2022-11-232022/23:SfU5 · p.2SfUMigration & social insurance
Guidelines for the Seventh AP Fund
Goals and guidelines for the Seventh AP Fund's management of the premium pension default option
What's at stake: The Seventh AP Fund manages the premium pension savings of everyone who has not actively chosen a fund, affecting a large share of the country's pension savers. How the guidelines are framed affects how quickly the fund phases out fossil investments and how strict the climate and ethics requirements placed on its management are.
Case texts and AI reasoning are AI-translated from the Swedish originals; the Swedish text is authoritative.
What the vote decides
The question is whether the Seventh AP Fund's sustainability goal should remain broadly formulated, as proposed by the government, or be supplemented with concrete climate and ethics requirements, as sought by the reservation.
Yes Yes — the committee proposal
The committee backs the government's proposal that the default option's goal should be the same as for the premium pension system as a whole, and declines to legislate a specific risk level. It considers the sustainability goal of exemplary management sufficient and therefore rejects the motion calling for more detailed climate and ethics requirements.
No No — the reservations
Reservation 1 (V, MP)
The reservation holds that the sustainability goal is too vaguely formulated and wants the Seventh AP Fund guided by concrete rules: environmental and ethical considerations should be weighted equally with the return target, no new investments should be made in coal, oil or fossil gas, existing fossil holdings should be divested within two years, quantitative targets should be set for renewable energy, and the fund should not invest in companies that use tax havens.
Summarised from the committee report. Party labels in the summary come from the report, not from the vote.
What do the votes mean here?
Yes The committee proposal: rejecting the motions (keeping things as they are).
No Backing the counter-proposal: reservation 1 by V, MP.
Abstain The party marks a position of its own that is not one of the two final alternatives.
What each plan points to — and how the party voted
For each party: the vote its own election manifesto and party programme point to in this case, next to how the party actually voted. A plan can only point to Yes or No; a party can also abstain.
| Plan | Vote | Confidence | Evidence | ||
|---|---|---|---|---|---|
| V | No | No 0/20/0/4 | follows the plan | confidence: high | explicit |
| S | No | Yes 93/0/0/14 | departs from the plan | confidence: medium | not addressed |
| MP | No | No 0/15/0/3 | follows the plan | confidence: high | explicit |
| C | Yes | Yes 20/0/0/4 | follows the plan | confidence: medium | derived |
| L | Yes | Yes 13/0/0/3 | follows the plan | confidence: medium | not addressed |
| KD | Yes | Yes 16/0/0/3 | follows the plan | confidence: low | derived |
| M | Yes | Yes 59/0/0/9 | follows the plan | confidence: medium | not addressed |
| SD | Yes | Yes 63/0/0/10 | follows the plan | confidence: medium | not addressed |
Committee proposal
Parliament rejects motion 2022/23:22 by Ida Gabrielsson et al. (V).
Original (Swedish)
Riksdagen avslår motion 2022/23:22 av Ida Gabrielsson m.fl. (V).
Riksdag decision: The government has proposed law changes concerning the Seventh AP Fund and the management of premium pension for those who have not themselves chosen pension funds, the so-called default option. Parliament approved the law changes. The changes mean, among other things, that the goal for the default option in premium pension is high-quality pension savings that provides a secure pension, that is, the same goal as for the premium pension system as a whole a sustainability goal is introduced for the Seventh AP Fund, which means that fund management shall be conducted in an exemplary manner there shall be greater opportunities to invest the fund's money in so-called illiquid assets. In the proposal, the government also raises questions about the Financial Supervisory Authority's oversight of the Seventh AP Fund and about whistleblower protection for information within the AP funds' investment activities. The law changes shall come into effect on 1 January 2023.
Counter-proposals
- The counter-proposal wants the Seventh AP Fund to be given clear climate and ethics guidelines for investments. (V, MP) — Reservation 1
Plan vs actual vote
Every party, in chamber order: what its own plan pointed to, how it voted, and the reasoning behind both. Highlighted rows are where the two differ — but a vote that follows the plan is a result too, so the reasoning is there for every party.
The plan makes the climate emergency the framework for all political decisions and requires that shared pension capital is directed toward socially beneficial investments rather than only high returns.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan makes the climate emergency the framework for all political decisions and requires that shared pension capital is directed toward socially beneficial investments rather than only high returns. A vague sustainability goal is then insufficient. The counter-proposal's requirements for fossil-free placements, quantitative goals for renewable energy, and stopping tax-haven companies align with these commitments.
Original (Swedish)
Planen gör klimatnödläget till ram för alla politiska beslut och kräver att det gemensamma pensionskapitalet styrs mot samhällsnyttiga investeringar snarare än enbart hög avkastning. Ett vagt hållbarhetsmål räcker då inte. Motförslagets krav på fossilfria placeringar, kvantitativa mål för förnybart och stopp för skatteparadisbolag ligger i linje med dessa åtaganden.
- political steering of AP fundsdecisive»Vänsterpartiet vill att AP-fondernas kapital i högre utsträckning« (party programme ↗)“The Left Party wants AP funds' capital to a greater extent”
- all decisions must be climate-tested»Omställningen behöver ske omgående och alla politiska beslut behöver ta hänsyn till den akuta kris som vi befinner oss i.« (2022 manifesto ↗)“The transition needs to happen immediately and all political decisions need to take into account the acute crisis we are in.”
- climate emergency»Vi befinner oss i ett klimatnödläge.« (2022 manifesto ↗)“We are in a climate emergency.”
- resistance to tax havens»Pengarna du och jag betalar för våra barns skolgång och framgång går till vinster i skolkoncerner och hamnar i skatteparadis.« (2022 manifesto ↗)“The money you and I pay for our children's schooling and success goes to profits in school companies and ends up in tax havens.”
The plan establishes that institutional capital should be driving in environmental responsibility and that Sweden should become fossil-free, which argues for clearer climate and ethics guidelines for the fund's investments.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan establishes that institutional capital should be driving in environmental responsibility and that Sweden should become fossil-free, which argues for clearer climate and ethics guidelines for the fund's investments. The demand for divesting fossil holdings and stopping tax haven companies is in line with commitments to fossil-free status and against tax evasion. The plan, however, does not pronounce itself on the preferred alternative's legal regulation, which is why certainty is limited.
Original (Swedish)
Planen slår fast att det institutionella kapitalet ska vara pådrivande för miljöansvar och att Sverige ska bli fossilfritt, vilket talar för tydligare klimat- och etikriktlinjer för fondens placeringar. Kravet på avveckling av fossila innehav och stopp för skatteparadisbolag ligger i linje med åtagandena om fossilfrihet och mot skattefusk. Planen uttalar sig dock inte om förvalsalternativets lagreglering, varför säkerheten är begränsad.
- institutional capital drivingdecisive»Det institutionella kapitalet bör vara pådrivande i frågor som rör arbetstagares rättigheter, företagens sociala skyldigheter och ansvar för miljön.« (party programme ↗)“Institutional capital should be driving in matters concerning workers' rights, companies' social responsibilities and responsibility for the environment.”
- fossil-free welfare nation»Sverige ska bli världens första fossilfria välfärdsnation.« (2022 manifesto ↗)“Sweden shall become the world's first fossil-free welfare nation.”
- stop tax evasion»Skattefusk, välfärdsbrottslighet och penningtvätt ska stoppas.« (2022 manifesto ↗)“Tax evasion, welfare crime and money laundering must be stopped.”
- environmental consideration overriding»Den ser miljöhänsyn som ett överordnat krav i all produktion.« (party programme ↗)“It sees environmental consideration as an overriding requirement in all production.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The party programme stipulates that state pension funds must set ethical and environmental requirements on the companies they invest in and that pension money must be invested ethically and with long-term sustainability.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The party programme stipulates that state pension funds must set ethical and environmental requirements on the companies they invest in and that pension money must be invested ethically and with long-term sustainability. The counter-proposal's requirements for clear climate and ethical guidelines, phase-out of fossil holdings and stop for investments in companies using tax havens are in line with this, as is the phase-out of coal, oil and fossil gas. The plan therefore supports the counter-proposal.
Original (Swedish)
Partiprogrammet slår fast att statliga pensionsfonder ska ställa etik- och miljökrav på de företag de investerar i och att pensionsmedlen ska placeras etiskt och långsiktigt hållbart. Motförslagets krav på tydliga klimat- och etikriktlinjer, avveckling av fossila innehav och stopp för placeringar i bolag som använder skatteparadis ligger i linje med detta, liksom med utfasningen av kol, olja och fossilgas. Planen stöder därför motförslaget.
- ethical requirements on state fundsdecisive»etik- och miljökrav på de företag de investerar i.« (party programme ↗)“ethical and environmental requirements on the companies they invest in.”
- sustainable pension investments»Pensionsmedlen ska placeras etiskt och« (party programme ↗)“Pension money must be invested ethically and”
- phase-out of fossil fuels»införa en omställningslag så att all industri fasar ut kol, olja och fossilgas till senast 2030.« (2022 manifesto ↗)“introduce a transformation law so that all industry phases out coal, oil and fossil gas by 2030 at the latest.”
- stop tax evasion»Företags skatteflykt ska stoppas.« (party programme ↗)“Corporate tax evasion must be stopped.”
The plan's binding commitment on premium pensions is that the pension system's long-term fairness and sustainability shall be defended, that is to say that savings shall give good pensions.
Plan documents: 2022 manifesto · party programme
Reasoning and quotes
The plan's binding commitment on premium pensions is that the pension system's long-term fairness and sustainability shall be defended, that is to say that savings shall give good pensions. The Centre Party's climate line is built on pricing of emissions and effective measures over symbolic politics, within a market economy free from planeconomic signals. The counter-proposal's demands to equate ethical regard with return targets and enshrine quantitative placement targets therefore go against the plan.
Original (Swedish)
Planens bindande åtagande om premiepensionen är att pensionssystemets långsiktiga rättvisa och hållbarhet ska försvaras, alltså att sparandet ska ge god pension. Centerpartiets klimatlinje bygger på prissättning av utsläpp och effektiva åtgärder framför symbolpolitik, inom en marknadsekonomi fri från planekonomiska pekpinnar. Motförslagets krav på att jämställa etiska hänsyn med avkastningsmålet och lagfästa kvantitativa placeringsmål strider därför mot planen.
- pension system sustainabilitydecisive»Vi måste försvara pensionssystemets långsiktiga rättvisa och hållbarhet.« (2022 manifesto ↗)“We must defend the pension system's long-term fairness and sustainability.”
- effective measures before symbolic politics»Ett ledarskap som prioriterar effektiva åtgärder framför symbolpolitik eller passivitet.« (2022 manifesto ↗)“Leadership that prioritises effective measures over symbolic politics or passivity.”
- pricing rather than detailed control»Ytterst är lösningen i klimatfrågan att få till stånd en global prissättning på koldioxid« (party programme ↗)“Ultimately the solution in climate matters is to bring about global pricing of carbon dioxide”
flags: citat_blockerat
The plan's climate policy rests on general policy instruments and explicitly rejects symbolic politics and from climate policy becoming a competition in taxes and subsidies; detailed divestment requirements and quantitative investment targets for a state pension fund are precisely such a measure.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan's climate policy rests on general policy instruments and explicitly rejects symbolic politics and from climate policy becoming a competition in taxes and subsidies; detailed divestment requirements and quantitative investment targets for a state pension fund are precisely such a measure. At the same time, the pension fund's purpose according to the plan is to give savers returns with a clear link between contributions and benefits. That the plan wants to abolish fossil subsidies pulls partly towards the counter-proposal but concerns subsidies, not fund placements.
Original (Swedish)
Planens klimatpolitik bygger på generella styrmedel och tar uttryckligen avstånd från symbolpolitik och från att klimatpolitiken blir en tävling i skatter och bidrag; detaljerade divesteringskrav och kvantitativa investeringsmål för en statlig pensionsfond är just en sådan åtgärd. Samtidigt är pensionskapitalets uppgift enligt planen att ge spararna avkastning med tydligt samband mellan premier och förmåner. Att planen vill avskaffa fossila subventioner drar delvis åt motförslagets håll men handlar om subventioner, inte om fondplaceringar.
- no to symbolic politicsdecisive»tar avstånd från symbolpolitik och åtgärder som dövar samveten i stället för att rädda miljön« (party programme ↗)“rejects symbolic politics and measures that salve the conscience instead of saving the environment”
- general climate taxes»Därför är vi för riktiga klimatskatter i stället för att göra klimatpolitiken till en tävling i högst bidrag och flest symbolskatter.« (2022 manifesto ↗)“Therefore we are for real climate taxes rather than making climate policy a competition in highest subsidies and most symbolic taxes.”
- the pension belongs to the saver»Det ska finnas ett tydligt samband mellan förmåner och inbetalade premier.« (party programme ↗)“There shall be a clear link between benefits and paid contributions.”
- abolish fossil subsidies»Subventioner, inklusive skattelättnader och stöd, till fossila bränslen i Sverige såväl som globalt ska successivt avskaffas.« (2022 manifesto ↗)“Subsidies, including tax concessions and support, for fossil fuels in Sweden as well as globally shall be phased out.”
The counter-proposal wants to legally control the default option's placements in detail: fossil assets divested within two years, quantitative targets for renewable energy and environmental considerations equal to the return target.
Plan documents: party programme
Reasoning and quotes
The counter-proposal wants to legally control the default option's placements in detail: fossil assets divested within two years, quantitative targets for renewable energy and environmental considerations equal to the return target. The plan's core commitment on pensions is that the system shall be based on lifetime income and provide security, and that politics' task first and foremost is to safeguard citizens' interests rather than detailed management. The plan thus does not support the demands, even though trusteeship speaks for climate considerations.
Original (Swedish)
Motförslaget vill lagstyra förvalsalternativets placeringar i detalj: fossila innehav avvecklade inom två år, kvantitativa mål för förnybart och miljöhänsyn jämställd med avkastningsmålet. Planens bärande åtagande om pensionerna är att systemet ska utgå från livsinkomsten och ge trygghet, och att politikens uppgift i första hand är att ta tillvara medborgarnas intresse snarare än att detaljstyra förvaltningen. Planen ger därför inte stöd för kraven, även om förvaltarskapet talar för klimathänsyn.
- pension based on lifetime incomedecisive»Pensionssystemet ska utgå från den livsinkomst« (party programme ↗)“The pension system shall be based on the lifetime income”
- politics should not manage in detail»Politikernas uppgift är i första hand att ta tillvara« (party programme ↗)“The politicians' task is first and foremost to safeguard”
- personal before institutional ownership»Det är också angeläget att det personliga ägandet uppmuntras på bekostnad av det institutionella ägandet.« (party programme ↗)“It is also important that personal ownership is encouraged at the expense of institutional ownership.”
- decisive action against climate change»För att motverka klimatförändring krävs krafttag för« (party programme ↗)“To counteract climate change, decisive action is required for”
The counter-proposal wants to direct the Seventh AP Fund's investments with political details: fossil phase-out within two years, quantitative targets for renewables and environmental considerations on par with returns.
Plan documents: 2022 manifesto · party programme
Reasoning and quotes
The counter-proposal wants to direct the Seventh AP Fund's investments with political details: fossil phase-out within two years, quantitative targets for renewables and environmental considerations on par with returns. The plan explicitly changes the target from renewable to fossil-free and warns against climate policy that becomes expensive symbolic politics, while the pension system should provide higher pensions when the economy is good. Savings returns should thus not be subordinated to political investment directives, and the requirement is rejected.
Original (Swedish)
Motförslaget vill styra Sjunde AP-fondens placeringar med politiska detaljkrav: fossil avveckling inom två år, kvantitativa mål för förnybart och miljöhänsyn jämställd med avkastning. Planen byter uttryckligen mål från förnybart till fossilfritt och varnar för klimatpolitik som blir dyrbar symbolpolitik, samtidigt som pensionssystemet ska ge högre pensioner när ekonomin är god. Sparandets avkastning ska alltså inte underordnas politiska placeringsdirektiv, och kravet avvisas.
- fossil-free before renewabledecisive»Ändra det energipolitiska målet från 100 procent förnybart till 100 procent fossilfritt« (2022 manifesto ↗)“Change the energy policy target from 100 percent renewable to 100 percent fossil-free”
- no to symbolic politics»Klimatpolitiken får aldrig reduceras till dyrbar symbolpolitik eller snäv klimatnationalism.« (party programme ↗)“Climate policy must never be reduced to expensive symbolic politics or narrow climate nationalism.”
- returns for pensioners»Införa en ”gas” i pensionssystemet som ger högre pensioner när Sveriges ekonomi är god« (2022 manifesto ↗)“Introduce a 'gear' in the pension system that provides higher pensions when Sweden's economy is good”
- fact-based climate policyweak support»Vetenskap och fakta ska vara ledande i klimat- och miljöpolitiken.« (party programme ↗)“Science and facts shall be leading in climate and environmental policy.”
flags: citat_svagt
The counter-proposal wants to guide the Seventh AP Fund's investments with climate and ethics requirements that are equated with the returns target, phase out fossil holdings and set quantitative goals for renewables.
Plan documents: 2022 manifesto
Reasoning and quotes
The counter-proposal wants to guide the Seventh AP Fund's investments with climate and ethics requirements that are equated with the returns target, phase out fossil holdings and set quantitative goals for renewables. The plan requires that climate measures be governed by evidence, results and cost-efficiency in a global perspective, and that pensions be strengthened. To subordinate returns to politically set investment rules goes against both these commitments.
Original (Swedish)
Motförslaget vill styra Sjunde AP-fondens placeringar med klimat- och etikkrav som jämställs med avkastningsmålet, avveckla fossila innehav och sätta kvantitativa mål för förnybart. Planen kräver att klimatåtgärder styrs av evidens, resultat och kostnadseffektivitet i ett globalt perspektiv, och att pensionerna stärks. Att underordna avkastningen politiskt satta placeringsregler går emot båda dessa åtaganden.
- evidence-driven climate targetsdecisive»Evidens, resultat och svensk konkurrenskraft ska styra genomförandet av klimatmål i högre utsträckning än politikers vilja att gå först och längst.« (2022 manifesto ↗)“Evidence, results and Swedish competitiveness shall guide the implementation of climate targets to a greater extent than politicians' wish to go first and furthest.”
- strengthened pension system»Sverigedemokraterna vill stärka hela pensionssystemet och öka pensionsavsättningarna.« (2022 manifesto ↗)“Sweden Democrats want to strengthen the whole pension system and increase pension provisions.”
- efficient climate policy»Bedriva en effektiv klimatpolitik med ett tydligt globalt perspektiv« (2022 manifesto ↗)“Conduct an efficient climate policy with a clear global perspective”
- raised pensions»Höja pensionerna« (2022 manifesto ↗)“Raise pensions”
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Sources and documents
- The committee report on riksdagen.se (2022/23:SfU5)
- Committee report full text (HA01SfU5)
- Per-MP voting data (API)
- Case status (API)
Documents under consideration
- Motion 2022/23:22 — med anledning av prop. 2021/22:280 Förvalsalternativet inom premiepensionen av Ida Gabrielsson m.fl. (V)
- Proposition 2021/22:280 — Förvalsalternativet inom premiepensionen
Source: The Swedish Parliament