The Government Pension Fund
Large petroleum revenues have resulted in substantial financial assets in the Government Pension 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 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. Revenues in the Government Pension Fund Global consist of the Government's total income from petroleum activities, and the return on the Fund's investments. The Ministry of Finance is responsible for the management of the Fund. The operational management of the Government Pension Fund Global is delegated to Norges Bank. The operational management of the Government Pension Fund Norway is delegated to the National Insurance Scheme Fund. The management is carried out in accordance with regulations laid down by the Ministry of Finance.
