The Storting has decided that all employees that have contribution pension will receive an own pension account in 2021. The goal with this scheme is to get a more efficient management of your pension savings, this will allow the employees a better overview and more pension savings.
Read more about own pension account and what it means for employees
Own pension account implies that:
Earlier, employees receive pension capital certificates if they had been employed by a company for 12 months or longer. This rule will no longer exist since own pension account is introduced. This means that employees receive pension savings from the first day until the employment is terminated.
Everyone who has a contribution pension in their current working relationship will have a separate pension account. Those who, for example, work in the public sector and have pension capital certificates from previous working relationships, are not part of the scheme. Neither are those who are already receiving pension payments.
The introduction of own pension account does not mean any major changes, but the employer is obliged to inform employees of the scheme – before, during and after it has been introduced.
Own pension account is very important for employees' future pension. Therefore, the employer has a duty to provide their employees with good and relevant information, so that they can make informed choices related to their own pension account.
Among other things, employees shall receive information about:
We want to make the transition to own pension account as easy as possible for our business customers. Therefore, we are preparing continuous information materials that they can send out to employees – before, during and after the introduction of own pension account. The materials are available on the company's page on gjensidige.no.
Even if one or more of the employees were to choose a different pension provider than the company has chosen, the employer receives an invoice from the pension provider in the same way as before. The pension provider arranges the transfer of the pension payment to any self-selected pension providers.
Own pension account will be introduced this year. When the law is enforced, employees' pension capital certificates are moved into the company's pension scheme – automatic. Neither the company nor its employees need to do anything. The transfer is made through the pension providers.
The pension capital certificates, by merging and transferring to their own pension account, automatically receive the same fund choice/pension profile that employees have on the defined contribution pension of the employer's pension provider.
Many people switch jobs several times during their professional life. With several employers, people risk paying more than they need because they have to pay for pension capital certificates from several pension providers. In addition, many people do not have an overview of their own pension.
With own pension account, people will get a better overview and impact over their own pension –and a higher pension amount.
Yes, this applies to pension capital certificates with an age limit, pension capital certificates with real guarantee and old IPS (old individual pension saving) and IPA (individual pension scheme) agreements that is no longer actively deposited into, and which are not under payment. Pension capital certificates under payment are not automatically moved.
In such cases, the employers pension provider will transfer the pension deposits to the employee's account to the pension provider in question.