NORWAY - Ski and Meland kommunes have appointed pension providers for their local authority pension funds following a re-tendering exercise.
The two municipalities are the latest in a number of local authorities, including Kongsvinger, Ballangen, Skedsmo and Storfjord, who started re-tendering mandates last year in line with regulations and the main tariff agreement in the Norwegian Association of Local and Regional Authorities area.
Folllowing the tender process, Ski kommune revealed it had appointed Vital Forsikring out of three tender offers for a two-year framework agreement, while Meland awarded its pension fund contract to KLP over three other providers.
Both Ski and Meland's contracts are for an initial period of two years, although there is the option for three further one-year extensions to result in a total of five years - this is beyond the normal four year period for a framework agreement because Meland pointed out, "occupational pensions have a long time span".
The latest appointments follow contract awards by Storfjord and Kongsvinger, who both appointed Storebrand Livsforsikring AS, while Eidsvoll kommune employed KLP to run its NOK 110m (€12.4m) mandate. (See earlier IPE article: Norwegian municipalities award pension mandates)
However other municipalities including Skedsmo and Ballangen are still in the process of completing the re-tendering exercise.
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