SPP satisfied with the Competition Authority's decision

SPP satisfied with the Competition Authority's decision Payments to start after the summer On Wednesday, the Swedish Competition Authority announced a negative clearance ruling with regard to SPP's surplus funds policy. "We are satisfied with the Competition Authority's decision," says Björn Nilsson, who is responsible for issues relating to surplus funds at the SPP Group. "This decision is in line with our expectations and it is gratifying that we can now proceed with the allocation of SPP's surplus funds. In autumn 1999, our client companies were notified of the amounts allocated to them." "Now at SPP we will finally decide on the administrative systems and payment routines to be used. At the end of April, our client companies will receive information about how to proceed. Payment can start in September," says Björn Nilsson. More than 40,000 companies will receive a share of approximately SEK 75 billion in the form of client company funds for pension purposes out of the SPP Group's surplus, which arose, among other things, as a result of good investment return. The model for allocation of these funds which SPP originally applied for permission to use was not approved from a competition viewpoint. A revised application was submitted in February this year and has now been approved. This includes greater freedom to choose other insurance company than SPP. For additional information Björn Nilsson, Senior Vice President, SPP, tel. +46 70 588 61 10 Klas Råsäter, Senior Vice President, Corporate Communications, SPP, tel. +46 8 441 69 75 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/29/20000329BIT00260/bit0001.doc http://www.bit.se/bitonline/2000/03/29/20000329BIT00260/bit0002.pdf