THE BEGINNINGS OF MODERN COLLECTIVE OCCUPATIONAL PENSIONS IN BUSINESS IN SCANDINAVIA,CA. 1900–1930

The first three decades of the 20th century marked the beginning of modern collective occupational pensions for salaried business employees in the three Scandinavian countries. Pension premiums were derived from actuarial principles and pension entitlement was financially and legally secured. Relatively few salaried business employees were covered by these new occupational pension schemes until the 1930s. There were similar developments as well as different outcomes in the three countries. In their first three decades, the relative success of such schemes, and the participation of salaried employees in them, seems to have been largest in Denmark and lowest – as well as starting latest – in Norway. The development of occupational pensions in business is compared with Britain and Switzerland as well as with occupational pensions for public employees in the Scandinavian countries; the latter clearly functioning as a model. The new principles for occupational pensions in business, established during and after World War I, proved long lasting and increasingly important. In Norway, defined benefit pension schemes that started in business during World War I were not replaced by defined contribution pension schemes until after 2000.