Occupational pensions

Updated: 30 August 2021

Next update: Not yet determined

Pension liabilities
Pension liabilities
2020
2 251 963
NOK mill
Key figures. Occupational pension and individual pension. NOK Million
Key figures. Occupational pension and individual pension. NOK Million
Total
20192020
Earned premiums127 074119 135
Pension payments80 44783 942
Pension liabilities2 133 4572 251 963
Explanation of symbols

Selected tables and figures from this statistics

Occupational pension and individual pension
Occupational pension and individual pension1
20162017201820192020
Occupational pension
Earned premiums102 096107 251119 355127 074119 135
Defined benefit schemes78 89780 46490 38494 78685 077
Public pension schemes60 76265 29775 40779 45871 623
Life insurance companies37 75236 33043 67945 54038 442
Pension funds8 5788 2279 14810 1458 930
The Norwegian Public Service Pension Fund2 14 43220 74022 58023 77324 251
Private pension schemes18 13515 16714 97715 32813 454
Life insurance companies11 9089 4288 9158 8528 250
Pension funds6 2275 7396 0626 4765 204
Defined contribution schemes23 19926 78728 97132 28834 058
Private pension schemes23 19926 78728 97132 28834 058
Life insurance companies23 19926 78728 97132 28834 058
Pension payments68 33571 73675 73780 44783 942
Defined benefit schemes67 16869 90474 08178 17881 212
Public pension schemes48 19750 19152 93956 36558 484
Life insurance companies18 98919 94021 25722 93624 089
Pension funds3 6793 8654 1304 3854 837
The Norwegian Public Service Pension Fund25 52926 38627 55229 04429 558
Private pension schemes18 97119 71321 14221 81322 728
Life insurance companies14 33514 74115 85816 19016 904
Pension funds4 6364 9725 2845 6235 824
Defined contribution schemes1 1671 8321 6442 2672 730
Private pension schemes1 1671 8321 6562 2672 730
Life insurance companies1 1671 8321 6562 2672 730
Pension liabilities3 1 791 8151 908 8101 991 2142 133 4572 251 963
Defined benefit schemes1 617 3521 690 1041 757 5731 832 8561 895 579
Public pension schemes1 091 5501 146 2861 204 9141 269 1701 321 986
Life insurance companies491 559519 751551 728589 416624 659
Pension funds98 291104 053109 877117 374121 753
The Norwegian Public Service Pension Fund501 700522 482543 309562 380575 574
Private pension schemes525 802543 818552 659563 686573 593
Life insurance companies384 471395 579399 102405 588411 413
Pension funds141 331148 239153 557158 098162 180
Defined contribution schemes174 463218 706233 641299 941356 384
Private pension schemes174 463218 706233 641299 941356 384
Life insurance companies174 463218 706233 641299 941356 384
Banks4 00000
Individual pension
Earned premiums
All pension providers2 1102 8982 9563 2903 444
Life insurance companies2 1102 8982 9563 2903 444
Banks00000
Pension payments
All pension providers7 2906 5616 4356 2766 178
Life insurance companies7 2906 5616 4356 2766 178
Banks00000
Pension liabilities
All pension providers80 17781 69977 28780 93974 101
Life insurance companies79 19680 58375 52379 03173 652
Banks9811 1161 7641 908449
1In life insurance companies, pension funds Norwegian Public Service Pension Fund and banks (only entitlements). Do not include defined contribution schemes in mutual funds management companies.
2Includes 65 per cent of total earned premiums from the Norwegian Public Service Pension Fund.
3Includes the life insurance companies obligations related to insurance pensions and the pension funds premium reserves.
4From 2015 there is no distinguish between individual pensions and defined contribution pensions in employment under pension liabilities of banks.
Explanation of symbols

About the statistics

The statistics show all pension benefits outside the National Insurance Scheme. What is included in the statistics is public service pensions that are defined benefit and private occupational pensions that can be both defined benefit and defined contribution.

Public occupational pensions:

Government occupational pensions provide a so-called gross pension benefit.

This means that the benefits from the pension scheme are coordinated with

the benefits from the National Insurance Scheme that are paid at retirement age.

The total pension payment will be at least 66 per cent of the pension base -

regardless of the level of benefits from the National Insurance Scheme.

The agreement is subject to a collective agreement. Gross pension schemes are always defined benefit.

Private occupational pensions:

The scheme is based on a net pension benefit: This means that the benefits from the private pension scheme provide a supplementary pension to the National Insurance Scheme. There is thus no coordination between Folketrygden's benefits and the occupational pension. The net pension scheme does not ensure total payments in the same way as the gross scheme: If the benefit from Folketrygden decreases, the total pension payments will decrease correspondingly. Net pension schemes can be defined benefit or defined contribution. For defined benefit plans, the pension is normally determined as a given share of final salary, either as a gross level including National Insurance or as a net supplement to the National Insurance Scheme. Defined contribution pension is a pension scheme where the employer pays an annual agreed contribution, normally as a percentage of salary.

Not relevant

Name: Occupational pensions

Topic: Banking and financial markets

Not yet determined

Division for Financial Markets Statistics

National level.

Annual

Not relevant

Not relevant

Statistics on occupational pensions were first published as a magazine article in 2010. Since then, there has been an annual publication of occupational pensions.

Not relevant

Not relevant

Not relevant

The Financial Supervision Act §1 and 4 and the Statistics Act §3-2

Not relevant

The population is all pension funds, life insurance companies and the Government Pension Fund (SPK).

The statistics are based on accounting data for pension funds, life insurance companies and the Government Pension Fund (SPK).

The statistics are based on accounting data for pension funds, life insurance companies and the Government Pension Fund (SPK).

The accounting statistics are based on total counts.

Not relevant

Not relevant

Not relevant

Not relevant

Not relevant

Contact