A reform that was supposed to save money appears to have cost pension savers billions - and according to new information, the minister knew about the loss. Questions are now growing as to why the billion-dollar bill was covered up, even though it was bigger than AP1's loss in Northvolt. What did the government know - and why was the public not told?
The government's merger of the AP funds was sold as a reform to save money and strengthen control. But now new data shows that the First AP Fund lost SEK 2 billion in returns in connection with the closure, a bigger hit than the fund's loss in Northvolt. At the same time, the cost was kept out of the official accounts, where the bill was stated to be SEK 243 million, reports Industry Today (DI).
Pension billions went up in smoke
The loss is said to have arisen when AP1 was forced to liquidate derivative positions in an unfavorable way before the merger. This means that pension capital went up in smoke in a reform that was simultaneously presented as a way to protect taxpayers' money. The fact that the billions were not clearly accounted for externally now raises questions about both transparency and accountability.
Minister of Finance Niklas Wykman confirms that the government was aware of the information, but states that no action was taken.
- We received the investigator's assessment in January ... but as it is deemed to be an investment decision by the AP funds, no other action was taken.
The warnings were there before the decision
The criticism is exacerbated by the fact that there were warnings even before the reform was implemented. Tord Gransbo, a ministerial adviser, wrote that even small drops in yield could have major effects.
- Even a small decrease in yields has a big impact.
AP4 also warned that consolidation would be risky, but the reform was pushed through in just over seven months. The fact that the losses also exceeded AP1's Northvolt slap makes the data particularly sensitive.
Questions about liability are growing
Now, questions are growing about how a reform that was supposed to save money could lead to billions more disappearing - while the public was not given the full picture. For critics, this is not just about bad decisions, but about how public money can be lost without clear accountability.
