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Norway > Legal Developments > Law firm and leading lawyer rankings


New review on pension schemes

August 2012 - Employment. Legal Developments by Advokatfirmaet Grette DA.

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Questions on pensions have long had a large political focus in Norway, in connection with pension reforms such as obligatory occupational pension and changes in the National Insurance Scheme.

A commission appointed by the Government (the Banking Law Commission) has for some time worked at preparing suggestions for amendments to the pensions acts to adapt these to a new National Insurance Scheme and early retirement scheme. The commission has now delivered its review NOU 2012: 13 Pensions Acts and National Insurance Reform II. The review contains draft for a new act on collective occupational pension insurance, and is now sent for comments with a three month time limit. The Department aims at presenting a bill in the winter 2012/2013.

In the later years, more and more companies have changed their traditional performance-based pension schemes to contribution-based schemes. Contribution-based schemes are characterised by that they give higher predictability for the employer and are thus perceived as more commercially beneficial. The Supreme Court has on several occasions decided that the employer has a wide opportunity to change from a contribution-based to a performance-based pension scheme. If access to change exists will depend on a specific overall evaluation where a number of factors are included. Grette’s department for employment and pension regularly assist companies to ensure the quality of this assessment, and can also assist with the practical transition to a new occupational pension scheme.

Areas of practice: Employment law
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