AMF tops poll as Sweden's most popular pension provider

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  • AMF tops poll as Sweden's most popular pension provider

SWEDEN - Sweden's AMF has topped a poll of most popular pension providers in the country.

Out of the 240,000 Swedes eligible for selecting pension providers within the supplementary occupation system ITP, some 32.6% opted for AMF.

Statistics from Collectum, the administrator of the ITP system, show 60% - some 144,000 people - actively selected a provider.

Alecta was chosen by 15.3%, making it the second-most popular provider.

The company is also the default option when enrolling in the system.

Rounding out the top three was Handelsbanken Liv with 14.7% market share, followed by Länsförsäkringar with 12.2% and SEB Trygg Liv with 9.8%.

Nordea Liv & Pension came a distant sixth, with only 6.3% of the market.

Finally, Danica Pension and Skandia Liv were the two least popular providers, with 4.8% and 4.4%, respectively, opting for them.

According to a survey by Collectum, 13% of the members purposely made no decision regarding providers, as they wanted their money to be managed by Alecta, which brings the number of active selectors to 73%.

The main reason stated for not making an active selection was lack of time.

Some 36% cited this as a reason, while others failed to make a selection in time, procrastinated or intended to make a selection later.

The second most common reason, according to 17% of the surveyed, was the complexity and lack of knowledge of pensions, while 16% were simply uninterested.

Some 10% had simply cited none of the options, choosing 'other', while 4% said they were unaware they were meant to make a selection.

A further 3% could not give a reason for their inactivity, and 1% did not see the letter sent out regarding selection.

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