Pension foundations

A pension foundation is a foundation founded by an employer with the exclusive purpose of safeguarding the payment of pension to employees or employees’ survivors. The foundation’s assets must therefore be invested prudently.

With regard to pension foundations as referred to in section 9a of the Safeguarding of Pension Commitments, etc. Act (1967:531), i.e. foundations that safeguard the payment of pension to at least 100 persons, the supervision is divided between FI and the county administrative boards as of 1 January 2006. The legal supervision lies with the county administrative boards, while FI is responsible for the supervision of the asset management and processing applications for suitability assessment for management personnel.

FI's main tasks include

  • having the foundation in its register
  • reviewing the fund's investment guidelines
  • exercising supervision of the foundation's credit assessment procedures
  • assessing the suitability of the chair of the board, board members or alternate board members
  • receiving notifications of cross-border operations
  • as needed informing the foundation about remarks regarding the asset management
  • as needed issuing an injunction on the foundation to implement corrections if it is not following the rules in the investment guidelines.

Fees

  • FI charges and annual supervision fee of SEK 15,000.
  • FI charges a fee of SEK 14,400 for each application for a suitability assessment.
  • In order to handle an application in accordance with section 31, fifth paragraph of the Safeguarding of Pension Commitments, etc. Act on no longer applying the rules set out in section 9a, first paragraph, FI charges a fee of SEK 6,000.

Provisions regarding the management suitability assessment have been transferred to Finansinspektionen's regulations and general guidelines (2015:8) regarding insurance business, in which Chapter 10 Suitability Assessment applies in all parts to pension foundations. When submitting an application for a suitability assessment, the foundation must only submit the information in Appendix 2a of FFFS 2015:8 where applicable. This means that pension foundations do not need to answer questions 2.4 and 2.5. Pension foundations also do not need to sign the attest with the heading Authorised signatory for the insurance undertaking or submit Appendix 2b of FFFS 2015:8.

Regulations and general guidelines

The following regulations and general guidelines are some of the provisions that apply to pension foundations in full or in part as of 1 January 2016.

  • FFFS 1998:22 Ethical issues
  • FFFS 2011:39 Information regulations, Appendix 1, with amendments from FFFS 2015:18
  • FFFS 2015:8 Insurance business, Chapter 10, sections 2 and 9, and Appendix 2a, where applicable
  • FFFS 2015:11 Investment guidelines

Payment procedure

  • FI registers the application, which is assigned a reference number.
  • FI then sends an administrator letter, which specifies the reference number, the applicable fee and instructions for how to pay the fee.

Do not pay the fee until you have received the administrator letter and reference number from FI.

Last reviewed: 2020-01-03
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