• Sweden's news in English

Swedes show little faith in pensions agency

TT/The Local · 1 Nov 2010, 15:43

Published: 01 Nov 2010 15:43 GMT+01:00

Facebook Twitter Google+ reddit

However, 16 percent of investors are dissatisfied with their savings, while two-thirds have no opinion on the outcome of their funds under the Premium Pension Authority (Premiepensionsmyndigheten, PPM), a Sifo survey carried out for online broker Avanza has revealed.

Separately, the majority of respondents don't expect the system will end up providing them with any meaningful retirement savings, the survey revealed.

The survey was based on interviews with 1,217 people from October 25th to 27th.

PPM was created as a part of a move to privatise pensions in Sweden, but doubts linger regarding how well the pension savings of investors were managed. PPM was closed on January 1st when it was taken over by the new Swedish Pensions Agency (Pensionsmyndigheten).

PPM's main tasks were deciding on premiums, responsibility for pension premium accounts, recording and implementing all purchases and sales of mutual funds that pension savers requested and managing the money that pension savers chose to transfer to traditional insurance at retirement.

It also administered the surviving relatives included in the system, provided information to retirement savers and informed about premium pension in particular and the pension scheme in general.

At the same time, newspaper Dagens Industri wrote on Monday that many of PPM's fund administrators have produced a yield of about five percent on investments this year, significantly lower than the returns on the Stockholm Stock Exchange, which has gone up 14 percent so far in 2010.

Story continues below…

The returns were not the only source of dissatisfaction for the authority. Last year, the Swedish Consumer Agency (Konsumentverket) and Swedish Consumers' Banking & Finance Bureau (Konsumenternas Bank- & finansbyrå) received hundreds of complaints about various PPM administrators.

Criticism revolved around high fees, exorbitant terms of contract and unsound telemarketing.

TT/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

00:45 November 2, 2010 by 2394040
I have to question the sanity of anyone who would turn over their pensions to the stock markets. Regardless of the country.
05:04 November 2, 2010 by Jarvilainennen
Having worked in Sweden for 11 months and at the time choosing to pay my taxes to Sweden, I receive a letter from "allmänna pensionen" sometimes but the writing inside don´t make too much sense, for I do not speak swedish quite good enough for advanced grammatics.

I´ve gathered that I´d receive something like 2 euros/month if I ever live that long, so I´ve begun to entertain the idea of donating this 2 euros to the benefit of Sweden. Does anyone have any idea how to proceed in this effort, it is a bit funny that the system needs to provide me with info I don´t care about or have no use of. A few euros just seem to go to waste on my pension-case :D
14:58 November 2, 2010 by Swedesmith
Pensions are being attacked in America at every turn. The only people who will be provided for in the future will be the politicans. The rest of us will become "Soylent Green".
Today's headlines
This is the new top boss of Swedish Ericsson
Börje Ekholm. Photo: Magnus Hjalmarson Neideman/SvD/TT

Telecoms giant Ericsson has appointed a new CEO after a turbulent year for the company.

These are Sweden's best universities: ranking
A new university ranking has been released. Photo: Cecilia Larsson Lantz/Imagebank.sweden.se

At least according to this global ranking, which picks 12 Swedish universities among the top-1000.

Swedish pharmacies restrict paracetamol sales for teens
The move is intended to cut paracetamol overdoses. Photo: Nora Lorek/TT

Sweden's pharmacies are banning teens under 18 from buying more than one pack of pills at a time.

The Local List
12 Swedish words with just awesome literal translations
A filthy-minded lobster, i.e. a snuskhummer. Photo: Gorm Kallestad/NTB scanpix/TT

One of our favourite things about the Swedish language is its wonderful compound words, which range from being utterly bizarre to making perfect sense.

Rwandan genocide suspect held in Sweden
A memorial centre in Kigali, Rwanda. Photo: Ben Curtis/AP

A man has been arrested in Sweden suspected of involvement in the 1994 Rwandan genocide which claimed 800,000 lives.

Sweden can extend border controls, EU says
A police officer carrying out a check at Sweden's border with Denmark. Photo: Emil Langvad/TT

EU countries including Sweden should be granted permission to extend temporary border controls by a period of a further three months, the European Commission has decided.

Nobel Prizes
'I'd say he's arrogant but I'd be lying': Swedes on Bob Dylan
Bob Dylan performing in France. Photo: David Vincent/AP

Almost two weeks have passed since Bob Dylan was awarded the Nobel Prize in Literature and he has yet to acknowledge the win. The Local asked Swedes what they think of the singer's silence.

Sweden cuts 2016 refugee forecast by thousands
A Swedish migration authority office in Stockholm. Photo: Maja Suslin/TT

The country has also slashed its prediction for 2017.

Swedish researchers plan new trucks for women drivers
File photo of trucks in Sweden. Photo: Thomas Johansson/TT

Could vehicles adapted for women attract more female truckers to the profession?

These stats show Swedish driving isn't so gender equal
File photo of a Swedish woman driving a car. Photo: Pontus Lundahl/TT

A new survey shows that few Swedish women get behind the wheel when driving with their male partner.

Sponsored Article
Stockholm: creating solutions to global challenges
Property of the week: Kungsholmen, Stockholm
Sponsored Article
Last chance to vote absentee in the US elections
Will Swedes soon be looking for fairtrade porn?
The Local Voices
'I simply don’t believe in nationality'
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
This is Malmö: Football capital of Sweden
Why we're convinced Game of Thrones is based on Sweden
Sponsored Article
Where is the Swedish music industry heading?
People-watching: October 21st-23rd
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Angry elk chases Swede up a lamp post
Sponsored Article
Swedish for programmers: 'It changed my life'
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Top 7 tips to help you learn Swedish
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Swede punches clown that scared his grandmother
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
Stockholm: creating solutions to global challenges
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
Where is the Swedish music industry heading?
Swedish school to build gender neutral changing room
Sponsored Article
One expat's strategy for making friends in Stockholm
People-watching: October 14th-16th
Sponsored Article
Nordic fashion in focus at Stockholm University
Man in Sweden assaulted by clowns with broken bottle
Nobel Prize 2016: Literature
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
jobs available