Own pension account – this does the scheme mean for employers

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


This is own pension account

Own pension account implies that:

  • contribution pension from previous working conditions is gathered in one account with your employer's current pension provider
  • employees that wish to keep contribution pension certificates where they are today must reserve against automatic gathering
  • employees will have the opportunity to choose another pension provider than the employer has chosen

Removed 12-month rule

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.

Own pension account’s target audience

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.

This involves an own pension account for the employer

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.

Duty of information to employees

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:

  • that the transfer of pension capital certificates occurs automatically as long as they do not reserve against this
  • which pension capital certificates are transferred to their own pension account with the employer
  • investment choice related to the pension agreement, which includes risk, expected returns and costs
  • employees decide who should manage their own pension account and pension capital certificate
  • the cost distribution between the employer and employees related to the pension agreement

We are providing our customers with information to the employees

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.

Billing your pension plan

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.

Pension capital certificates are moved to the company's scheme

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.

Costs related to own pension account

  • The employer pays for the management of the current defined contribution pension.
  • Employees pay for the management of previously earned defined contribution pension, pension capital certificate.
  • The employer pays the administrative cost associated with the pension account.

Frequently Asked Questions