Norway Investment and Pensions
Key changes to pensions in Norway of late have been tweaks to supplementary provisions and reserves that should allow greater risk-bearing capacity, and the migration of the AFP second-pillar scheme from an early retirement system to a lifelong occupational pension top up. This is to incentivise longer working lives. There is also now greater competition in the municipal pensions market with the re-entry of Storebrand to the market as a challenger to the dominant provider KLP.
Pension Funds in the Nordic Region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
TOP NORWEGIAN PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Norway Government Pension Fund Global | 1,657,449,581
- Kommunal Landspensjonskasse (KLP) | 101,052,311
- Folketrygdfondet | 32,227,823
- Oslo Pensjonsforsikring | 12,816,783
- Equinor | 5,300,833
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Norway’s SWF manager sees increased risk of AI correction
GPFG returns 15.1% in 2025, with equities and unlisted renewable energy infrastructure leading gains
New Norway SWF council questions tech weightings, sovereign debt criteria
‘Strengthened preparedness’ needed to manage GPFG’s geopolitical risk, advises three-strong permanent panel of experts
IPE Nordic Briefing: Danish pension funds keen to invest in defence sector
Plus: Norges Bank Investment Management unveils new strategy plan for the Government Pension Fund Global
Norway’s SWF unveils new strategy plan, as experts criticise top-down allocation
NBIM’s new three-year strategy plan outlines changes to real estate approach and sets out the fund’s priorities
NBIM talks up active management success, moves to increase SWF’s risk
Manager of Norway’s sovereign wealth fund tells government active management has been more profitable in last five years than before
IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
Stoltenberg seen as saviour of Norwegian SWF’s recipe for success
Academics laud government, parliamentary move to reset oil fund’s ethical investment rules, while local investment sector player sees it as a prompt for reflection
Norway unveils temporary ethical rules for SWF, sets up panel to revamp code
Stoltenberg: ‘We must find a balance between the principles the fund is meant to uphold’
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.16.23, **15.11.23, ***10.6.22
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
Norway’s SWF manager sees increased risk of AI correction
GPFG returns 15.1% in 2025, with equities and unlisted renewable energy infrastructure leading gains
New Norway SWF council questions tech weightings, sovereign debt criteria
‘Strengthened preparedness’ needed to manage GPFG’s geopolitical risk, advises three-strong permanent panel of experts
IPE Nordic Briefing: Danish pension funds keen to invest in defence sector
Plus: Norges Bank Investment Management unveils new strategy plan for the Government Pension Fund Global
Norway’s SWF unveils new strategy plan, as experts criticise top-down allocation
NBIM’s new three-year strategy plan outlines changes to real estate approach and sets out the fund’s priorities
NBIM talks up active management success, moves to increase SWF’s risk
Manager of Norway’s sovereign wealth fund tells government active management has been more profitable in last five years than before
IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
Stoltenberg seen as saviour of Norwegian SWF’s recipe for success
Academics laud government, parliamentary move to reset oil fund’s ethical investment rules, while local investment sector player sees it as a prompt for reflection
Norway unveils temporary ethical rules for SWF, sets up panel to revamp code
Stoltenberg: ‘We must find a balance between the principles the fund is meant to uphold’
Norway’s SWF opposes $1trn Tesla CEO package
NBIM to reject all three proposals the EV carmaker says are ‘critical for securing the company’s future’
NBIM to tighten link between climate, risk and investment functions
The move will ‘streamline the link between our ownership and risk-based work on climate change’, says Norges Bank Investment Management
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