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Occupational pensions in private sector in Norway Geir Veland 17. Sep. 2007

Occupational pensions in private sector in Norway Geir Veland 17. Sep. 2007. The pension market in private sector before 2001 - DC-schemes not allowed -. DC-market in 2005 Members in DC - schemes 2002 - 2005. Kilde: FNH. DC – market in 2006 Members in DC - schemes 2002 - 2006.

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Occupational pensions in private sector in Norway Geir Veland 17. Sep. 2007

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  1. Occupational pensions in private sector in Norway Geir Veland 17. Sep. 2007

  2. The pension market in private sector before 2001- DC-schemes not allowed -

  3. DC-market in 2005Members in DC - schemes 2002 - 2005 Kilde: FNH

  4. DC – market in 2006Members in DC - schemes 2002 - 2006

  5. A shift from DB to DCNumber of employees covered. 2002 - 2006 • 774 companies changed their DB-scheme into a DC-scheme in 2006, and included about 15 000 employees. • Not included: company pension funds

  6. The industry sector: do they want to change their DB-schemes?Norsk Industri (årsskiftet 05/06) • 31 percent of the companies in the industry sector have either decided or have plans to change their DB-scheme. Cover about 30 percent of the employees.

  7. The pension market in 2007 og 2010Number of employees covered (private sector) - estimated in March 07

  8. Goodbye to DB – schemes in 2015?

  9. Goodbye …….. • ”The last DB – scheme”. 1917 – 2012. You were deeply loved and you will be missed a little bit”

  10. Or? • Is it possible to construct a new kind of a DB – scheme which can lead the market into – • ”the new DB-road”? • The road has to be built before it is too late • If no action is taking place, the DB – schemes will suffer ”a silent death”

  11. What happens internationally? • UK • LATEST NEWS: Two-thirds of final salary pension schemes in private sector now closed to new employees (22.02.07). • 2005:

  12. Internationally cont. • USA • 1978: 128 000 DB-schemes og 315 000 DC-schemes • 1997: 59 000 DB-schemes og 660 000 DC-schemes • The development continues (big companies in front). Example: • Armonk, NY - 05 Jan 2006: • IBM today announced that it has changed its U.S. defined benefit pension plans and that it plans to redesign its 401(k) savings plan, effective in January 2008. • Sweden • DB-schemes on its way out, including public sector • Denmark • DB-scheme – what is that? Civil servants • International: DC-schemes replaces DB-schemes (exception: The Netherlands – from final salary to average salary)

  13. Now what? Will the changes in the pension market affect the relation between the social partners? Where are we going? ? ? ?

  14. Norway to European Championship 2008!

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