Norway

EDB ErgoGroup settles dispute over DB, DC pension switch
EDB ErgoGroup settles dispute over DB, DC pension switch

NORWAY - EDB ErgoGroup ASA has agreed to costs totalling some NOK9m ($1.7m) per year to settle a pension dispute with employee unions over its decision to transfer some staffers from a defined benefit to a defined contribution plan.

Norway Global Fund overseer resigns
Norway Global Fund overseer resigns

NORWAY - The Ministry of Finance has confirmed that Martin Skancke has resigned his position as head of the department overseeing the Government Pension Fund Global.

Government Fund returns 0.3% in Q2
Government Fund returns 0.3% in Q2

NORWAY - The Government Pension Fund Global was up 0.3% in the second quarter after rising bond prices helped to offset drops in the global equities markets.

NBIM CIO Enge steps down
NBIM CIO Enge steps down

NORWAY - Bengt Enge, the investment chief at Norges Bank Investment Management (NBIM), has stepped down.

New mandate for GPFG management
New mandate for GPFG management

NORWAY - The Ministry of Finance has finalised a new policy for Norges Bank's management of the Government Pension Fund Global (GPFG) with a stronger focus on risk management.

Gjedrem signals objection to losing $520bn fund
Gjedrem signals objection to losing $520bn fund

NORWAY - Norges Bank Governor Svein Gjedrem signaled his opposition to removing Norway's $520bn oil fund from the central bank after a Cabinet minister suggested the fund's size may require putting it under new management in future.

Norway state pension fund returns -5.4% in Q2
Norway state pension fund returns -5.4% in Q2

NORWAY - The Government Pension Fund Global saw 5.4% (155bn kroner, $25bn) wiped off its investments in the second quarter of 2010, pulled down by a decline in global equity markets and a massive loss on its stake in BP.

Changes afoot for Norway's DB market
Changes afoot for Norway's DB market

NORWAY - Radical changes to laws governing defined benefit plans in Norway will be needed to adapt the schemes to the new old-age state pension, a commission tasked with examining the future of pensions in the country's private sector has concluded.