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Swedes surf net to switch savings

SWEDEN –The number of people switching their assets within the Swedish premium pension administration system (PPM) has more than doubled in a week following the launch of its new web site.
Pension savers are now able to move their contributions from fund to fund over the internet.

Before the computer system was installed, only 411 savers had decided to switch funds, and five days after the implementation of the programme, last Friday, the figure was up to one thousand, says Eva Lindhé at PPM.
The pensions administration also believes that the number will continue to increase due to the convenience of changing funds online.
Seventy per cent of Swedes claim to have access to the internet.

In order to swap managers, users are required to provide the codes for the funds, their user number and a password, as well as the percentage of assets they want to invest in each fund.

After the introduction of the web page there are now three ways for Swedes to switch investment choices: internet, post and telephone.

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