The International Monetary Fund says Norway’s NKr803bn (E99.4bn) Petroleum Fund “will not be enough” to cover future pension needs. say the IMF.
“Norway has the advantage of the Petroleum Fund, and the fact that future pension payments should be made clear by formally linking the fund to the pension system,” the IMF says in a report.
“However the Petroleum Fund will not be enough, because current and future oil revenues will fall far short of future pension needs.”
Norway is currently reviewing its pension needs and the Pension Commission is set to report this year. “Pension reform may be the most important policy decision facing Norway,” the IMF says. Norwegian finance minister Per-Kristian Foss says in a statement: “The IMF’s recommendations give broad support to the work of the Pension Commission.”
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