Norway's Statoil announced Tuesday that it has decided to change its occupational pension scheme for its employees, introducing a defined contribution system as its new pension scheme from January 1, 2015.
Statoil pointed out that its new pension scheme will come on top of Norway's National Insurance pension and the contractual pension scheme.
Magne Hovden, Statoil's senior vice president for people and organisation, commented in a company statement:
"The chosen solution means that Statoil still has an attractive and competitive pension model. The company also obtains increased predictability with regard to its future pension commitments
"Most major Norwegian industrial enterprises have transferred from defined benefit pension to defined contribution pension. The reason Statoil is making this change is our need to adjust to the Norwegian pension reform and the standards that apply for Norwegian workplaces. The decision to move to a defined contribution pension scheme was made following thorough preparations and discussions with the trade unions."
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