AMF pension settles dispute with ex-CEO
SWEDEN - Former chief executive of pension firm AMF Christer Elmehagen has agreed to pay back SEK8.6m (US$1.1m) to his old employer in an out-of-court settlement.
AMF spokesperson Cecilia Österholm said Elmehagen moved his personal pension assets from a traditional insurance into a fund insurance plan ahead of an 8% discretionary pension dividend cut the company applied to its clients in February 2009.
Österholm said Elmehagen gained SEK2.6m by moving his assets ahead of the cut, but agreed to repay the full amount.
She said he also agreed to reimburse another SEK6m of a SEK30m pension payment as a result of a disagreement with the AMF board over the interpretation of his pension entitlements.
She added: "On the top of this payment, AMF will receive a reimbursement by the Swedish tax authorities of salary taxes related to his pension. This will bring the total sum AMF will receive to SEK10.1m."
Elmehagen was the chief executive of AMF for 10 years and stepped down in December 2008.
In March, former executive vice president Ingvar Skeberg left the company because he made the same move with his pension. (Global Pensions; March 20, 2009)
At the time, chief executive Ingrid Bonde said Skeberg's actions were not illegal but that "it is impossible for me to accept and defend this type of behaviour".
Österholm said Elmehagen gained SEK2.6m by moving his assets ahead of the cut, but agreed to repay the full amount.
She said he also agreed to reimburse another SEK6m of a SEK30m pension payment as a result of a disagreement with the AMF board over the interpretation of his pension entitlements.
She added: "On the top of this payment, AMF will receive a reimbursement by the Swedish tax authorities of salary taxes related to his pension. This will bring the total sum AMF will receive to SEK10.1m."
Elmehagen was the chief executive of AMF for 10 years and stepped down in December 2008.
In March, former executive vice president Ingvar Skeberg left the company because he made the same move with his pension. (Global Pensions; March 20, 2009)
At the time, chief executive Ingrid Bonde said Skeberg's actions were not illegal but that "it is impossible for me to accept and defend this type of behaviour".
Latest stories
Government will not 'force pace of change' in AE
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Pensions and Benefits UK 2019: Programme unveiled
Pensions and Benefits UK 2019 is delighted to announce the launch of our programme for this year, celebrating 20 years of bringing you the latest updates on all things pensions and employee benefits. Register for your place today!
Updated: Key dates for pensions
PP has compiled a list of what to watch out for over the coming months.
BREAKING: LifeSight becomes first master trust to be authorised by TPR
Willis Towers Watson's LifeSight is the first master trust to be granted authorisation by The Pensions Regulator (TPR).
Back to Top
Most read
