Swedish prime minister Stefan Löfven, a Social Democrat, has confirmed Per Bolund as the minister for financial markets, replacing Peter Norman.

Last month saw the Swedish population take part in a general election, with the left-leaning coalition falling short of a majority, but with Löfven still electing to form a minority government with the Green Party.

Bolund, a Green Party MP, will also become the deputy minister of finance in the new Swedish government.

In addition to the appointment of Bolund, Annika Strandhäll is set to become the new social security minister, and in turn will take over from Ulf Krister Petersson as the chairperson of the country’s independent pensions committee.

The cross-party group helps form policy on the country’s pension system and was behind the reforms announced for the AP funds.

Bolund will now oversee this reform, which the outgoing government announced would be reduced from five funds to three, after accepting recommendations from the independent committee.

In 2011, the then government initiated a review into the structure of the AP fund system, including the viability of buffer funds AP1 through AP4, and private equity investor AP6.

Bolund, 43, became an MP in 2006 for the Green Party and has since been the economic spokesman.

Previously, he was a civil servant in the industry ministry.

His predecessor, Norman, began the review of the AP system having previously been in charge of the AP7 fund.

The reform of the funds has been a contentious issue in Sweden, with AP3 vice-president Gustaf Hagerud leaving the fund amid speculation about whether it would cease to exist.