Sweden launched a compulsory national pensions savings scheme five years ago, known as the PPM, into which 2.5% of a worker's gross income is channelled. The pot is expected to grow to Skr1.5 trillion (€160bn) by 2025.

This year, Denmark followed suit with its Folkebørsen savings scheme, which is based largely on the Swedish model. It kicks in fully next January, when Danes will be required to put 1% of their gross salary into the system. An electronic fund exchange, through which individuals can select the investments they want, has already been launched, with Dkr42bn (€5.6bn) of funds from the state-sponsored ATP pension scheme available for investment.