Norwegian municipalities award pension mandates
NORWAY - Three Norwegian municipalities have appointed providers for their state occupational pension schemes following re-tendering exercises.
A number of Norwegian municipalities such as Ski, Skedsmo, Ballangen, Kongsvinger, and Storfjord, all started the re-tendering process for scheme providers in accordance with regulations and the main tariff agreement in the Norwegian Association of Local and Regional Authorities area. (See earlier IPE article: Ballangen municipality seeks pension provider)
Following the tender process Storfjord and Kongsvinger kommunes have both appointed Storebrand Livsforsikring AS to run the state pension schemes, with Storfjord's contract valued at NOK35m (€3.7m).
In addition, Eidsvoll kommune, located near Oslo and the birthplace of Norway's constitution, has awarded a NOK110m mandate for its occupational scheme to Kommunal Landspensjonkasse (KLP), one of Norway's largest life insurance funds, particularly in the local government sector.
The latest appointments follow the recent decision by Baerum municipality in December to hire consultancy firm Pensjon & Finans AS to help develop a new occupational scheme to begin on 1 January 2010. (See earlier IPE article: Baerum appoints consultant for new scheme)
Other municipalities still engaged in the re-tendering process include Ski, Skedsmo and Ballangen.
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