Norway’s largest engineers’ organisation NITO has unveiled Danica Pensjon as the winner of a bidding round to provide a new pension scheme for its members under the country’s new pensions-gathering rules set to come into force next year.
The association, which has 92,000 members, will offer a scheme under the new Individual or Own Pension Account (Egen pensjonskonto, EPK) regime on track to become law in Norway from January.
The reform will allow people to choose the provider for their pension savings, which will be accumulated in single account rather than kept in employer schemes as currently.
Steinar Nielsen, chief executive officer of Danica Pensjon Norway, said: “We are happy and humbled to be chosen as a pension partner for NITO’s 92,000 members, and this year, we are looking forward more to New Year than to Christmas Eve.”
He said that as part of the Danske Bank group, his firm had long and broad experience working with this type of partner, both in Norway and the rest of the Nordic region.
The engineers’ association said the new “giant agreement” ensured a good pensions alternative for NITO members, who no longer had to have their pension scheme with their employer.
Trond Markussen, president of NITO, said: “We are proud of the new agreement, and are confident that it gives our members more pension for their money.”
NITO said it had conducted an extensive tender process where several bidders had been carefully considered.
“Through the tender process, Danica Pensjon has convinced us that they are among the best in Norway in this area,” Markussen said.
“They have shown a willingness to go to great lengths for the engineers and technologists at NITO, both from a sustainability perspective and not least in terms of price,” he said.