SWEDEN - Handelsbanken has decided to take over the occupational pensions of SAS's Swedish pilots from Alecta, with insurance capital of over SEK7bn.
This deal represents one of the largest single occupational pension deals ever carried out in the sector.
The deal was a portfolio transfer of the occupational pensions of SAS's Swedish pilots to the Swedish branch of Handelsbanken Life & Pensions.
A spokesperson from Handelsbanken was unavailable for comment.
In a separate development, Swedbank recently decided to cut 50 jobs from its newly acquired asset management arm, Folksam, in a deal which should boost the bank's pension assets.
Under the terms of the acquisition, Folksam will transfer SEK170bn in assets under management (AUM) of pension capital to Swedbank, taking its AuM to SEK635bn.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.