Information for fund managers with funds registered prior to June 20th 2022
Here you will find information regarding funds listed on the Swedish Pensions Agency’s fund platform in accordance with the previous regulations.
As of June 20th 2022, it is the Swedish Fund Selection Agency that will represent the Government about the fund managers that had previously signed fund agreements with the Swedish Pensions Agency. The Swedish Fund Selection Agency conducts reviews of the fund managers and the registered funds. Since the government is a single legal person, however, no formal change of parties will take place.
The existing terms and conditions of the current fund agreements and certain older regulations in i.a. the Social Insurance Code and the Premium Pension Ordinance (2018:1302) will continue to apply until the fund agreement expires.
The fund agreements signed before June 20th 2022, will continue to apply until notice is made for each procured category. In connection to the notice for a procurement, the fund agreements for the affiliated funds affected by the procured category will be terminated. However, the affiliated funds will remain on the fund platform until the procurement is finalized, after which the affiliated funds will be replaced by the procured funds.
Until 2025, the fund platform will consist of funds registered by older regulations as well as funds procured by the new regulations.
Considering that both the Swedish Fund Selection Agency and the Swedish Pensions Agency will carry out tasks linked to the premium pension and its fund platform, fund managers will communicate with both the Swedish Fund Selection Agency and the Swedish Pensions Agency. The Swedish Fund Selection Agency, however, will remain the primary contact and will be responsible for the fund agreements and compliance with them.
Fund managers with fund agreements must therefore inform and report to the Swedish Fund Selection Agency by the terms and conditions of the older fund agreements. In certain cases, however, communication must take place directly with the Swedish Pensions Agency – for example, with regards to trading and other tasks that will continue to be managed in the Swedish Pensions Agency’s system – for example, Focus (about which see further, below). It is thus the Swedish Pensions Agency that will invoice the price reduction that will be applied under the fund agreement.
Trading and administration
All trading in fund units will take place in the Swedish Pensions Agency’s Focus system. The fund manager must regularly and at specific intervals report certain figures and measures, such as total fees charged, fund expenses, acceptance of trade orders, unit rates (NAV), confirmation of completed trade orders, information on trade days, presentation of holdings and, if relevant, fund distributions.
This will be done primarily manually, as the Swedish Pensions Agency does not have automated fund trading. The Swedish Pensions Agency sets requirements on daily trading with exceptions based on what is indicated on the fund’s trading calendar. The details of the reporting requirements can be found in the fund agreement – see especially Appendix B – and in the Focus manual.
Provision of information
Pension savers can access information about individual funds and to conduct comparisons of different types on the website of the Swedish Pensions Agency. The Swedish Pensions Agency therefore collects, processes and quality-assures the fund information. The data collection takes place via a Web interface, the fund manager being responsible for and independently entering the information. Instructions on how this information is to be entered can be found in the Focus manual.
Regular review
To comply with the terms and conditions of the fund agreement, in addition to the regular information provision in the Swedish Pensions Agency’s systems, the fund manager must also provide information about fund events and other changes of significance for the contractual relationship. The obligation to provide information also includes circumstances that concern external asset managers, any master fund and its fund managers, and associated actors. The Swedish Fund Selection Agency must be informed, without delay, of any matters such as the following:
- Legal incidents such as sanctions and injunctions from authorities and significant permit issues.
- Changes in the fund’s investment policy, change of comparison index, whether assets under management outside the premium pension system fall below the statutory requirement of SEK 500 M.
- Fund mergers and changes of fund management.
- Changes in fund regulations and prospectuses.
- Changes in ownership structure, board composition, management team and control function managers.
- Dependencies and conflicts of interest.
- Any views the custodian may have expressed regarding, e.g., valuation issues.
- Change of external asset manager, custodian, administration company.
- Changed fees and compensation models
Previous requirements for inclusion on the fund platform continue to apply.
The previous requirements and terms for inclusion on the fund platform will continue to apply to fund managers and funds that have funds registered before 20 June 2022. To be permitted to participate on the premium pension system´s platform, under previous regulations, the fund must be registered with the Swedish Financial Supervisory Authority and must meet the requirements of the UCITS Directive (2009/65/EC). Further requirements are that:
- The fund manager meets the statutory requirement regarding business history
- the fund meets the requirements regarding relevant and representative track record
- the fund meets the requirement regarding minimum assets under management outside the premium pension system
- The fund manager provides and commits to providing certain information
- The fund manager meets the statutory requirements regarding fees and expenses
- The fund manager and the fund otherwise fulfil the terms and conditions of the fund agreement.
Forms, instructions and agreements
Relevant forms and instructions can be found on the Swedish Pension Agency's webpage.
External link.
Fund agreement 6.0
Pdf, 270.5 kB.
Appendix A Price reduction 6.0 Pdf, 220.5 kB.
Appendix B Trading 6.0 Pdf, 143.1 kB.
Appendix C 6.0 Pdf, 127.1 kB.
Older agreements
Fund agreement 5.0 Pdf, 270.1 kB.
Appendix A Pdf, 221.1 kB.
Appendix B Pdf, 143.2 kB.
Appendix C Pdf, 127.1 kB.
Instructions Pdf, 317.4 kB.
Information regarding fund mergers during the transition period
The existing terms and conditions of the current fund agreements and certain older regulations in i.a. the Social Insurance Code and the Premium Pension Ordinance (2018:1302) will continue to apply until the fund agreement expires, with the changes and limitations that follow from the new legislation and the new assignment of FTN.
Since June 20, 2022, when a fund agreement expires, the premium pension monetary funds shall be transferred following the provisions outlined in Chapter 64, Section 27a-b of the Social Insurance Code. Under Chapter 64, Section 27a of the Social Insurance Code, the funds shall primarily be transferred based on the saver's new choice or to a fund that is equivalent in essential respects to the previously chosen fund.
However, transfers to an equivalent fund can only occur based on criteria and conditions established within the framework of each procurement. In the absence of an equivalent fund and an established distribution scheme enabling the transfer of assets to a specific fund, such as in a category where procurement has not yet occurred, the assets will be transferred to either AP7 Såfa or the saver's new choice.
One relevant scenario is in the case of a fund merger through absorption. As the transferring fund dissolves upon completion of the merger, the fund agreement for the transferring fund will also terminate at the latest by that time. Consequently, the premium pension monetary funds in the transferring fund will generally be invested in AP7 Såfa.
If the acquiring fund is covered by a fund agreement, FTN ensures that post-merger, the fund aligns with the fund agreement's conditions for continued coverage. This includes ensuring that the investment policy, risk level, and objectives do not change due to the merger or that the fund agreement for the fund in other aspects remains unaffected.