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
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.