Provident Fund

A Provident Fund is a savings plan for employees. Its goal is to provide the employees with a benefit at retirement together with other benefits. 

What is a Provident Fund?

A Provident Fund is a fund established by an employer and who appoints an Independent trustee to ensure that the interests of the employees are secured and the assets separated from the Company.

The goal of the fund is to support employees with a cash lump sum payment in case of retirement, disability or sickness, death, redundancy and family support.

The fund is typically used by shipping companies, charities, NGOs or companies to support their employees' financial wellbeing.

The money placed in the fund will be managed by an Investment Manager in various assets, such as bonds and equities to achieve the maximum return for given level of risk as agreed upon by the employer and/or trustee.

The fund can include members regardless of nationality and be established in different currencies such as EUR, USD, GBP, CHF, SEK and NOK.

The fund is administrated by Storebrand Pensjonstjenester AS.

Why a Provident Fund?

Storebrand experience that the demand and request for Provident Funds for employees is increasing. We see that it is an efficient tool to recruit and retain personnel. A Fund can be established for one Company alone, or several Companies can agree upon a joint establishment.

Either way, we provide the necessary assistance and guidance in order to meet requirements.

Single Fund or Pooled Fund?

We advise on and administer 'single fund' and 'pooled funds' solutions.

The 'single fund' the Investment Policy is agreed with the Employer and the expenses vary according to the size and number of members.

The 'pooled fund' the Trustees have decided on an Investment Policy which applies to all Employers joining the Pooled Fund.

How to establish a Provident Fund

The Company decides on the Rules and Conditions of the Fund. The Company decides who is qualified to be a member of the Fund, the Contribution range per member as well as the retirement age etc.

The Company needs to decide on where the Fund should be located, appointment of Trustees and decide on the Investment Manager and Policy.

Storebrand and Provident Funds

Storebrand Pensjonstjenester AS provides specialist advice and administrative service for international Provident funds. We will advise on where to locate the fund, appointment of the trustees, legal advisors and Investment Managers etc.

We currently administer Provident funds covering more than 70 clients and over 75 000 members.

Our long time experience and skills allow us to give the best quality service to our clients and members. We provide a complete range of administration services such as:

  • Customer service for companies and members
  • Collecting of the contribution of the fund and allocation to members
  • Application processing and payouts
  • Annual Statement of Account
  • Allocation of Annual Investment Returns
  • A Fund booklet with detailed description of rules and conditions of the Fund
  • Annual report
  • Customer meetings
  • We have robust, flexible systems and procedures
  • Fees for administration depend on designed solution

Please feel free to contact us via e-mail or we can set up a meeting if you consider to establish a Provident Fund. Together we will find the best solution.

 

Contact us

Nina M. Bølge

Client Manager and Administrative Manager
Mobile:  +47 934 99 759
Email:  nina.m.bolge@storebrand.no

Anastasija Kavalenka

Service Manager
Mobile: +47 967 06 415
E-mail:  anastasija.kavalenka@storebrand.no