KLP ordered to change practices following competition investigation

The Norwegian Competition Authority has ordered KLP to change its business practices following a four-year investigation into whether the company abused its dominant position in the public service pension market.

Competition Director Mads Magnussen stated that the authority believes KLP actively influenced municipalities to prevent them from putting public service pensions out to tender. This practice may have resulted in higher costs and lower service quality for municipalities.

While KLP does not agree that it abused its market position, the company has proposed several mitigating measures to address the authority's concerns. These measures include ceasing influence over municipal tender processes and rectifying the negative effects of previous practices. The authority has made these measures binding and will monitor compliance. KLP CEO Sverre Thornes expressed satisfaction that the investigation has concluded, noting that the company recognizes its responsibility as a major market actor.