Own pension account – a better overview of your pension

In 2021, all employees with a defined contribution pension from their current employer got an own pension account. Below you can read more about what this means for you.

If you don't have your pension account in Gjensidige, you can move it to us


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 defined 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 defined contribution pension with your current employer. Defined 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 defined 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 defined 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 defined 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 defined 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.  

Frequently Asked Questions