The First AP Fund (AP1) has ceased its operations

AP1’s operations ceased at the end of 2025, after 25 years as a significant part of the management of the buffer capital in the Swedish income pension system. The winding-up is a result of the Swedish Parliament’s decision to restructure the management of the pension system’s buffer capital. The decision means that AP1’s assets and liabilities were transferred to AP3 and AP4 as of 1 January 2026.

AP1’s annual report for 2025 and the final holdings lists as of 31 December 2025 will be published here in February 2026. For questions regarding AP1, please contact AP4 at info@ap4.se or +46 (0)8-787 75 00.

As part of the change, the government has decided that certain assets are to be managed separately during a transitional period. For these assets, parts of the previous legislation governing AP1 will continue to apply, but the duties previously carried out by AP1’s Board are now handled by AP4’s Board. It is therefore AP4’s Board that adopts and signs AP1’s annual report for 2025, and information about AP1 is available here on AP4’s website.

AP4 would like to express its appreciation for the structured and responsible work carried out by AP1 and its employees during the winding-up process.