SWEDEN – AMF Pension has released its 2005 results, showing a 16% return – up from 9.7% in 2004.

According to an AMF Pension press release, “2005 was a very good year for AMF Pension customers”.

While AMF Pension profits surged to 16%, the average for the rest of the industry stands at roughly 13.2%.

The administration costs of funds managed have also been sliced from 0.22% in 2004 to 0.17% in 2005.

AMF Pension profits over the last 20 years average out at 12.2%.

In January, AMF Pension announced that it would grant a contributions holiday for this year to 100,000 employers that contributed to a discontinued defined benefit pensions scheme for Swedish blue-collar workers.

The scheme switched from defined benefits to individual premium-based funded accounts after 1995.

AMF Pension is jointly owned by the Confederation of Swedish Enterprise and the Swedish trade union confederation (LO). It has some SEK281bn (€29.8bn) in assets under management.