Own pension account – employee

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.

Currently, you must work at a company for 12 months before you can keep your savings. Stortinget has decided to withdraw this requirement, which means you will receive pension earnings from your employer regardless of the duration of the employment relationship. This is good news!  

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All saved pension on one account  

The new regulations will make sure that pension savings from previous employers with contribution pension will be gathered on your current employers account. This will be your pension account.

Own pension account will be introduced in 2021.

Increased impact over own pension

With own pension account you will get a better overview and more ownership to your own pension. 

Your employers pension provider will automatically create your own pension account. What has been saved from previous employers with contribution pension will be collected on the same account. You can reserve against collecting your pension into one account.  

You get the freedom to choose your own pension provider. Therefore, you can move your pension savings to another provider. If you for example get a new job but do not want to change your pension provider, you will get the opportunity to keep your previous provider. 

If you choose your employers provider your employer will pay the administrative costs. You will pay the management fee for the previous pension savings that will be gathered on the account. If you choose a different provider you will pay the fee yourself, however you will receive compensation from your employer.  

Who does own pension account apply to?

Own pension account is important for those who has contribution pension through employers. Most of the private sector has contribution pension. If you work in the public sector or are retired, you will not be affected by the change.  

Pension regardless of the employment duration

Today, employees must work 12 months at one employer to receive pension savings. The own pension account repeals this amendment. This means that regardless of the employment duration employees will receive pension savings.