If only Brits were as smart as the Norwegians

[Mich the Tester]

According to the hysteria whipped up by our press every time the UK edges closer, it's part of the grand plan.

Oh right, yeah, the Truth according to Daily Mail.

The EU haven't nicked anything from my pension fund. Banks and insurers, not restricted by any kind of effective legislation, have taken huge margins from my contributions and left me with a pretty weedy fund though. Trouble is, no government dares to regulate the banks effectively because they're scared that the big banks will then move their head offices elsewhere, taking the revenues with them. I can't see any effective banking supervision working without international cooperation, at least at European level. Now the EU is far from ideal, but at the moment it's what we have for dealing with things that are too big for national governments to handle or involve cross-border affairs. Like it or not, there has to be close cooperation in Europe on a whole range of issues like the financial system, organised crime, environmental issues, migration issues, transport issues, defence at Europe's margins/borders etc; at the moment that cooperation is primarily through an inefficient apparatus known as the EU; maybe there's a better way to cooperate, in which case I'd be delighted to hear it. Maybe the EU just needs significant reform.

[gingerjedi]

Are you saying the EU can take money from member states' pension pots?

According to the hysteria whipped up by our press every time the UK edges closer, it's part of the grand plan.

[Mich the Tester]

But the EU can't touch its pension pot.

Our state and public pension pot is nothing more than a future governments promise as Thatcher once pointed out.

Are you saying the EU can take money from member states' pension pots?

[lukemg]

In fact – This is a good way to look at contracting. It’s unlikely that the bump in revenue will last your whole career so it is a good idea to setup your own reserve fund. Although this does include your warchest, that needs to remain more ‘liquid’ to cover benchtime costs etc, if invested, this may result in being forced to sell at a time you wouldn’t want to.
I have a range of funds and individual shares for this buffer, which will finance my dotage as well with any luck ! This exists as my low maintenance plan B also. Kicking out an averaged 7.1% annual return, which I admit is steady rather than spectacular (SIPP is a somewhat happier 13.6%) but key is to hold your nerve in the dips, keep investing and don’t be tempted to sell, deal too frequently or try to ‘guess the market’.

[gingerjedi]

Norway has a free trade and movement agreement with the EU via the EEA and EFTA; it's also a Schengen agreement member and participates in several other EU programmes, contributing about 200 million euros per year.

But the EU can't touch its pension pot.

Our state and public pension pot is nothing more than a future governments promise as Thatcher once pointed out.

[Mich the Tester]

I can see why Norway wants nothing to do with the EU, what's our excuse?

Norway has a free trade and movement agreement with the EU via the EEA and EFTA; it's also a Schengen agreement member and participates in several other EU programmes, contributing about 200 million euros per year.

[gingerjedi]

I can see why Norway wants nothing to do with the EU, what's our excuse?

[lukemg]

Yep, while we have pissed the entire oil revenue pot away with nothing to show for it, Norway, along with a number of nations who have seen oil as a short term boost that will end in a reasonably short timeframe have taken the sensible precaution of saving a decent proportion of it and investing it for the nation to enjoy for many years after the oil has gone.
And isn’t it nice when there is a general downturn in the world economy (inevitable) that you can smooth the impact of that through the revenue being generated from this fund.
Alternatively, borrow as much as you can get hold of, to spend on increasingly inefficient black holes – known as public sector services where you get no return on the investment and end up virtually bankrupt – Oh, then claim you have ‘saved the world’…

[Doggy Styles]

How many beers does that buy in Norway these days?

ISTC it would not be many.

[Ignis Fatuus]

Norway 'petroleum fund' tops $500bn.

How many beers does that buy in Norway these days?

[alreadypacked]

Norway 'petroleum fund' tops $500bn.

What do you have to do to retire to Norway then.

Maybe the winters are so cold no one is collecting their pension.

[Clippy]

Norway 'petroleum fund' tops $500bn.