The surplus in the Swedish income pension system increased to SEK 1.3trn, as at the end of January 2023, the Swedish Pensions Agency (SPA) has revealed.

This represents an increase of SEK 100bn compared to the end of December 2022, when the surplus was calculated at SEK 1.2trn.

Commenting on the figures, SPA head of analysis, Ole Settergren, said: “The financial strength of the income pension is increasing despite the market value of the AP funds falling in 2022.

“The reason is that the employer contribution and the general pension contribution increased in 2022 because employment increased sharply that year.”

The income pension system’s assets consist of the present value of future contributions, also known as the contribution asset, as well as the assets in AP funds 1, 2, 3, 4, and 6.

Combined, these assets were estimated to be 12.95 per cent greater than pension liabilities.

This corresponds to a balance figure of 1.1295 for 2024, according to the SPA.

In December, the SPA revealed that pension contributions in occupational pension schemes in Sweden totalled SEK 594.6bn in 2022, with SEK 307bn of this total being paid by members.

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