NORWAY - The OECD has said that Norway should consider rules allowing portability of occupational pensions between the private and the public sectors.
The organisation has also called for the phasing out of the two-thirds guarantee in the public sector.
The 2004 White Paper proposed mandatory occupational pensions for all in the private sector, starting as early January 2006 and coherence between the provisions of the public sector schemes and the reformed National Insurance Scheme (NIS).
“Because many complex issues of creating new schemes in the private sector remain to be resolved and because operating such schemes may be vert costly for small companies if introduced suddenly, their introduction on a mandatory basis should be phased in gradually,” the OECD said its Economic Survey of Norway.
The organisation pointed that even with higher oil prices and full implementation of pension reforms, revenues from the Petroleum Fund would be sufficient to finance only a minor part of foreseeable increases in public spending.
“Hence there is a need to rein back the growth of public spending in other areas, especially those which blunt work incentives, or eventually raise taxes,” it said.
“It is very important that the authorities pursue a reform that strengthens work incentives and thus helps to ensure the sustainability of the schemes. Consideration should be given to a more direct and transparent linkage between actual contributions and actual benefits for those between the pension floor and ceiling whatever their age at retirement. The period of transition to the reformed system should be kept short,” the OECD added.
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