The Swedish Financial Supervisory Authority has announced that KPA Pension can executive its merger plan for KPA Tjänstepension AB and KPA Tjänstepensionsförsäkring AB.

It added that the merger of the occupational pension sections must be implemented as of 1 November 2023.

KPA Tjänstepensionsförsäkring AB will take over the service group life operations of KPA Tjänstepension AB.

The pension company's KPA Tjänstepension AB is KPA’s service pension for municipal workers, while KPA Tjänstepensionsförsäkring AB is its occupational pension insurance offering.

KPA Pension stated that, through the merger, several “synergistic effects” would be achieved, including in financial management and administration, as well as areas such as administration and reporting.

It added that KPA Pension’s customers would benefit due to the company’s ability to keep fees low and provide positive returns improving further.

Commenting on the announcement, KPA Pension CEO, Camilla Larsson, said: “With yesterday's announcement from the Financial Supervisory Authority, there are no formal obstacles to KPA Tjänstepensionsförsäkring AB taking over the service group life operations of KPA Tjänstepension AB.

“By consolidating the occupational pension operations within KPA Pension in one and the same company, we simplify our operations and strengthen our offer further, which will benefit our customers.”

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