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.

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:

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.
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.
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.

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.

Frequently Asked Questions

Is it profitable to collect your pension capital certificates in own pension account with the employer's pension provider?
Yes, because when you collect your pension capital certificates in one place, you're likely to get lower costs associated with your retirement savings. The cost distribution related to your own pension account is as follows:
- The employer pays for the management and administration of your defined contribution pension.
- You pay for the costs associated with your pension capital certificates.
Where can I reserve against my pension capital certificates being collected at my employer's pension provider?

You do this on norskpensjon.no within the deadline of three months.
Where can I find my pension capital certificates?

You can find them by logging in to our pension calculator. The numbers are gathered from Norsk Pensjon.
What happens if I don't make any active choices related to my own pension account?
- Earned defined contribution pensions from current and former employers are collected by the pension provider of your current employer.
- The employer pays for the management and administration of your defined contribution pension.
- You pay for the costs associated with your pension capital certificates.
- The pension capital certificates, by merging and transferring to your own pension account, automatically receive the same pension profile/fund choice as you have on your defined contribution pension with your current employer.
Can I regret my choice after my pension has been moved to my own pension account?

Yes, you can, but if you have more pension capital certificates, they will be merged. This means that, in the event of a move to another pension provider, they will be transferred as one total amount.
What happens if I reserve against my pension capital certificates being collected with the pension provider of my current employer?
- The pension capital certificates remain where they are today.
- Your employer pays for the management and administration of what you earn in your job’s defined contribution pension scheme.
- Costs related to managing and administrating your pension capital certificates, you pay for yourself.
What happens if I collect all defined contribution pensions with a pension provider other than the one my employer has chosen?
- You will have to pay for the management and administration of both past and current pension earnings, but you will receive a standardized compensation from your employer to cover the benefits associated with current pension earnings. This amount does not necessarily cover the full amount the self-selected provider requires for management and administration; however, it can also cover more.
- You must choose your pension profile/fund with the pension provider(s) you have chosen. This will apply to both your pension earnings at your current employer and your pension capital certificates.