Storebrand ASA: Clarification of transition rules for paid-up policies to paid-up policies with investment choice
The Norwegian Ministry of Finance announced in a press release this afternoon the detailed rules for how customers with a paid up policy voluntary can convert this into a paid-up policy with investment choice from 1 September 2014.
The regulations clarify the following:
- A paid-up policy must be fully reserved for longevity before it can be converted to an investment choice solution.
- It will be permitted to use a technical calculation rate of up to 3% during the payout phase of the product, which will allow for an equalization of pension payments over time.
- Detailed and strict rules on how customer advising should be carried out
Detailed description of the regulations can be found at:
The final regulations are in line with the consultation paper. Storebrand view it positive that the final regulations now are in place.
Lysaker, 27 June 2014
Contacts
Elin Myrmel-Johansen, Director of Communications, mob +47 934 80 538
Trond Finn Eriksen, Head of Investor Relations, mob +47 991 64 135