NORWAY - The new Government Pension Fund, a rebrand moniker for the dual bodies of the NOK1281.1bn Government Petroleum Fund and the National Insurance Scheme Fund, was unveiled on new years day.
The idea, originally reported by Global Pensions in October 2005, will see the two funds continue as separate bodies, but rebranded as a single entity. The Government Pension Fund will therefore not have its own board or administration.
A spokesman for the Ministry of Finance said: “It will be managed like it is today. It is a symbol and a gesture to change the name because we want everybody to know that this is money to be spent on future pensions. There will be no difference in the way the funds are managed, the only difference is the name.”
As of 1 January, the two parts of the fund are known as, The Government Pension Fund - Global and, The Government Pension Fund - Norway”.
The Norway part will only investing in Norwegian companies, while the global aspect will invest abroad.
The idea was originally mooted by the Ministry of Finance in October, under the then minister Per-Kristian Foss. Foss was succeeded by Kristin Halvorsen when prime minister Jens Stoltenberg’s administration assumed power later that month.
Both aspects of the funds will be managed by Norway’s central bank, Norges Bank.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.