The Stockholm-based AP funds have completed their consolidation with SEK 510m in assets from the First AP Fund (AP1), transferred equally to the Third (AP3) and Fourth (AP4) Funds.

The figure corresponds to just over 98 per cent of AP1’s total assets at the turn of the year. The consolidation is intended to generate savings of between SEK 150-200m a year from 2027 onwards for the pension system.

As of 30 June 2025, AP3 and AP4 managed just over SEK 1,100bn, which increased to just over SEK 1,600bn after the consolidation that came into force on 1 January 2026.

AP3 and AP4 CEOs, Staffan Hansén and Niklas Ekvall, described the consolidation work as “intensive and extensive” but “very successful”.

“We are very proud that, in cooperation with the special investigator appointed by the government, we have managed to implement the consolidation so successfully and in such a short time,” they said.

The AP funds said that just under 2 per cent of the fund capital was not transferred but remains in AP1.

Currently, AP4 will manage these assets separately for the pension system. In the future, when it is “possible and appropriate”, these assets will be transferred in equal parts to the AP3 and AP4.

The separate assets, which mainly consist of unlisted funds, have not been deemed to be “cost-effective” to transfer to AP3 and AP4.

In addition, certain shares of very limited value, which are under sanction or delisted, cannot be transferred and will also remain in segregated management.

The Swedish parliament (Riksdag) approved the Swedish government's proposal to consolidate AP funds in May 20205, with legislative amendments taking effect on 1 January 2026.

The decision meant that the three Stockholm-based buffer funds have been consolidated into two, while the assets and liabilities of the Gothenburg-based Sixth AP Fund (AP6) have been transferred to the Second AP Fund (AP2).

AP3 and AP4 thanked AP1 and its employees for their cooperation in 2025 in implementing the consolidation responsibly.

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