Explanation on the statement of account for group pension
Go to explanation in Norwegian
Every company that has a group pension (defined benefit) in Storebrand, annually receives a statement of account for their pension scheme.
The statement of account shows the financial result for the pension scheme, including transactions and the development in the pension assets during the accounting year. The statement is sent out at the end of February/beginning of March the year after the accounting year.
For risk benefits attached to a defined contribution plan/hybrid pension scheme, the statement of account shows transactions on fund assets for the pension scheme. If there are members receiving pension (disability, survivor’s), the statement of account also shows the transactions on pension assets for these members. Risk benefits attached to a defined contribution plan/hybrid pension scheme and retirement pension on hybrid pension scheme are treated as a defined benefit plan for disability- and survivor’s pension under withdrawal when it comes to the statement of account. The same applies to other risk benefits that have no associated savings on a defined contribution plan/hybrid pension scheme.
For the savings to retirement pension on defined contribution plan/hybrid pension scheme, the statement of account contains information about the savings portfolio and the annual contribution associated with the retirement pension coverage.
What is accounting?
Every single defined benefit scheme in Storebrand Livsforsikring has their account for the premium reserve. The annual accounting provides an overview on the transactions and the development in the pension scheme's assets from the beginning to the end of the accounting year.
The transactions on the account are shown in the statement of account for the premium reserve, and include:
- premiums
- insurance paid
- guaranteed return
- costs for the pensioners
In addition, the accounting includes the calculation of the year's results, which consists of return added and the result for insurance risk. The allocation of the return added and the result for insurance risk are shown in separate overviews.
Furthermore, the statement of account contains overviews of transactions on:
- buffer fund
- premium fund
- pension surplus fund
- adjustment fund for disability pension
- adjustment fund
- adjustment fund for pensions
- deposit fund