Icesave was a very different problem. Iceland’s banks, trough the countries membership in the EEA, were able to offer their services in the UK and Netherlands.

Icesave was a very different problem. Iceland’s banks, trough the countries membership in the EEA, were able to offer their services in the UK and Netherlands. However when not just Icesave but 3 of their big banks collapsed around the same time their depositor guarantee mechanism lacked the funds to actually guarantee deposits. At the same time Iceland was in a credit crisis that prevented it from issuing more debt to refinance the deposit guarantee mechanism. This is a very different problem from a pension fund investing money abroad. An investment can always go to 0, which would hurt Swedish pensions but has no ramification outside Sweden. On the other hand the 2006 Icelandic bank sector was flush with foreign deposits that not even the Iclendic government could credibly guarantee deposits at the legal level. Quick side note, the Icelandic deposit guarantee at the time was only ~20k USD. Not a lot.