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News: KPA reduces management charges by close to 70%.
Byline: Caroline Liinanki
Sweden
KPA Pension, the Swedish pensions company for local government employees, has slashed its management fees by almost 70 per cent.
The move will increase the pressure on other firms and put the issue of fees charged by competing Swedish pensions firms back on the agenda.
KPA's management fees, which are paid by the savers, will be cut from 0.4 per cent to 0.14 per cent from January 1 2009. The total administrative costs will now be 0.21 per cent of the savings.
"Some in the industry have already taken drastic measures to reduce fees and there has been increasing pressure on us to do the same. We've taken the public's demands into consideration. Thanks to our program to increase our efficiency, we can now reduce our already low fees, despite the ongoing financial crisis. This will strengthen our position within the highly competitive pensions market," said Bertil ...
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Source: HighBeam Research, News: KPA reduces management charges by close to 70%.