Norway’s largest engineering organisation, NITO, has entered a partnership with Danica Pensjon, allowing the provider to offer pension accounts to its 92,000 workers.

From 2021, changes to the Norwegian pension system will mean that the employee can select where they want to save for retirement if they find providers offering more preferable terms than their employer.

Danica Pensjon, the Norweigan subsidiary of Denmark’s Danica Pension, was selected following an “extensive” tender process and will offer pension accounts and other products within pension savings to all NITO members in the new year.

“We are proud of this new agreement and are confident that it gives our members more pension for the money,” said NITO president, Trond Markussen.

“Our members must experience security throughout life. This agreement and the new offer to our members contribute to this and show how we at NITO work to ensure that retirement life is as good as possible.”

Danica Pensjon CEO, Steinar Nielsen, added: “We are happy and humbled to be elected as a pension partner for NITO's 92,000 members, and we are very much looking forward to the agreement coming into force for the new year.

“As part of the Danske Bank Group, we have extensive experience with this type of partnership, both in Norway and the rest of the Nordic region. Our strength is to combine attractive conditions, competent advice and good digital solutions. Now we look forward to this also benefiting NITO's 92,000 members.”

Markussen stated that, through the tender process, Danica Pensjon convinced the engineering firm that it was “among the best in Norway in this area”.

He continued: “They have shown a willingness to go to great lengths for the engineers and technologists at NITO, both in a sustainability perspective and not least on price.”

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