Occupational pensions

Updated: 3 July 2024

Next update: Not yet determined

Pension liabilities

2023

2 648 583

NOK mill

Key figures. Occupational pension and individual pension. NOK Million
	Total
Earned premiums	156 076	196 827
Pension payments	95 810	102 514
Pension liabilities	2 379 505	2 648 583

Selected tables and charts from this statistics

Table 1Occupational pension and individual pension

Occupational pension and individual pension¹
	2019	2020	2021	2022	2023
Occupational pension
Earned premiums	126 991	119 025	149 593	156 076	196 827
Defined benefit schemes	94 703	84 967	108 764	111 776	146 773
Public pension schemes	79 490	71 647	93 514	95 935	129 061
Life insurance companies	45 540	38 442	58 495	59 782	82 760
Pension funds	10 177	8 954	13 688	13 881	18 796
The Norwegian Public Service Pension Fund²	23 773	24 251	21 331	22 271	27 505
Private pension schemes	15 213	13 320	15 250	15 842	17 712
Life insurance companies	8 852	8 250	8 837	8 417	9 843
Pension funds	6 361	5 070	6 413	7 424	7 869
Defined contribution schemes	32 288	34 058	40 829	44 300	50 055
Private pension schemes	32 288	34 058	40 829	44 300	50 055
Life insurance companies	32 288	34 058	40 829	44 300	50 055

Pension payments	80 442	83 939	88 906	95 810	102 514
Defined benefit schemes	78 173	81 208	85 763	91 359	98 526
Public pension schemes	56 444	58 563	62 260	66 803	72 597
Life insurance companies	22 936	24 089	25 761	27 985	30 686
Pension funds	4 464	4 916	5 266	5 691	6 217
The Norwegian Public Service Pension Fund	29 044	29 558	31 233	33 127	35 695
Private pension schemes	21 729	22 645	23 503	24 556	25 929
Life insurance companies	16 190	16 904	17 592	18 295	19 386
Pension funds	5 539	5 741	5 911	6 261	6 543
Defined contribution schemes	2 267	2 731	3 143	4 451	3 988
Private pension schemes	2 269	2 731	3 143	4 451	3 988
Life insurance companies	2 269	2 731	3 143	4 451	3 988

Pension liabilities³	2 051 825	2 129 009	2 292 968	2 379 505	2 648 583
Defined benefit schemes	1 752 695	1 773 998	1 861 691	1 953 276	2 126 261
Public pension schemes	1 211 456	1 225 154	1 301 761	1 390 661	1 552 095
Life insurance companies	530 810	526 967	567 622	610 001	675 032
Pension funds	118 266	122 613	133 239	143 360	158 863
The Norwegian Public Service Pension Fund	562 380	575 574	600 900	637 300	718 200
Private pension schemes	541 239	548 844	559 930	562 615	574 166
Life insurance companies	384 803	388 632	396 264	395 239	402 490
Pension funds	156 436	160 212	163 666	167 376	171 676
Defined contribution schemes	299 130	355 011	431 277	426 229	522 322
Private pension schemes	299 130	355 011	431 277	426 229	522 322
Life insurance companies	299 130	355 011	431 277	426 229	522 322
Banks⁴	0	0	0	0	0

Individual pension
Earned premiums
All pension providers	3 290	3 448	3 731	3 208	3 328
Life insurance companies	3 290	3 448	3 731	3 208	3 328
Banks	0	0	0	0	0

Pension payments
All pension providers	6 276	6 154	6 065	5 802	5 844
Life insurance companies	6 276	6 154	6 065	5 802	5 844
Banks	0	0	0	0	0

Pension liabilities
All pension providers	78 496	72 256	74 325	71 095	73 885
Life insurance companies	76 588	71 807	73 894	70 683	73 495
Banks	1 908	449	431	413	390
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

Source

StatBank source table 09746

StatBank source table 08414

More figures from this statistics

See complete overview in Statbank (2)

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.

The information under «About the statistics» was last updated 22 March 2021.

Definitions

Definitions of the main concepts and variables

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.

Standard classifications

Not relevant

Administrative information

Name and topic

Name: Occupational pensions
Topic: Banking and financial markets

Next update

Not yet determined

Responsible division

Division for Financial Markets Statistics

Regional level

National level.

Frequency and timeliness

Annual

International reporting

Not relevant

Microdata

Not relevant

Background

Background and purpose

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

Users and applications

Not relevant

Equal treatment of users

Not relevant

Coherence with other statistics

Not relevant

Legal authority

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

EEA reference

Not relevant

Production

Population