AMF Pension ex-CEO makes pensions agreement public

AMF Pension embattled former CEO Christer Elmehagen has reached an agreement with the firm's chairperson Göran Tunhammar to make public part of his controversial pension agreement.

The two paragraphs published at Elmehagen’s request on Thursday read as follows:

“AMF Pension’s remuneration committee has, as of January 1st 2004, decided that Elmehagen’s total pensions contributions should be fully paid by his 60th birthday.”

“The company’s remuneration committee has also decided that the total annual premium at this point shall be paid over a further 30 months, from July 1st 2006 – 31st December 2008, or over the period of time that Elmehagen remains in his position.”

These paragraphs were added to the agreement on February 3rd 2004 and were undersigned by Göran Tunhammar and Christer Elmehagen.

“I consider the process that applied after my 60th birthday to be very clear,” Elmehagen said.

“I don’t have it to hand what I had then. But the agreement was submitted to human resources which had to execute it. And they knew. That it should continue to run but not increase in the instance of pay rises or the like.”

“And it can be seen in the following year’s accounts that it concerns 770,000 kronor ($94,300) so it must have been that,” Elmehagen said.

AMF Pension has come under fire recently when it was revealed that the company awarded generous pension and bonuses to the company’s highest ranking executives at the same time as it announced cuts to pension payment to the millions of Swedes whose retirement savings are managed by the company.

Elmehagen alone earned around 100 million kronor ($12.6 million) during his ten-year career at the helm of AMF Pension, including a pension payment worth more than 30 million kronor.

Wanja Lundby Wedin, head of Sweden’s Trade Union Confederation (LO), who also sits on the AMF board, has faced scathing criticism for the decision to give Elmehagen such a generous pension.