Funkcjonowanie państwowych funduszy rezerwowych o celu emerytalnym na przykładzie doświadczeń Norwegii

Pensions reserve funds are permanent elements of social security systems in many countries. In others they play important role of a useful solution that helps to alleviate temporary deficits in social security. One of the few countries that gath‑ ered very large pensions reserves is Norway. It is an excellent example of a country that uses oil revenues to fulfil the long ‑term liabilities of the social security system and promote solidarity between generations. The article analyses the sources of fundraising and methods of asset management used in Norwegian public reserve funds. The collection of large reserves was possible only due to permanent sur‑ plus in state budget resulting from oil revenues. Assets collected in the fund were then invested in highly diversified and long ‑term portfolio that proved to be very effective. Norwegian pension reserve fund Global showed that the right strategies of asset allocation and broad geographical diversifications may result in rates of return much higher than constructed benchmarks. Moreover, it can also meet the expectations of ethical and socially ‑responsible investments.