Norway awaits pensions report
The work of the Norwegian Pension Commission is expected to lead to growth in the country’s pensions market. The pensions commission, headed by former finance minister Sigbjorn Johnsen, is due to present its final proposals in October this year, having issued a preliminary report last September.
“The commission’s findings may well lead to growth in the Norwegian pensions market in a number of areas, including the question of funding the earnings-related element of the state pension and looking at the possibility of individual choice for the management of personal fund entitlements,” says Oslo-based financial group Storebrand .It says it has “high expectations” for the government-appointed pensions commission. It added that it would continue to press for a “level playing field” of effective competition for the municipality pension market.
The committee outlined two basic models: a standard state-sponsored basic pension for all and a modernisation of the present system. It also said that future pension commitments ought to be fund-based and that pension levels should be more linked to actual earned income.