Summary

The memorandum proposes changes to the investment rules in the Act (2000:192) on general pension funds (AP funds). The purpose of the changes is to streamline the investment rules to provide better conditions for the First–Fourth AP funds to be able to achieve the goal of management, to maximize the long-term return in relation to the risk in the investments, especially in the prevailing low interest rate environment. The proposal means that the minimum percentage of interest-bearing securities with low credit and liquidity risk is reduced from 30 to 20 percent, that the restriction on unlisted securities is removed and replaced by a maximum proportion of illiquid assets, and that the requirement for external management is removed. However, the changes mean a continued limited freedom of action in comparison with the transition to a so-called precautionary principle that was proposed in the ministry's memorandum New rules for the AP funds (Ds 2015:34).