SWEDEN - The CEO of Sweden's third national pension fund has quit to join one of the largest occupational pensions companies in the Nordic region.
Tomas Nicolin (pictured) will assume his new post as president of Alecta in mid- 2004.
In September last year, the chairman of AP3 Johan Bjorkman, a prominent financial figure in Sweden, was fired amid an investigation into alleged insider trading. He was replaced by Claes de Neergaard in November.
Nicolin replaces Lars Otterbeck, Alecta's president since 2000, who is to retire this year at 62 years.
Alecta's chairman Erik Asbrink, the former Swedish Finance Minister said: I am extremely pleased that Tomas Nicolin has accepted the offer to be Alecta's new president. He will continue an important process of change which has been started so well by Lars Otterbeck. I am convinced that Tomas Nicolin is the right person as president in the years ahead to meet the challenges facing Alecta. This applies to occupational pensions and investment management and to matters related to corporate governance.”
Nicolin added: “I am very much looking forward to starting at Alecta and thus coming one step closer to customers and being able to work with matters relating to occupational pensions. I also hope to be able to contribute with my experiences of corporate governance. Alecta is a very strong player and it will be extremely exciting, together with Alecta's employees, to further develop these operations.”
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
The national procurement frameworks for the Local Government Pension Scheme (LGPS) has been expanded to include member data services.
The government is seeking ways to ensure "parity" of compensation treatment between Financial Assistance Scheme (FAS) members from solvent and insolvent schemes.