The Norwegian Public Service Fund is the primary public sector employee pension provider in Norway. As a government established organization (it is owned by the Ministry of Labour in Norway), the framework, rules and regulations surrounding the pension schemes are determined by the Norwegian Parliament.
There are approximately 380 fulltime employees working for the Norwegian Public Service Pension Fund, which is testament to the vast scale of the organization and its integral importance across the public sector.
The pension payments provided by the Norwegian Public Service Pension Fund are administered on behalf of the Norwegian state and amount to around 339 billion Norwegian kroner (for approximately 950,000 former and existing public sector employees).
All public sector employees qualify for the government funded pension scheme, including but not limited to, employees of governmental organizations, schools, pharmacy businesses and research institutions. Effectively, every individual who works for the government is obliged to become a member of the Norwegian Public Service Pension Fund.
Joining the Public Service Pension Fund:
Members are obliged to pay 2% of their salary towards their pension contribution on a monthly basis.
Members will pay the 2% according to their current salary wage, which means that if their wage increases, the 2% contribution will remain, but the value of the contribution will subsequently rise.
For every Norwegian kroner paid by the employee, the employer will subsidize between 5-6 Norwegian kroners as part of the pension contribution, monthly.
The contributions made by the employee and the employer go towards the overall pension and other associated membership benefits.
The Norwegian Public Service Pension Fund has been developed and innovated to encompass advanced IT and technology facilities for ease of use and public convenience. Approximately 100 contract employees have worked together to implement a range of pension reforms for the Pension Fund.