NORWAY - The Government Pension Fund - Global has reported a four consecutive increase in its fund value as assets rose a further NOK75bn in June to reach a record high of NOK2.383trn (€262.9bn).

Figures from Norges Bank's monthly balance sheet showed a fourth consecutive month of increases, to push the value of the pension fund to its highest level yet above the peak of NOK2.273trn in December 2008 and almost NOK400bn higher than the NOK1.991trn reported at the end of June 2008.

The pension fund has been increasing in value since March 2009 and the figures appear to be in line with expectations in the revised Norwegian budget that the pension fund as a whole - both the Global and Norway sections - will reach NOK2.49trn by the end of 2009. (See earlier IPE article: Norway global heads towards NOK 2.2trn)

Meanwhile, Statistics Norway has revealed pension contributions to the Agreement Based Pension (AFP) scheme - a plan based on wage agreements between labour organisations and management - increased by 13% in 2008 to reach NOK3.836bn.

Figures from the national statistics office showed pension contributions increased by NOK122m over the year following an 8.8% increase in the number of retired people, but while net income to the scheme slipped by 41% to NOK138m, it revealed total assets increased by 6% to NOK1.92bn. (See earlier IPE article: AFP contributions rose 12.4% in 2007)

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

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