The Swedish Pensions Agency (SPA) has received refunds from deregistered funds and has begun paying back the money to the pensioners and savers who chose these funds for their premium pensions.

In total, approximately SEK 285m is being repaid from three funds.

One of the funds, GFG Global Medium Risk Fund, was deregistered at the end of 2016, as people associated with the funds had marketed it using illegal methods and the money had been invested in a way that was not in the interest of investors, resulting in losses.

Savers and pensioners who had money in the fund at the time were previously reimbursed with nearly SEK 610m in two instalments.

Upon the latest refund, around 5,000 savers and pensioners have been compensated with an additional SEK 50m.

“With this refund, the savers have received most of the fund's value at the time of deregistration,” said SPA head of fund trading, Rasmus Bjälkeson.

“However, we continue to monitor the protracted liquidation.”

The pensions agency is also refunding money to pensioners and savers in two Russian funds after assets, other than Russian equities, have been distributed by the fund companies.

For the Carnegie Russia Fund, approximately SEK 228m has been refunded to around 34,000 savers and pensioners.

Meanwhile, approximately 6,800 savers and pensioners have been refunded just over SEK 5m for the Nordea Rysslandsfond.

In June 2022, four Russian funds were deregistered from the premium pension fund in the wake of the Russian invasion of Ukraine.

Shareholders were compesated with 0.5 per cent of the latest share price when the SPA took over the funds.

“When we took over the savers' shares in the Russian funds, the hope was that there was additional value in the funds that we could get and distribute to the savers,” said Bjälkeson.

“Now this is happening and we continue to monitor our holdings in the funds and hope that the future provides the opportunity for further repayment to the affected savers.”

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