Occupational pensions

Updated: 21 August 2023

Next update: Not yet determined

Pension liabilities
Pension liabilities
2022
2 576 549
NOK mill
Key figures. Occupational pension and individual pension. NOK Million
Key figures. Occupational pension and individual pension. NOK Million
Total
20212022
Earned premiums149 593156 076
Pension payments88 90695 809
Pension liabilities2 431 2892 576 549
Explanation of symbols

Selected tables and charts from this statistics

  • Occupational pension and individual pension
    Occupational pension and individual pension1
    20182019202020212022
    Occupational pension
    Earned premiums119 302126 991119 025149 593156 076
    Defined benefit schemes90 33194 70384 967108 764111 776
    Public pension schemes75 45779 49071 64793 51495 935
    Life insurance companies43 67945 54038 44258 49559 782
    Pension funds9 19810 1778 95413 68813 881
    The Norwegian Public Service Pension Fund2 22 58023 77324 25121 33122 271
    Private pension schemes14 87415 21313 32015 25015 842
    Life insurance companies8 9158 8528 2508 8378 417
    Pension funds5 9596 3615 0706 4137 424
    Defined contribution schemes28 97132 28834 05840 82944 300
    Private pension schemes28 97132 28834 05840 82944 300
    Life insurance companies28 97132 28834 05840 82944 300
    Pension payments75 73580 44283 93988 90695 809
    Defined benefit schemes74 07978 17381 20885 76391 357
    Public pension schemes53 01756 44458 56362 26066 800
    Life insurance companies21 25722 93624 08925 76127 983
    Pension funds4 2084 4644 9165 2665 691
    The Norwegian Public Service Pension Fund27 55229 04429 55831 23333 127
    Private pension schemes21 06221 72922 64523 50324 556
    Life insurance companies15 85816 19016 90417 59218 295
    Pension funds5 2045 5395 7415 9116 261
    Defined contribution schemes1 6442 2672 7313 1434 452
    Private pension schemes1 6562 2692 7313 1434 452
    Life insurance companies1 6562 2692 7313 1434 452
    Pension liabilities3 1 990 7382 132 6872 251 0262 431 2892 576 549
    Defined benefit schemes1 757 0971 832 0861 894 4711 999 2022 148 139
    Public pension schemes1 205 7911 270 0621 322 8461 412 5601 564 636
    Life insurance companies551 728589 416624 659678 421783 980
    Pension funds110 754118 266122 613133 239143 356
    The Norwegian Public Service Pension Fund543 309562 380575 574600 900637 300
    Private pension schemes551 306562 024571 625586 642583 503
    Life insurance companies399 102405 588411 413422 976417 201
    Pension funds152 204156 436160 212163 666166 302
    Defined contribution schemes233 641299 941356 555432 087428 411
    Private pension schemes233 641300 601356 555432 087428 411
    Life insurance companies233 641300 601356 555432 087428 411
    Banks4 00000
    Individual pension
    Earned premiums
    All pension providers2 9563 2903 4483 7313 251
    Life insurance companies2 9563 2903 4483 7313 251
    Banks00000
    Pension payments
    All pension providers6 4356 2766 1546 0655 813
    Life insurance companies6 4356 2766 1546 0655 813
    Banks00000
    Pension liabilities
    All pension providers77 28780 93974 18975 46373 326
    Life insurance companies75 52379 03173 74075 03272 914
    Banks1 7641 908449431413
    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

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

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

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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.

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