Own pension account – a better overview of your pension

The Storting has decided that all employees that has contribution pension will receive an own pension account. Own pension account will make it easier for you to get an overview of your pension. All pension savings will be gathered into one account.

Own pension account was introduced in January this year. 

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The purpose of own pension account

The purpose of own pension account is for employees to get a better overview and greater ownership over their own pension. When your contribution pensions are gathered with one provider, the costs associated to pension savings will most likely be lower due to fewer pension providers.

Who will receive own pension account?

To get own pension account, you must have contribution pension with your current employer. Contribution pension is the most common occupational pension scheme in the private sector. The scheme entails that the employer saves a given percentage of the employees' monthly paycheck for pension savings.

If you for example work in the public sector and have a pension capital certificate from previous employers, you will not get an own pension account. The same applies to those who already have started pension payments.

What does own pension account mean to you?

Increased influence over own pension

With own pension account, you will get increased influence over your pension through three choices: 

  1. Earned contribution pension from previous employer(s), pension capital certificate, is gathered by the company's pension provider. This happens automatically unless you select option 2 or 3.
  2. Current contribution pension and pension capital certificate are collected from the pension provider you want. You must contact the relevant pension provider yourself. You can move your own pension account, if you do not already have it here.
  3. Current contribution pension and pension capital certificate will remain with the pension provider you have today. This presupposes that you log in to norskpensjon.no and reserve the pension capital certificate before the deadline expires.

Removes 12-month rule to receive pension savings

Earlier, you had to work at a company for 12 months before you got to keep your pension savings. This rule was removed when own pension account was introduced. This means that you will receive pension savings regardless of the length of your employment relationship.  

Same pension profile on current and previously earned contribution pension

If you gather your pension capital certificates in your own pension account, they will be automatically placed in the same pension profile that your employer has chosen for you. A pension profile consists of a combination of equity and fixed income funds and has different risks profiles as to how the money is invested. 

If you do not want the pension profile your employer has chosen, you can switch to another pension profile or choose individual funds at any time. To do this, log in to your employer’s pension provider. If you have your pension account in Gjensidige, you can change your pension profile by logging into gjensidige.no

Is it a short time until your pension payment starts?

Pension capital certificates less than 20 % of G, currently approximately 20 000 NOK, you can be paid as a one-time payment. This means that if you do not reserve yourself against moving your pension capital certificates to your own pension account, the payment time will be the same as for your entire pension account, which means a minimum of 10 years and until you are 77 years old.  

Own pension account – what happens next

Even though own pension account was enforced January 1st, 2021, it takes time before everything is in order. The relocation period runs from May 1st to November 30th. You can log in to norskpensjon.no and see when the pension capital certificates are moved.

If you have pension capital certificate issued after February 1st this year you can log in to norskpensjon.no and:

  • see when pension capital certificates are collected in your own pension account. The collection takes place automatically after three months if you do not choose to reserve or accelerate the collection of pension capital certificates.
  • reserve pension capital certificates in exchange for them being collected in your own pension account. This presupposes that you log in to norskpensjon.no and reserve the pension capital certificate before the deadline of three months expires.
  • accelerate the accumulation of pension capital certificates in your own pension account. This presupposes that you log in to norskpensjon.no and accelerate the collection of pension capital certificates in your own pension account, before the deadline of three months expires.

Information from Finance Norway

In cooperation with pension providers, Finance Norway has created a information letter about own pension account.  

Information letter about own pension account from Finance Norway (PDF, 152 kB) 

Frequently Asked Questions