Law On Contribution To Employment (Defined Contribution Act)

Original Language Title: Lov om innskuddspensjon i arbeidsforhold (innskuddspensjonsloven)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2000-11-24-81

Law on contribution to employment (Defined Contribution Act).


Date LOV-2000-11-24-81


Affairs Ministry

Edited

LOV-2015-05-22-31 from 01/01/2016


Published in 2000 Booklet 26


Commencement 01.01.2001

Changes


Promulgated


Short Title
Defined Contribution Act - innskpensjl.

Chapter Overview:

Chapter 1 Scope. Definitions (§§ 1-1 - 1-3)
Chapter 2. Establishment of pension plans (§§ 2-1 - 2-13)
Chapter 3. Retirement capital (§§ 3-1 - 3-5)
Chapter 4. membership (§§ 4-1 - 4-5)
Chapter 5. the defined contribution plan (§§ 5-1 - 5-7)
Chapter 6. Termination of membership. The pension capital certificate (§§ 6-1 - 6-5)
Chapter 7. Use of pension funds of retirement (§§ 7-1 - 7-7)
Chapter 8. pension plan assets (§§ 8-1 - 8 -5)
Chapter 9. Deposits Fund (§§ 9-1 - 9-4)
Chapter 10. Group matters (§§ 10-1 - 10-5)
Chapter 11. Merging enterprises (§ § 01.11 - 11.04)
Chapter 12. Sharing enterprises etc. (§§ 12.1 - 12.3)
Chapter 13. Termination and liquidation (§§ 13-1 - 13-3)
Chapter 14. Change of plans (§§ 14.1 - 14.3)
Chapter 15. Commencement. Amendments to other acts (§§ 15.1 - 15.2)

Chapter 1 Scope. definitions

§ 1-1. Scope
(1) This Act applies defined contribution plan and enterprises that have or create such plan.

(2) This Act also applies to Svalbard, cf. Act of 17 July 1925. 11 on Svalbard § 2, second paragraph.

§ 1-2. Definitions Act means:

A.
Children: member children, including stepchildren and foster children.

B.
National Insurance (G): the current basic rate of National Insurance.

C.
Company: limited company, partnership, sole proprietorship and any other entity having an employee in its service.

D.
Defined: occupational pension scheme subject to the law of 24 March 2000 no. 16 on Occupational or regulations of 28 June 1968 No.. 31 on private pension schemes.

E.
Freelancer: person who performs work or assignments outside service for wages or other remuneration, without being self-employed.

F.
Paid-up policy register: register referred to in the Act of 24 March 2000 No.. 16 on Occupational § 4-14.

G.
Deposit Plan: the part of the legislation that establishes the deposit to be made to ensure members retirement.

H.
Institution: institution and branches of institutions governed by § 2-2.

In.
Group: Group as stated in the Companies Act § 1-3 and Companies Act § 1-3, however, that the parent company does not have to be limited company or public limited company.

J.
Salary: Taxable earned income, calculated personal and remuneration of the participant for labor in general partnership.

K.
Members: the employer and the employees who meet the listing requirements of the regulations for the pension scheme. As a member are also employees who have become disabled while in the service of, and it paid deposit under insurance of freedom of contributions.

L.
Pension capital: deposits made in accordance with the defined contribution plan with the addition of added yield and the fed deposits under insurance of freedom of contributions. Pension capital an insurance company or pension fund comprises case also share in additional provisions.

M.
Pension capital certificate: contract between the institution and a member who has withdrawn from a defined contribution plan that specifies the member's right to accrued pension capital in accordance with the regulations.

N.
Insurance: pension plan established in accordance with provisions of this Act.

O.
Rules: all rules and terms of the pension plan and members' rights as laid down in an agreement between the company and an institution, and related defined contribution plan.

P.
Cohabitation: person with whom the member

1.
Have a common residence and common children, or

2.
Living together in marriage or partnership-like relationship when it is established that the relationship has existed uninterrupted for the last five years before the death, and there are no conditions that would prevent legal marriage or partnership.

Q.
Performance Plan: the part of the legislation providing for benefits to members who fully or partially lost earning capacity, or benefits to children and other survivors of the member's death.

§ 1-3. Regulations The King may issue further regulations to supplement and implement the provisions of this Act.

Chapter 2. Establishment of pension

I. Pension plan with defined contribution

§ 2-1. Pension plan for retirement

(1) An enterprise may establish a pension scheme in accordance with the provisions of this Act to ensure workers in the enterprise retirement pension in addition to the benefits at any given time are paid according to the National Insurance Act.

(2) The right to a retirement pension shall be ensured by annual contributions in accordance with the defined contribution plan set out in the regulations. Members' pension capital to be managed collectively unless it created a system of special retirement accounts for each of the members. The institution shall administer the rules in chapter 3.

(3) Pension capital may only be used and applied as provided in this Act.

§ 2-2. Requirements institution insurance under this Act may be established by agreement with

A.
Institution authorized by the Norwegian authorities to operate in this country as a bank, insurance company, pension fund, pension companies or fund management companies,

B.
Credit institution, insurance company, pension fund or fund management companies that are domiciled in another state within the European Economic Area and who have access to similar types of activities referred to in subparagraph a in this country.

§ 2-3. Minimum pension
(1) An enterprise may establish a pension scheme under the Act if the enterprise has:

A.
Least two people in the firm who both have a working time and wages constituting 75 percent or more of full employment,

B.
Least one worker without ownership interest in the entity that has a working hours and pay in undertaking which represents 75 percent or more of full employment, or

C.
Within the entity that each has a working time and salaries accounting for 20 percent or more of full-time position, and which together perform work equivalent to at least two-years.

(2) An entity that is not covered by the first paragraph may establish a pension scheme for self-employed, for the private partner in a business assessed company or employee owner of the corporation or public. The same applies to freelance. Annual contributions to the scheme as described in the first and second sentence may not exceed 4 per cent of that person's total estimated personal income from employment, remuneration of the participant for labor in businesses assessed as partnerships or salaries between 1 and 12 G. If an entity referred to in the first sentence creates pension, the provisions of chapter 4 on membership of workers and in Chapter 5 on deposit for employees corresponding to the extent applicable.

(3) If the entity at the end of a calendar year does not meet the requirements of subsection and enterprise nor during a calendar year in fulfilling the conditions, the pension scheme shall cease and wound up under the provisions of section 13 or continued under the provisions of subsection . Pension plan pursuant to subsection shall terminate and be wound up under the provisions of chapter 13, if in a period of six months does not meet the conditions of the second paragraph.

§ 2-4. Disability benefits. Survivors' benefits
(1) Enterprises having age pension under § 2-1, are for occupational law drawing special insurance that can provide disability pensions to members who fully or partially lost earnings ability. The firm may continue under the Companies Act drawing special insurance that can provide benefits to children and other dependents of members who die.

(2) The Company shall take out insurance as disability entitled to waiver in accordance with the actual degree of disability, similar waiver for occupational Act § 2-1 second paragraph. The policy shall include all members who have not turned 67, and it will provide waiver in accordance with the actual degree of disability until the member has reached 67 years. Total accrual of entitlement to retirement pension based on earned income and waiver shall not at any time exceed earnings corresponding to 100 percent of full power.

(3) The first and second paragraphs apply correspondingly to enterprises and freelancers covered by § 2-3 second paragraph. Insurance that provides waiver in retirement scheme pursuant to § 2-3 second paragraph, can not provide the right to deposit that exceeds the deposit limits in § 2-3 second paragraph.

§ 2-5. Requirements for regulatory
(1) The regulations shall lay down rules on membership, members' rights to the pension contribution plan and the management of pension capital.

(2) The regulations shall specify whether the pension capital related to pension capital certificates in the payment period shall:

A.
Managed savings agreement with an institution as mentioned in § 2-2, or

B.
Converted to pension based on assumptions about mortality insurance company or pension fund that complies with the Act on Occupational § 2-2 second paragraph.


(3) Has the entity signed separate insurance for disability benefits and survivors' benefits under § 2-4, the regulations shall contain performance plan.

(4) The regulations for the pension scheme shall be entirely in accordance with the provisions of this Act and associated regulations.

§ 2-6. Steering
(1) The enterprise plan which includes 15 or more members or pension plan of collective investment, will create a steering committee to plan on at least three people. At least one of the persons to be elected by and from among its members.

(2) Steering Committee shall give its opinion on matters relating to the management and implementation of the plan. The regulations will be considered by the steering committee before it is adopted or modified.

§ 2-7. Information to workers
(1) The Company shall give employees a written overview of the regulations for the pension scheme. Emphasis should be on giving employees a good picture of the members' rights, pension contributions and the retirement of these can be expected to give. The same applies to information on insurance that will provide disability benefits or survivors' benefits.

(2) The undertaking shall give the employees in writing about any significant changes. Requirement for written form in or pursuant to this Act shall not preclude the use of electronic communications. Information relevant for the employee's pension may only be given by means of electronic communication if the individual employee has given express consent to this.

(3) The King may lay down rules on the information that must be provided by an institution or entity in connection with the scheme.

§ 2-8. Equation Condition
(1) There shall be stated in the rules governing the pension scheme, deposit receipts and reports to the tax authorities that the documents applicable pension plan under the Act.

(2) Deposits Receipts and reports to the tax authorities should include specific information about the payments the company has undertaken, including contributions to the fund.

(3) Is this year's contribution paid by transfer of the contribution fund, this shall be stated separately. The same applies for the return of the enterprise funds in the deposit fund.

(4) The institution and the entity responsible for the information mentioned in this section is correct. The same applies institution which administers deposit fund.

§ 2-9. Supervision
(1) Finance oversees pension under this Act.

(2) If the FSA that a pension plan is managed or contrary to law or regulation, the FSA impose institution and undertaking to remedy the situation within a specified period. Act on Occupational § 2-7 fourth and fifth paragraphs, applies correspondingly.

II. Parallel plans

§ 2-10. Access to have parallel plans
(1) A company whose pension under the Act may also have defined benefit or even paid a company pension scheme and pension scheme for occupational law (parallel schemes).

(2) For enterprises that have parallel plans under subsection applies to the following:

A)
no employee may at the same time be a member of more than one of the schemes,

B)
regulations in the schemes are designed to promote retirement pension benefits are reasonable in relation to each other and so unreasonable discrimination of groups of workers avoided

C)
entitled to invalidity benefits and survivors should be designed in the same way in the pension schemes.

(3) The provisions of subsection apply correspondingly to the change of rules for one or more pension plans.

§ 2-11. Employee choice right
(1) When an entity creates parallel arrangements, each worker shall be entitled to choose the pension scheme in question will be a member of. It may still be determined in the rules that unions that have members employed by the firm may choose scheme for its members. It shall be determined in the rules of the scheme workers who do not have any choice in the first sentence shall be a member of.

(2) The provisions of subsection applies correspondingly to employees who are employed by the firm.

(3) An employee may not choose to become a member of a pension plan if the membership rules that apply for the scheme is to prevent the worker acquiring membership.

§ 2-12. Moving membership
(1) The regulations shall provide for the cases in which a worker can move their membership to one of the other pension.


(2) An employee shall in any case be entitled to relocation of membership by significant change in contribution or defined benefit plan or the rules governing the way in one of the pension plan, if the change is significant for future entitlements in the scheme.

(3) When moving the membership provisions regarding termination of membership accordingly. The limit of 12 months § 6-1 subsection applies total membership of the two schemes.

III. Combined pension

§ 2-13. Access to having combined pension An entity that has scheme with defined benefit retirement under the Companies Act or an occupational occupational law, could supplement this with pension plan under the Act in accordance with the provisions issued pursuant to the Companies Act § 2-12 or occupational Act § 2-9.

Chapter 3. Retirement capital

§ 3-1. Management of pension capital pension capital related to these plans can be managed

A.
Which collective policy in accordance with the rules for public investment applicable to the institution where the scheme has been established, in accordance with § 2.3, or

B.
That arrangement with collective investment in accordance with § 3-2 a.

C.
That arrangement with separate retirement account for each worker and with investment for its own account for each member in accordance with § 3-3.

§ 3-2. General management of pension capital
(1) If it is agreed that the pension scheme is established as a collective scheme in which the institution has stewardship, the retirement capital entirely managed in accordance with the rules of investment applying to the institution at which the scheme is established.

(2) The King may set a maximum return percentage of how much of the return achieved by the pension capital in a year after the regulations added to the pension capital. The King may also decide that a certain part of the annual return should be given the pension capital. Returns that are not added to the pension capital shall be added to the contribution fund.

§ 3-2a. Collective investment portfolio
(1) Is it stipulated in the regulations that pension assets related to the pension scheme to be managed as a collective investment portfolio, the entity shall enter into an agreement with the institution about how the portfolio will be composed and what access the enterprise shall have to change the composition. Before undertaking doing this, the steering committee be given the opportunity to comment.

(2) Return and losses on management of investment portfolio shall annually allocated pension capital and distributed among the members after accrued pension capital.

(3) It may in regulations stipulate that members' pension capital to be managed in different or the same investment portfolio. The separation should in case done based on the member's age so pension capital for members with few years left to right to claim a pension is being managed in a particularly satisfactory manner.

§ 3-3. Investment choice for retirement account
(1) Is it created separate retirement account for each worker in the scheme, it may in accordance with the provisions of the regulations also agreed that each pension account be assigned to a separate investment portfolio. The account holder shall be entitled to change the investment portfolio.

(2) Return on the investment portfolio shall annually added to the pension account. The account holder bears the risk that the value of the investment portfolio will be reduced, unless otherwise stipulated in the regulations or by agreement with the institution.

(3) Pension capital tied to their retirement account can only be moved to another institution in accordance with § 8-5.

§ 3-4. Requirements for investment portfolio
(1) An investment portfolio can consist of

A.
Fund holdings,

B.
Shares in a separate investment portfolio and

C.
Cash and equivalent liquid assets.

(2) A separate investment portfolio composed of the institution in accordance with the guidelines for asset management in life insurance and pension companies.

(3) By changing a composition of the investment portfolio to market value of the assets assumed by the settlement.

(4) Assets in the investment portfolio must be recorded so that it is at all times clear which assets included in the portfolio.

(5) Relates institution guaranteed return to an investment portfolio, the institution shall require special compensation for coverage of the guarantee risk.

§ 3-5. Accrued pension capital

(1) A member of a scheme of general management of pension assets at any time a pension capital corresponding to the sum of the contributions paid to the member, and a proportionate share of the returns provided pension scheme membership period. If the scheme is established with an insurance company or pension fund are covered in the event also share in additional provisions.

(2) A member of a pension plan that manages the pension assets with investment always has accrued a pension capital equals the sum of the contributions paid to the member with additions and deductions for member returns and losses. If the scheme is established with an insurance company or pension fund are covered in the event also share in additional provisions.

(3) Changes in the defined contribution plan do not affect the size of accrued pension capital at the time of the change.

Chapter 4. Membership

§ 4-1. General rules for membership
(1) Employees of the enterprise may be absorbed into the pension scheme.

(2) The pension plan may also include employer and another person who must be regarded as the proprietor of the enterprise. The provisions of § 4-2 apply correspondingly. FSA may issue rules about who should be covered by this paragraph.

(3) Persons who are not compulsory members of the National Insurance Scheme with membership that includes accrual of pension rights, may be a member of the pension scheme in accordance with rules in regulations issued by the King.

§ 4-2. Who should be a member
(1) The pension scheme should include all workers in the enterprise who have reached 20 years, unless otherwise provided in this Act or regulations made by the King. It can be established below age in the regulations. The regulations may also stipulate that workers who have reached 75 years of age shall not be admitted as a member.

(2) An employee who is employed by the entity that meet the conditions for membership in the scheme, admitted as a member of the first working day of the entity.

(3) An employee who has less than one-fifth position in the undertaking, shall not be members of the pension scheme unless otherwise provided in the regulations.

(4) An employee who is a seasonal worker and that during a calendar year has carried out work in the company corresponding to less than a fifth of full-time equivalent position, shall not be members of the pension scheme unless otherwise provided in the regulations. The regulations may be decided that a seasonal worker shall only be admitted as a member if the work performed during the last three years, every year at least make up a fifth of full-time position.

§ 4-3. Employees with leave
(1) An employee who is on leave for a fixed period of time and which is expected to resume working in the firm after such leave shall be members of the pension scheme during the leave period.

(2) The provisions of subsection may be waived for leave in accordance with the agreement by the regulatory stipulated:

A.
Special rules regarding the accrual of pension while leave lasts, or

B.
That membership shall cease from leave date.

The same applies for leave under the Act if the employee is a member of a different plan during the leave period.

(3) The regulations may provide that workers who are laid off due to operating restrictions etc. shall be members of the pension scheme.

§ 4-4. Withdrawal of pension in combination with continued work Employees who combines drawing pensions from pension with full- or part-time employment in the company, will retain their membership in the scheme and are entitled to continued payment of contributions and premiums for insurance of freedom of contributions. Premiums for waiver paid anyway just to age 67.

§ 4-5. (Repealed by Act 17 Dec 2010 No.. 83 (ikr. January 1, 2011).)

Chapter 5. The scheme

§ 5-1. General rules
(1) Deposits shall be established by the company in accordance with the rules laid down in or pursuant to this Act. The scheme will apply to all workers covered by the scheme.

(2) The Company shall annually pay deposits for members of the pension scheme in accordance with what is stipulated in the deposit plan. If deposit plan provides for this, deposits in a particular year be 25 percent higher or lower than otherwise stipulated in the deposit plan.

(3) may deposit plan stipulated that members must pay contributions into the pension scheme under § 5-6.

(4) The scheme may change the rules amending regulations.

§ 5-2. The principle of proportionality

(1) The scheme shall be determined so that the pension fund does not constitute a major portion of the salaries of highly paid than for the low-paid. It may nevertheless be stipulated that deposits as a percentage of salary for each member can be calculated based on a percentage of salary up to 12G and an additional deposit as a percentage of payroll for wages between 7.1 and 12 G.

(2) Is it in the scheme's regulations stipulated that pension capital upon payment period starts to be converted into pensions in accordance with § 2-5, paragraph b, shall be by application of the provisions of the first paragraph taking into account that the mortality rate is different for women and men.

(3) Deposits for membership in the part-time position shall constitute a proportionate amount of the deposit if the member had full-time position.

§ 5-3. Deposits The size
(1) Deposits for members can be determined as

A.
A specific amount per member, regardless of income,

B.
A certain percentage of the member's salary,

C.
A certain percentage of a salary basis calculated in accordance with rules laid down in the regulations

D.
An amount for each member calculated on the basis of various percentages of member salary basis respectively salary up to 7.1 G and the parts of his salary which is between 7.1 and 12 G.

(2) Is it in the scheme's regulations stipulated that pension capital upon payment period starts to be converted into pensions in accordance with § 2-5, paragraph b, shall be by applying the rules in subsection set a higher amount or a higher percentage of women than for men, so that the annual pension contributions are expected to result is independent of the member's gender. The King may issue further rules on the calculation of such higher amount or percentages.

§ 5-4. Deposit Limits
(1) The King may issue further rules concerning the contributions in a year shall not exceed a fixed amount for each member or a fixed percentage of the member's salary. It may be determined different percentages of members' salary up to 12G and additional contributions for salaries between 7.1 and 12 G.

(2) In calculating the contribution after contribution plan can not be used higher amounts or percentages than at any time is determined by the King in accordance with this section.

§ 5-5. Calculation of salary
(1) When the rules of §§ 5-2 and 5-4 shall as a member's salary is considered the salary the member receives from the company during the deposit year. It shall be disregarded above 12G

(2) In the defined contribution plan may stipulate that

A.
It for all members salary shall be disregarded in compensation for overtime, taxable benefits and expense allowances or other variable or temporary addition,

B.
Last year's salary shall be based,

C.
It used a nominal salary basis for one or more groups of members unless this gives a materially different result than if each member salaries is assumed,

D.
It shall be disregarded in a proportion of their salary for up to 10 percent, with less contribution plan includes provision referred to in subparagraph a.

§ 5-6. Deposits from members The annual contribution members of the pension scheme should pay in accordance with the contribution schedule, for each member not be higher than 4 percent of the member's salary calculated according to § 5-5. Deposits of a member shall not exceed the deposit entity pays for the member according to the defined contribution plan. It shall deposit plan determined how deposits from members be paid.

§ 5-7. Merging of pension capital employer can consent to the member uses the access by law on individual pension schemes § 2-3 second paragraph to transfer retirement assets according to pension capital certificates from an individual pension savings to the plan.

Chapter 6. Termination of membership. Pension capital Evidence

§ 6-1. Termination of membership
(1) An employee who leaves the company ceases to be a member of the pension scheme. This does not apply to employees who have joined the firm as a result of disability while he was in the service of, and which have earned by insurance waiver.

(2) Upon termination of membership retains the member's right to the pension capital accrued in the resignation, unless the membership then has lasted less than 12 months.

(3) Accrued pension capital may not be paid to the member other than as benefits under § 7-4.

§ 6-2. Evidence of accrued pension capital etc.

(1) When the membership of a worker who has been a member for 12 months or more lapses, the institution shall ensure that it issued proof of accrued pension capital pursuant to § 3-5 (pension capital certificates). Pension capital evidence constitutes a separate legal relationship between the institution and the document was issued. The provisions of the Act apply to pension capital certificates insofar as appropriate. Pension capital The proof can be issued electronically if the employee expressly agrees.

(2) Institution issuing pension capital certificates shall transfer accrued pension capital to a private retirement account administered in accordance with what is stipulated in the regulations, unless otherwise agreed between the account holder and the institution in accordance with § 3-3 first and second paragraphs.

(3) The institution covers the cost of issuance of pension capital certificates. Holder pension capital certificates covering administrative costs and management costs. If pension capital certificate shall be managed in accordance with § 3.2, shall be attached administrative reserves, pension capital certificate for coverage of costs up to 67 years.

(4) Foreign nationals who have been resident in the kingdom in less than three years upon termination of membership, and which then settles abroad, will benefit accrued pension capital to ensure entitlement to a pension in foreign pension institution not covered by § 1-1 second paragraph.

(5) Pension capital certificates issued in accordance with the provisions of this Act shall be registered in the paid-up policy Register.

§ 6-3. Removal of pension capital
(1) The account holder is entitled to receive a pension capital according to pension capital certificates transferred to retirement account with another institution as mentioned in § 2-2, to other defined contribution plan or individual retirement savings scheme under the Act 27 June 2008 no. 62 on individual pension schemes.

(2) Upon the transfer of pension capital to other defined contribution plan shall accrued pension capital under § 5.3 shall be increased by the amount transferred.

§ 6-4. Merging of pension capital certificates
(1) The employee may require that the pension capital linked to multiple accounts at the same institution are merged and the new pension capital certificates issued by the institution. This also applies for relocation under § 6-3.

(2) The King may issue further rules concerning mergers of pension capital certificates.

§ 6-5. Continued pension savings
(1) An employee who after membership is terminated is not a member of another deposit or company pension are entitled to continue to pay annual contributions to a retirement account established pursuant to §§ 6-2, 6-4.

(2) The institution shall by written notification or in another appropriate way give an employee who ceases to be a member, information concerning the right to continue to pay annual contributions after the first paragraph. The employee must exercise this right within six months after the membership is terminated.

(3) The annual contributions can not exceed the amount, adjusted for developments in the basic amount, which was paid into the retirement account last year the employee was a member of the pension scheme.

Chapter 7. Use of pension funds of retirement

§ 7-1. Age at retirement pension
(1) Retirement pension can be drawn before age 62. The King may lay down rules on withdrawals of retirement before age 62 for positions such as:

A.
Causes unusual physical or mental stress for employees, or

B.
Require employees have special physical or mental abilities for the work to be satisfactorily completed in a satisfactory manner.

(2) It can not be a condition in the regulations that retirement only can or must be removed simultaneously with the removal of the old age pension. It can not be set as a condition that the employee does not have full-time or part-time position in the company or with another employer.

§ 7-2. Withdrawal of retirement
(1) Member or holder of pension rights issued under § 6-2 to provide the pension scheme message indicating the date from which retirement shall be paid. It is permitted to withdraw less than full retirement. Retirement comes regardless payable at the age of 75 years unless the member or holder of pension capital certificate gives special message that the pension will not be paid.

(2) Employees who combines withdrawing retirement pension with full- or part-time employment in the company, receive a pension capital certificate only for the part of the pension capital to be withdrawn.


(3) The degree of withdrawal of pension capital may nevertheless not be less than what is necessary for that annual retirement account for about 20 percent of National Insurance. Withdrawal degree can be changed at age 67 and then at the times set out in the regulations. Holder pension capital certificates may matter at any time after withdrawals change the pension level to fully claim a pension.

(4) Deposits paid to the member for drawing pensions, administered pension capital. The same applies to returns provided member pension funds. After changing the withdrawal rate pursuant to subsection shall be made recalculation of annual retirement benefit.

(5) For a member who receives a disability pension and shall withdraw retirement, comes the Companies Act § 5-7 b fourth paragraph accordingly.

§ 7-3. Management of pension capital certificates with the right to immediately incipient retirement
(1) The holder of pension capital certificates with the right to immediately incipient retirement may require pension capital certificate merged with other pension capital certificates entitling them to immediately incipient retirement, assuming pension capital certificates managed by the same institution. By merging the institution issuing pension capital certificates for a total pension capital. The holder may also choose to use pension assets related to pension capital certificates with the right to immediately incipient retirement pension for a single premium addition to retirement performance according to individual pension agreement under the Act on individual pension plan or paid-up came from a defined benefit pension scheme under the Companies Act, if the institution in terms agrees.

(2) Member or holder of pension capital certificates shall, without regard to the provisions of the regulations under § 2-5 second paragraph, the notice of withdrawal of retirement choose whether pension assets related to pension capital certificates in the payment period shall:

A.
Managed by pension savings in institutions as mentioned in § 2-2, or

B.
Converted to pension agreement based on assumptions about mortality insurance company or pension fund that complies with the Act on Occupational § 2-2 second paragraph.

§ 7-4. Payment of retirement
(1) Retirement pension shall be paid in a fixed number of years from the withdrawal of pensions and at least until age 77, but in no case less than 10 years. Member or holder of pension capital certificates may require the retirement pension to be paid for a longer period. The institution and the member or holder of pension capital certificates may still require that the payment period may be reduced to the number of whole years that is required for total annual retirement account for about 20 percent of National Insurance.

(2) Pension insurance agreement can still provide a right to lifelong retirement benefits.

(3) Is the retirement pension guaranteed by the institution, the pension benefits not be reduced until after 10 years. If the institution does not guarantee the retirement pension, the pension will be in a single year does not constitute a larger share of pension capital than this year amount of remaining payment period. When calculating the remaining payment period shall be based on the pension shall run until at least age 77 and in any event at least 10 years.

§ 7-5. The technical conversion of pension
(1) If the date of payment, the size of pension payments, the payment period or termination date is changed, the old-age pension under the pension agreement are translated on insurance technical basis determined by calculation of the change date. Such changes can not be made after the age of 75 years.

(2) Pension insurance agreement under § 7-3 second paragraph b can not later be converted into pension savings. Pensjonsforsikring Agreement with the right to lifelong retirement benefits can be claimed converted into pension agreements with other specific termination date.

§ 7-6. Obligation to provide information about retirement benefits etc.
(1) The pension facility will during the year a worker is 61 years providing the relevant information on estimated annual retirement benefit by drawing pensions from each of the years from age 62 to 67, respectively with and without continued accrual of retirement until age 67. It shall also include information about the right to pension at work after age 67.

(2) There will also be given information about the right to choose whether pension assets related to pension capital certificates in the payment period should be managed like a savings agreement or converted to an insurance policy, and the importance of this.

(3) Subsections apply correspondingly when the pension scheme receives notice of withdrawal of pension under § 7-2 before age 67.


(4) Information under this section shall be in writing and in a clear and easily understandable manner.

(5) The King may issue further rules on disclosure of pension schemes.

§ 7-7. Remaining pension capital by deaths
(1) When a member or holder of pension capital certificates door should pension assets, except for pension capital that is converted into pension agreement, used for children's pension to the children the member at his death provided or was obliged to provide and pension to a spouse, cohabitant or registered partner in accordance with the provisions of the second to fifth paragraphs.

(2) Children's pension is paid in accordance with § 7-4. The pension shall cease when the child reaches 21 years old.

(3) the pension capital is greater than that needed to ensure each child an annual pension under subsection 1 G, used the remaining capital to give a spouse, cohabitant or registered partner pension for at least 10 years. The provision in § 7-4 third paragraph second sentence and the provisions of the Pensions Act §§ 7-3 and 7-8 second and third paragraph apply correspondingly to survivor's pension under this section.

(4) Exceeds pension capital it needed to give children a pension under this section and have no right to a pension under the third paragraph shall be paid the remaining pension capital as a lump sum to the estate.

(5) Have a surviving spouse, registered partner or cohabitant granted pension under the provisions of subsection also entitled to a pension insurance taken pursuant to § 2-4 first paragraph, the rules concerning the acquisition trial in Pensions Act §§ 7-5 and 7-6. In that case considered pension pursuant to subsection as earned income.

Chapter 8. pension plan assets

§ 8-1. Funds related to pension
(1) The pension plan assets include pension capital at any time deposit funds. Is the pension scheme created an insurance company or pension fund also includes additional allocations assigned plan.

(2) Is the pension plan established with investment of pension capital, the first paragraph applies in relation to the funds that relate to all members involved in the scheme.

(3) Pension capital related to pension rights issued under §§ 6-2 and 7-2 are not part of any plan assets.

§ 8-2. Disposal of plan assets
(1) The pension plan assets to be disposed of in accordance with the rules laid down in or pursuant to this Act.

(2) The funds can not be used to pay benefits to workers who are not members of the pension scheme.

§ 8-3. The ratio of the company etc.
(1) The pension plan assets must be kept separate from the firm funds.

(2) The funds are not liable for its liabilities. Funds can not be pledged as collateral or otherwise used to cover a firm's or members' creditors.

(3) Funds in deposit fund can still be attributed to the company in accordance with § 9-4.

§ 8-4. Investment management
(1) The pension plan assets will be managed in accordance with the rules for investment management that is applicable to the extent otherwise provided by rules on the management of their investment portfolio established by or in accordance with §§ 3-2 to 3- 4.

(2) Interest on loans to the company or members shall be equal to the usual market rate for similar loans. Loan Terms shall grant the right to change interest rates in line with developments in interest rates.

(3) The return and surplus of funds in the deposit fund shall annually supplied to deposit fund. It may be determined that the funds in the deposit fund will be managed as a separate investment portfolio in accordance with § 3-4. The institution shall have the right to change the investment portfolio assigned deposit fund.

§ 8-5. Moving pension etc. The pension plan assets can be moved to another institution as mentioned in § 2-2 under otherwise applicable rules. Before undertaking doing this, the steering committee be given the opportunity to comment.

Chapter 9. Deposits Fund

§ 9-1. Contribution fund for pension
(1) The institution shall have a deposit fund for the pension scheme. This applies even if the pension plan has a separate retirement account each employee.

(2) Funds in contribution fund created by the same company shall be considered as a fund linked to all pension entity created or joined.

§ 9-2. Assets in deposits Fund deposits Fund shall be added:

A.
All contributions to the fund comprised of Taxation § 6-46

B.
Return on assets in deposits Fund pursuant to § 8-4 third paragraph

C.
Return on plan assets in accordance with § 3-2, second paragraph

D.

Deposit for employees with shorter membership period than 12 months, cf. § 6-1 second paragraph, as well as for very prepaid deposits for members who leave the company during the year.

§ 9-3. Use of funds in deposit reserve
(1) Deposits Fund may be used to cover:

A.
Year deposit according to the defined contribution plan for pension

B.
Premium for insurance of freedom of contributions and disability pension under the provisions of the Companies Act § 6-1.

C.
Fees under § 14-1 fourth paragraph.

(2) The Company may not use funds in deposit fund for the purposes mentioned in subsection b and c, unless the contribution fund would still be sufficient to ensure that the obligations stated in the first paragraph a being covered for the current and next year.

(3) If a pension fund lost its capital to assets in deposits Fund may also be used to cover the lack of pension capital.

§ 9-4. Transfer to undertaking
(1) Is the contribution fund at year-end larger than six times the average of the annual contribution for the defined contribution plan and the corresponding deposit for the two preceding years, it shall ensure that the excess amount be transferred to the company.

(2) The Company may decide that funds in the deposit reserve that exceeds half of the border after the first paragraph shall be transferred to the company. Before this is done will the steering committee be given the opportunity to comment.

Chapter 10. Group matters

§ 10-1. Joint scheme for corporate enterprises
(1) More Group companies may establish joint scheme if they together fill the minimum requirements of § 2-3. An entity in the Group may also join the scheme created by one or more other group entities.

(2) FSA may consent to other companies that have similar closely related, have common plan.

§ 10-2. Group division
(1) The employees in each company shall constitute a separate group within the scheme. FSA decides in cases of doubt which group a worker to belong.

(2) The provisions of sections 4 to 7 and 9 shall apply in relation to the members of each group. It can be specified explicitly defined contribution plan for each group.

(3) The provisions of subsections does not preclude the imposition of public contribution plan for all members of the pension scheme.

§ 10-3. Contributions to pension scheme etc.
(1) The annual contributions, premiums and other contributions to the plan are to be distributed between the enterprises on the basis of the amount needed to secure rights for the members that are included in each group.

(2) None of the companies can be charged with a larger share of the grants than provided for in the first paragraph.

(3) Return and surplus, as well as other income and expenses related to the pension scheme, shall be distributed between the groups under current rules.

§ 10-4. Common Fund etc.
(1) pension scheme may have a common scheme for managing the pension capital in accordance with the rules in §§ 3-2 to 3-4. The pension scheme may have a common deposit fund.

(2) In disposing of public deposit fund, the provisions of § 10-3 accordingly.

(3) Minutes shall be accounting for funds under common management to ensure that the provisions of § 10-3 are met.

§ 10-5. Termination of the corporate relationship
(1) Sold a group entity or ceases corporate relationship otherwise, the entity and its group of members separated from the public pension scheme. The same applies if affiliation conditions as mentioned in § 10-1 second paragraph ceases.

(2) Upon separation the part of the public pension scheme assets related to the company group, assigned to the undertaking. Is the entity sold or consolidated relationship ceased otherwise, the deposit reserve exempt from distribution if the entity's group of workers who are members represent less than one third of the employees who are members of the common plan.

(3) Is it for the separated entity group insurance that mentioned in § 2-4 shall also provisions relating to such insurance distributed unless the entity group of workers who are members represent less than one third of the employees who are members in the public pension scheme.

(4) Should the members of the enterprise group secured pension in the new pension scheme in other institutions, allocated funds transfer to the institution under § 8-5. Otherwise the scheme wound up under the provisions of this Act.

Chapter 11. Merging enterprises

§ 11-1. scope

(1) The provisions of this chapter apply to the merger of undertakings when at least one of the companies has a pension scheme under the Act at the time of the merger. This applies even if the undertakings involved in the merger plan by Act.

(2) The provisions of this chapter do not preclude that the merged entity may have a parallel pension schemes.

§ 11-2. Creation of a new pension scheme under the Act
(1) If the entity after the merger have a pension scheme under the Act, a new plan is created. Pension capital and deposit funds associated with prior arrangements transferred to the new scheme.

(2) Determine the defined contribution plan for the new scheme lower deposit than the defined contribution plan for a previous arrangement, the former deposit schedule continued for the members of the previous scheme at the time of the merger.

(3) an undertaking participating in the merger plan under the Companies Act or occupational law, the former scheme is extended to members of the scheme at the time of the merger.

(4) Continuation after second or third paragraph may take place only if all previously defined contribution plans or defined benefit pension schemes will continue.

§ 11-3. Entity shall have a company pension scheme or occupational
(1) If the entity after the merger have a pension scheme under the Companies Act or occupational law, the provisions of, respectively, the Companies Act, Chapter 13 or occupational Act Chapter 10.

(2) Does the entity involved in the merger plan pursuant to this Act, the pension scheme shall be converted in accordance with § 14.1.

§ 11-4. Continuation of previous pension
(1) Should the new entity does not have a separate pension plan under the Act or the law regarding company can plan for an enterprise involved in the merger will be continued for the members of the scheme at the time of the merger. § 11-2 fourth paragraph applies correspondingly.

(2) Pension plan that is not continued, shall terminate and be wound up under the provisions of this Act or the Act.

Chapter 12. Sharing enterprises etc.

§ 12-1. Sharing enterprises
(1) If an entity divided into two or more new enterprises, the pension scheme shall be divided in the same way, unless the pension plan continued as public pension plan for new enterprises in accordance with section 10. The members to be transferred to each of the enterprises shall be regarded as a separate group.

(2) Pension assets related to the pension scheme shall be distributed among the members on the basis of accrued pension capital pursuant to § 5.3 for each member. Return until the time of division of the institution should be administered pension capital before distribution. Deposits fund shall be distributed and transferred to the pension plans for the new enterprises on the basis of the deposit for each member sharing the year.

(3) Each of the new authorities must make use funds allocated to the company and its group of members to ensure members a similar scheme. Being an enterprise established by division and then joined together with another undertaking, the provisions of Chapter 11.

(4) Members of the pension scheme which is not to be transferred to the new companies will be ensured the right to pension capital pursuant to the provisions in Chapter 6. If a part of the entity's operations discontinued in connection with the division, § 3.12 correspondingly.

(5) Does the enterprise shared schemes with pension fund should the pension fund is liquidated pursuant to § 13-3, fourth paragraph, however, the equity is divided and assigned to each of the new companies based on accrued pension capital for each enterprise group of members.

§ 12-2. Separation of part of the undertaking
(1) If a part of the entity separated for private enterprises, and will part of the members of the pension scheme is transferred to the new entity, § 12-1, first to fourth paragraphs accordingly. Is it less than a third of the employees who are members of its pension scheme to be transferred to the new entity, the deposit reserve exempt from distribution.

(2) If the business entity separated and transferred to another entity, and shall part the members of the pension plan transferred to this undertaking, the first paragraph accordingly. Has this undertaking its own pension scheme, the rules in section 11 correspondingly. Moreover, the provisions of § 4.11 or Chapter 6

§ 12-3. Liquidation of business entity

(1) If a business entity separated and discontinued, the funds shall be linked to the pension scheme are apportioned between the group of members that must end and the group remaining in the entity, in accordance with § 12-1 second paragraph. Is it less than two-thirds of the workers who are members of its pension scheme must leave the undertaking, the deposit reserve exempt from distribution.

(2) Funds awarded the group to join in the enterprise disposed of in accordance with § 13-3 subsections.

(3) This section applies correspondingly if the business entity curtailed during two years in such a way that it must be equated with a liquidation of a business. FSA decides in cases of doubt whether this is the case.

Chapter 13. Termination and liquidation

§ 13-1. Termination of the pension
(1) The Company may decide that the pension shall cease. Before any decision is made, the issue of termination shall be submitted to the steering committee and the board of the pension fund.

(2) The pension shall cease when a decision is made that the business entity shall be wound up. The same applies when required by provision of this Act that the pension shall cease.

(3) Ends undertaking to pay contributions into the pension scheme, and there are no funds in the deposit fund to cover deposits, the scheme cease.

§ 13-2. Liquidation of the enterprise
(1) Should the company be wound up because its activities are transferred to another entity, the provisions of Chapter 11 corresponding to the extent applicable if at least two thirds of the workers who are members of its pension scheme simultaneously transmitted to the second entity. Members who are not transferred shall be guaranteed the right to pension capital pursuant to the provisions in Chapter 6

(2) If less than two-thirds of the workers who are members of its pension scheme transferred to another entity, the pension scheme shall cease and liquidated in accordance with § 13-3.

§ 13-3. Liquidation of pension
(1) When the pension scheme is terminated, the pension capital related to the scheme apportioned between the members on the basis of accrued pension capital pursuant to § 3-5 for each member. Return up to termination date shall be applied to the pension capital before distribution.

(2) Deposits Fund is distributed among members on the basis of the deposit for each member of the termination year. No one should still be awarded more of the contribution fund than it needed to secure continued payment of deposits up to 5 years or in case of a shorter period until the withdrawal of retirement pension at age 67. The rest of the deposit fund allocated to the company.

(3) The provisions of Chapter 6 apply correspondingly. Funds allocated a member of the contribution fund is added to accrued pension capital.

(4) Upon termination of the pension fund shall equity after final accounts used as laid down in the statutes. Otherwise, the equity of Finance's approval is paid to the company.

Chapter 14. Amendment of pension

§ 14-1. Conversion to company pension
(1) An entity that will establish a pension scheme for Pensions Act instead of pension under this Act, shall terminate the pension scheme under the provisions of Section 13 Contribution fund linked to the pension scheme shall nonetheless be transferred to the premium fund of the new pension scheme.

(2) may be prescribed in the regulations for the new pension scheme that accrued pension capital used as premium reserves for members' retirement pension rights in the new pension scheme. Act on Occupational §§ 4-11 subsections, 4-12 and 4-13 apply correspondingly. Provision of this paragraph shall not apply if the pension plan is established with investment of pension capital.

(3) The second paragraph does not apply to workers who, because of age is not entitled by the rules to join the occupational pension scheme or otherwise not entitled to join the pension plan pursuant to the Pensions Act, Chapter 3, unless otherwise provided in the regulations. Defined contribution scheme be continued for such workers.

(4) If the pension scheme administration reserves are not sufficient to cover costs related to the issuance of pension capital certificates by conversion under this section, the remaining costs initially covered by funds in the deposit reserve and then by payment from the entity if the funds in the deposit fund is not sufficient .

§ 14-2. Pensions in payment conversion in accordance with § 1.14 is no impact on the rights of persons who receive pension payments.


§ 14-3. Conversion to an occupational Upon conversion of pension under this Act to plan for occupational law apply §§ 14-1, first, second and fourth paragraphs and 14-2 corresponding to the extent applicable.

Chapter 15. Commencement. Changes in other laws

§ 15-1. Commencement. This Act comes into force when the King bestemmer.1

§ 15-2. Amendments to other Acts - - -