The occupational pension schemes in Norway only cover pension accruals for salaries up to 12 times the Norwegian National Insurance basic amount (G). Many companies choose to establish additional pension schemes for their senior executives and key employees. Howden has extensive experience in designing and managing individual and collective additional pension plans.
Executive agreements can be established for managing directors, senior executives, or employees who have salaries above 12G. An executive agreement can include both early retirement and old-age pensions. In addition, risk coverage can be established for salaries exceeding 12G. The risk coverage can include disability pensions, disability insurance, and group life insurance. This ensures payment to employees in case of disability and payment to survivors in case of death. The risk coverage is part of a community of companies with good risk profiles and therefore has very favorable prices.
- Customized solutions for your company within predefined cost frameworks.
- Calculation of accounting costs and liabilities for all types of additional pension schemes, including follow-up of premium costs at life insurance companies.
- Design of contractual documentation and establishment of risk coverage.
- Pension overviews for members.
- In addition, we also provide advice for members who reach retirement age or leave before the agreed retirement age. Advice includes calculations of earned rights and redemption amounts, as well as one-on-one meetings with members as needed.
- We also have extensive experience in helping to resolve conflicts between businesses and employees in case of doubt about the interpretation and implementation of a pension agreement.
In the fall of 2019, we established a new product for redemption of earned pension in a life insurance company upon reaching retirement age. The purpose of the product is to offer a favorable solution for the redemption of earned pensions upon reaching retirement age, which for most people is 67 years (the current accrual age in most occupational pension schemes). This applies both in connection with earned pensions from so-called compensation schemes, which ensure pensions for compensation for lost pension accruals in the conversion from defined benefit to defined contribution pension schemes, and for earned pensions for salaries above 12G.
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