Folksam wanted to utilize the IORP regulations to strengthen its position in the Swedish occupational pensions market and provide better conditions to their customers by offering long-term solid returns, low fees and responsible investments. In practice, this meant that Folksam Liv was divided and existing occupational pension insurances and offerings were extracted and placed into a newly started company, Folksam Tjänstepension.
To achieve this goal, within a set timeframe and at a reasonable cost, the occupational pension portfolio was migrated to Lumera, within the framework of Folksam Liv. The new company, Folksam Tjänstepension, was started. November 1st the occupational pension portfolio were transferred to Folksam Tjänstepension.
With a sharp deadline for Folksam to be compliant with the IORP regulations, the project required a massive relocation that affected large parts of the Folksam Group, involving 38 different insurance products with 1 000,000 policies worth more than SEK 100 billion.
Thanks to a close collaboration between Folksam and Lumera, Folksam Tjänstepension is now operational and working towards creating attractive customer offerings in the occupational pensions market, which is exactly what Folksam aimed for.