Norwegian Public Service Pension Fund
Encyclopedia
Norwegian Public Service Pension Fund is a Norwegian
Government agency
responsible for the extra pension
s paid to state employees. There are in excess of one million members, and it has total assets of NOK
270 billion.
All state employees are granted an extra pension of 2% of the gross wages, paid from 67 years. Municipal
and county employees have their extra pensions managed by Kommunal Landspensjonskasse
(KLP). The Pension Fund also manages the extra pensions from a number of Government-owned enterprises.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
Government agency
Etat
Etat is a Norwegian state-, county- or municipal agency. An Etat is a subdivision of the administration, which has been given responsibility for a special area. An agency does not have a board of directors, but it does have a director, appointed by the subordinate organization. Normally decisions...
responsible for the extra pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
s paid to state employees. There are in excess of one million members, and it has total assets of NOK
Norwegian krone
The krone is the currency of Norway and its dependent territories. The plural form is kroner . It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown"...
270 billion.
All state employees are granted an extra pension of 2% of the gross wages, paid from 67 years. Municipal
Municipalities of Norway
Norway is divided into 19 administrative regions, called counties , and 430 municipalities...
and county employees have their extra pensions managed by Kommunal Landspensjonskasse
Kommunal Landspensjonskasse
Kommunal Landspensjonskasse Gjensidig Forsikringsselksap or KLP is a mutual insurance company responsible for the management of municipal and county pensions and insurance issues. The company has total assets of NOK 280 billion, with 337 municipal and county authorities, 31 health trusts and 2,300...
(KLP). The Pension Fund also manages the extra pensions from a number of Government-owned enterprises.