NORWAY - The Confederation of Norwegian Enterprise (NHO) has appointed pension provider Storebrand as the preferred mandatory pension scheme provider for its member companies.
A spokesman for NHO said the deal, which involved 2500 companies with 55,000 employees, was expected to double in size within 12 months. In the next few weeks, many NHO companies without an occupational pension scheme will be able to create one for their employees.
The sum of salaries paid to the deal’s existing 55,000 employees amounted to NOK16.5bn, of which 2% [approximately NOK3.3m/e376,000] accounted for pensions, he added.
The NHO represents approximately 16,000 companies and 440,500 employees within crafts, manufacturing, the service sector and knowledge and technology based enterprises. Together these represent 40% of the economic value-creation of Norway’s private sector.
NHO director general Finn Bergesen said: “When determining a pension provider we have put emphasis on securing solid pension deliveries not only the first year, but on a long-term basis.”
Each individual company will have the ability to expand its pension scheme with additional features.
By Lisa Haines
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point