it take over responsibility for oversight of the voluntary pensions sector, affecting some SEK500m of assets owned by some 10,000 insured persons.
The proposal would also affect the role of the Swedish Pensions Agency (Pensionsmyndigheten), which would become responsible for issuing technical guidance linked to pension calculations.
The technical guidance and basis for calculations would, according to the proposal, be set up by the chief actuary at the Pensions Agency, to be accepted by its board, before being forwarded to the Supervisory Authority.
The Supervisory Authority adds in its response that any new responsibilities in this area be funded through the annual levy applied to fund its operations.
The voluntary pension legislation means employees can add to their statutory pensions through additional monthly payments. A key difference is that the payments and the retirement income are not linked to earnings or inflation indices. It is also ignored for purposes such as calculating sickness or unemployment benefits.