Occupational Pensions

Occupational pensions represent a key area of the Norwegian financial market, with comprehensive regulations governing both pension schemes and the entities offering them. The regulatory framework is constantly evolving – particularly in the area of public law – and imposes strict requirements for governance, compliance and risk management. With leading expertise in pensions law, Thommessen helps market participants navigate an increasingly complex regulatory landscape.

Relevant experience

Transfer: Assistance to a pension fund in connection with questions concerning transfer or portfolio transfers requiring regulatory approval.
Portfolio transfer: Assistance to a pension fund in connection with the transfer of an insurance portfolio, including a closed scheme and paid-up policies, to another pension provider, as well as the subsequent winding-up and questions relating to the distribution of remaining equity.
Buffer capital: Assistance to a pension fund in connection with questions concerning the use of returns on assets in the buffer capital.
Change of sponsor undertaking: Assistance to a pension fund in connection with a change of sponsor undertaking and transfer of the pension scheme to another pension provider, followed by winding-up.
Dividends and amendments to articles of association: Assistance to a pension fund in connection with questions relating to the distribution of dividends, as well as amendments to the articles of association to facilitate such distribution.
Pension portfolio: Assistance in connection with the transfer of a pension portfolio and the relationship with settlement rules.
DORA implementation: Presentations and advice for pension funds on the application and implementation of requirements under the DORA regulation.

Thommessen advises both pension providers, such as life insurance companies, pension funds, sponsor undertakings, members of a pension scheme (both current employees and former employees with paid-up policies) on all areas of pensions law. Our advice covers, among other things, regulatory matters, asset management, transactions and employment-related pension issues.

Several members of the team have backgrounds from the Financial Supervisory Authority of Norway and relevant ministries, providing valuable insight into the authorities’ assessments and processes. The team also regularly speaks at industry events, including the Pension Fund Conference and professional forums for pension funds organised by the Norwegian Pension Fund Association.

Our services include

Regulatory advice: We assist pension funds and life insurance companies in particular with matters relating to solvency capital and product requirements, governance and organisational requirements, ICT and the DORA regulation, reporting obligations and dividends, buffer capital and profit sharing, as well as various licensing matters. We also have extensive experience with the transfer, assignment and winding-up of businesses, and with handling issues related to crisis management.
Asset management and tax: We advise pension providers on investment rules, risk management, tax treatment and reporting requirements.
Transactions: We have extensive experience with transactions between regulated entities in the occupational pension market. Our combination of specialist regulatory expertise and transaction experience helps ensure efficient processes and constructive dialogue with the Financial Supervisory Authority of Norway.
Employment-related pensions: We assist undertakings with matters relating to the establishment, design and amendment of pension schemes, including pensions in connection with business transfers and disputes concerning pension rights, such as top-hat schemes, AFP (contractual early retirement pension) and pensionable salary.
Procurement: We support public and private undertakings in procurement processes where pensions form part of the tender documentation, both in drafting requirements and assessing tenders.
Disputes and regulatory processes: We assist in dialogue with the Financial Supervisory Authority of Norway and other authorities, as well as in disputes concerning pension rights, benefit calculations, the transfer of schemes and claims between employers, pension providers and members.