The Swedish Ministry of Finance has appointed two special investigators to assist the country's pension buffer funds with the government's plans to reduce the number of AP funds.

The government previously confirmed that it would be pushing ahead with its plans to consolidate the three Stockholm-based Swedish pension buffer funds into two, as part of its ongoing efforts to modernise and streamline the overall management of the buffer capital.

In addition to this, it is also looking to merge AP6 with AP2, which will remain in Gothenburg.

The government confirmed at the time that two special investigators would be appointed to assist the funds concerned with the implementation of the reorganisation, one who will primarily assist the funds in Gothenburg and one in Stockholm.

It has now confirmed these appointments, with Gothenburg District Court attorney at law, Eva-Lena Norgren, appointed as the special investigator for AP2 and AP6, while adviser, Niklas Johansson, has been named as the special investigator for AP1, AP3 and AP4.

The government said that the two special investigators will have a coordinating role in the work of merging the respective funds, emphasising that the two reorganisations should, as far as possible, be treated equally, with the investigators therefore set to conduct their work in "close cooperation" with each other.

In particular, the investigators are expected to share an interim first report on 30 September, outlining which assets in the funds should be managed separately from other assets.

This is because it is not possible to transfer certain assets in connection with the reorganisation due to several reasons, including external managers not allowing a transfer, or that a transfer would create unjustifiably high costs.

The investigators will also support the funds in other issues arising from the reorganisation, such as handling personnel issues, leases and other agreements that are not related to the actual asset management.

In addition to this, they will propose how the costs of the reorganisation will be distributed between the funds.

The investigators are also expected to flag if any further legislative changes are needed during the reorganisation, as the bill stressed the need for the AP funds to continue to conduct the same investment activities as today, even after the reorganisation.

The government has already made some adjustments to the investment rules in line with this aim, as it previously confirmed that it would look to give AP2 increased opportunities to invest in unlisted assets until 2036, to address concerns that AP6's accumulated expertise would not be fully utilised.

The final reports will be shared no later than 16 February 2026.

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