NORWAY - The Confederation of Norwegian Enterprise (NHO) has chosen Storebrand as the preferred provider of mandatory pension schemes for its member companies.

“The agreement represents the largest trade association agreement in the Norwegian pension market,” Storebrand said, although it did not disclosed the financial terms of the deal.

The members in NHO represent around16,000 companies and 440,500 employees in total. They represent 40% of economic value creation in the Norwegian private sector.

Under the agreement, NHO companies that do not have occupational pension schemes will be able to establish mandatory pension schemes for their employees.

Storebrand and NHO will make the arrangements necessary for companies to be able to establish such pension schemes in the next few weeks. The agreement includes all NHO's member companies and also gives the individual company the possibility to expand the pension scheme with additional features.

“We are very satisfied with the agreement for NHO's member companies,” said NHO director general Finn Bergesen. “The size of our membership base has given us the best starting point for negotiating good terms and solutions in the best interest of the companies and their employees.”

“The agreement is important for Storebrand and we will prove ourselves worthy of the confidence shown in us,” said Storebrand chief executive Idar Kreutzer. “The agreement's scope and structure secures good and efficient solutions at very competitive prices. We have a long-term perspective on the co-operation and success will be measured through many satisfied NHO-members.”