The Government Pension Fund (Statens pensjonsfond)

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:

• Summary of the Pension Fund Global
• Ethical Guidelines
• Published Material
• Market value
• Governance model

You can also find more information about the Government Pension Fund Global at Norges Bank (Central Bank of Norway).

Web page: https://www.nbim.no/en/