The Government Pension Fund
The purpose of the Government Pension Fund is to facilitate government savings to finance rising public pension expenditures, and support long-term considerations in the spending of government petroleum revenues. A sound long-term management of the Fund contributes to intergenerational equity, by allowing both current and future generations to benefit from the petroleum revenues.
Management Provisions
The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.
Governance Model
The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The operational management of the GPFG and GPFN is carried out by Norges Bank and Folketrygdfondet, respectively, under mandates laid down by the Ministry.
Investment Strategy
The investment strategy for the Fund is based on long-term considerations of different investment choices. Good financial return over time is deemed to be contingent on a sustainable development in economic, environmental and social terms, and on well-functioning, efficient and legitimate financial markets.
Related topics and insights
What's new
Long-term management in volatile financial markets
– 2018 was a challenging year with weak performance for both funds. Such periods clearly illustrate how important it is to have broad endorsement, a long-term perspective and a thorough understanding of the risk assumed in the management of our joint savings. Financial markets fluctuate, but the management should be stable, says Siv Jensen, Minister of Finance.
Report to the Storting:
Excludes exploration and production companies from the Government Pension Fund Global
The Government is proposing to exclude companies classified as exploration and production companies within the energy sector from the Government Pension Fund Global to reduce the aggregate oil price risk in the Norwegian economy.
Latest news
- Phaseout of exploration and production companies from the GPFG Press release 28/06/2019
- Strengthens and clarifies the ethical guidelines Press release 05/04/2019
- Changes to the fixed-income benchmark Press release 05/04/2019
- Allowing for unlisted renewable energy infrastructure Press release 05/04/2019
- Long-term management in volatile financial markets Press release 05/04/2019
- Committee to review the ethical guidelines for the GPFG Press release 05/04/2019
- Excludes exploration and production companies from the Government Pension Fund Global Press release 08/03/2019
- The Norwegian Government recommends that the asset management of the Government Pension Fund Global (GPFG) remains in Norges Bank Press release 19/10/2018
Documents
Meld. St. 20 (2018-2019)
Management of the Government Pension Fund in 2018
The purpose of the Government Pension Fund is to support long-term considerations in the government’s spending of petroleum revenues, as well as saving to finance pension expenditure under the National Insurance Scheme.
Meld. St. 14 (2018–2019)
Energy Stocks in the Government Pension Fund Global
The accumulation of financial assets in the Government Pension Fund Global (the GPFG) is the result of Norway having managed its oil and gas resources in a sound manner.
Latest documents
- The Report on Energy Stocks in the Government Pension Fund Global Letter 28/06/2019
- Meld. St. 24 (2018–2019) - Financial Markets Report 2019 Report to the Storting 26/04/2019
- Meld. St. 20 (2018–2019) - The Government Pension Fund 2019 Report to the Storting 05/04/2019
- Meld. St. 14 (2018–2019) - Energy Stocks in the Government Pension Fund Global Report to the Storting 08/03/2019
Contact
The Asset Management Department
E-mail: postmottak@fin.dep.no
Phone: +47 22 24 41 63
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo