Pension funds show deficits
The total deficit of private pension funds before tax was NOK 2265 million (USD 324 million), while the year before the accounts indicated a surplus of NOK 388 million (USD 55.4 million), according to the numbers presented by Statistics Norway.
The local authorities pension funds had a total deficit of NOK 486 (USD 69.4 million) in 2002, while the federal companies pension funds had a negative result of NOK 108 million (USD 15.4 million).
The bad results are due to the weak development in the stock market the last couple of years, and the development has contributed to large losses on securities.
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