The
Government Pension Fund
The
Government Pension Fund was established in 2006 and consists of two parts: "The
Government Pension Fund - Global", which is a continuation of the
Petroleum Fund, and "The Government Pension Fund - Norway", which was
previously known as the National Insurance Scheme Fund.
The Ministry of Finance is
responsible for the management of the Government Pension Fund. The operational management
of the Pension Fund - Global is carried out by Norges Bank, which invests
the fund’s capital in bonds and equities outside of Norway in accordance with guidelines
issued by the Ministry. The operational management of the Pension Fund – Norway is carried
out by the National Insurance Scheme Fund.
The purpose of the Government
Pension Fund is to facilitate government savings necessary to meet the rapid
rise in public pension expenditures in the coming years, and to support a
long-term management of petroleum revenues.
The inflow in the Pension Fund -
Global consists of all state petroleum revenues as well as the return on the
fund’s investments. The outflow from the fund is the sum needed to cover the
non-oil budget deficit, making net allocations to the Fund equal to the total
budget surplus including oil revenues. The return on the Pension Fund -
Norway is added to the fund’s capital, and there are currently no transfers
from this fund to the state budget.
More information on the Government
Pension Fund can be found under the following links:
You
can also find more information about the Government Pension Fund - Global at Norges Bank's internet site.
