The corona virus - temporary changes for laid-off employees in private pension schemes

The corona virus - temporary changes for laid-off employees in private pension schemes

In order to deal with the financial consequences of the coronavirus outbreak, Stortinget (Parliament) has now also adopted amendments to the rules for laid-off employees in private pension schemes.

Stortinget (Parliament) has adopted temporary amendments for temporary laid-off employees in private pension schemes. The main rule today is that employees who are laid off do not continue as members of such schemes. However, it can be regulated in the pension agreement that in such cases the employee shall still be a member. The changes will mainly affect employers who have not agreed to this.

Stortinget (Parliament) has decided that employers who wish to do so may allow the laid-off employees to continue membership in the pension scheme during the lay-off period. The individual employee must bear the cost of continuing insurance for the membership, while the business still has to pay the administrative and administrative costs. This will entail temporary changes to the Defined Contribution Pension Act, the Occupational Pension Act, the Enterprise Pension Act and the Insurance Contracts Act.

The proposed changes have been dealt with in Stortinget (Parliament) and will come into force as soon as they have been addressed by the King in Council.

Please feel free to contact us if your business needs adaptations as a result of the outbreak of the coronavirus.

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