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Share 2016-09-23 17:29 RATOS B 40.16 SEK

The formation of SPP

Olof Söderberg and Knut Wallenberg were also instrumental in the formation of SPP in 1917. Söderberg was concerned over the pension situation of private salaried employees. While there was no general right to an occupational pension, many companies, including Söderberg & Haak, had implemented occupational pensions for their salaried employees. Pensions tied to companies posed a problem, however, should someone leave their position before retirement or if a company wanted to hire a person who did not have that long until retirement.

Olof oversaw a working committee that laid the groundwork for the formation of SPP, launching the concept of a common pension plan for salaried employees of private companies. This would guarantee the right for someone who left a company to take their earned pension amount with them. Knut Wallenberg said in 1927, ”it was Consul General Olof Söderberg who hatched the idea and championed its benefits”.

Olof Söderberg and Knut Wallenberg signed personal guarantees ensuring SPP’s founding capital. Söderberg served as deputy chairman of the national board from its inception until his death in 1931. Söderberg & Haak were one of the first companies to sign on to SPP.

In 1960, SPP received the task of administering the ITP plan (Supplementary pensions for employees in industry and commerce). The ”old SPP” was split into two companies in 2000: Alecta, which administers the ITP plan, and SPP, which is currently part of Storebrand and offers savings, pension and insurance solutions.