Storebrand positive to the proposed new occupational pension products
(Thomson Reuters ONE) -
The Banking Law Commission's report NOU 2012:13 was handed over to the Ministry
of Finance today. The Banking Law Commission has in this report assessed how the
insurance based occupational pension products best can be adapted to the changes
in the public pension system and the development in the labour and financial
market.
Storebrand is positive to the proposals, which are well adapted to the reform in
the public pension system and the new capital requirements under Solvency II.
The products' tax treatment allows for good pension schemes for employees. The
proposal gives increased flexibility and more predictable costs for employers
compared to today's defined benefit pension schemes.
The capital requirements following the new products will be risk manageable. The
products' zero guarantee reduces the investment risk, and the longevity risk is
significantly reduced as a result of the life expectancy adjustment.
The Banking Law Commission's report will now be taken on a public hearing. The
Ministry of Finance will then propose a bill to the Parliament. The new rules
are expected to be implemented from 01.01.2014.
Further process
The Banking Law Commission will now begin the work on transitional rules. In the
view of the Banking Law Commission it will in the interest of employees and the
pension providers be required to avoid the issuance of paid-up policies when
transferring from today's defined benefit pensions schemes to the new products.
The Commission aims to finalise its work during winter 2013. Adjustments in the
Defined-Contribution Pensions Act will be assessed in connection to this phase
of the process.
Finance Minister Sigbjørn Johnsen said the following at the handover today: - My
aim is that the Parliament will be able to adopt a comprehensive plan for the
new pension product, which includes regulations on the transition from existing
to new products, within the summer 2013.
Storebrand considers it important to find good transitional arrangements from
today's products to the new, and this phase of the Banking Law Commission's work
will be important for Norwegian occupational pension providers' possibility to
adapt to the coming Solvency II regulations.
About the proposals in NOU 2012:13
The Banking Law Commission proposes two main models for occupational pensions:
the standard modell and the basic modell. Common features of the two models:
* All-years principle
* The annual premium is set as a percentage of the employee's salary. Maximum
limits of 7-8% of income below 7.1 G and 25-26% of income between 7.1 and
12 G.
* Mortality inheritance
* Annual zero guarantee. It is still possible to agree on investment choice
without interest rate guarantee. Higher guarantees can also be decided on
for a period of maximum five years, and within limits set by the Financial
Supervisory Authority of Norway.
* Life expectancy adjustment of the pension payments through apportionment
figures.
The main difference between the standard model and the basic model is that the
pension funds in the standard model are regulated with salary inflation while
the pension funds in the basic model are regulated with investment return.
http://www.regjeringen.no/en/dep/fin/press-center/press-releases/2012/utredning-
fra-banklovkommisjonen---ny-ko.html?id=691807
Conference call
In connection to the release Storebrand is hosting a conference call today,
Thursday 28 June at 15:00 CET. Presentation material can be found on our web
site prior to the conference. To attend, please call +47 23 18 45 36 or follow
the conference by using the link on www.storebrand.com/ir.
Lysaker, 28 June 2012
Contacts:
Communications Director Jan Otto Risebrobakken: Mobile +47 48 08 26 02
Head of Investor Relations Trond Finn Eriksen: Mobile +47 99 16 41 35
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Storebrand ASA via Thomson Reuters ONE
[HUG#1622724]
Unternehmensinformation / Kurzprofil:
Datum: 28.06.2012 - 14:43 Uhr
Sprache: Deutsch
News-ID 161016
Anzahl Zeichen: 5043
contact information:
Town:
Oslo
Kategorie:
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"Storebrand positive to the proposed new occupational pension products"
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