Telia, the Swedish state-owned telephone company, has de-clared that a new foundation for covering pension liabilities is to be created. The new foundation will mainly cover liabilities granted by the subsidiaries of the group and also liabilities founded on union pension agreements, such as ITP liabilities, dating back to 1993. The foundation will cover liabilities to a total value of Skr5bn ($625m).

In 1997 Telia opened its first pensions liability foundation by reserving some Skr 10 bn.

The chairman for both foundations is Björn Wolrath, previously executive president of Skandia Group. Mikael Nyman