About own Pension Account
Information on the introduction of “own pension account”.
The Norwegian Parliament has decided that you, an employee in a company with a defined contribution pension scheme, will have all your pension savings gathered in one account, a so-called “own pension account”. The legislation has had effect from 1th of February 2021.
It is important that you are well informed about what your own pension account means to you.
Read the full information letter from Finans Norge here (PDF).
What is the own pension account?
Own pension account means that all your pension savings are gathered into one account and managed by your employer’s pension provider. This applies to both the pension you have earned from your present employer as well as any previous pension savings. Should you have several employers, the pension savings are gathered where you have accumulated the most pension savings to date.
Why is the own pension account introduced?
Pension may seem complicated and burdensome, and today few people make active choices with respect to their own pension. The purpose of gathering your pension savings in one account is to give you a better overview of your pension savings and to save administration costs. This will in turn give you more pension for every krone that is saved.
What options do you have?
Once the legislation has entered into force, your pension savings will automatically be gathered in your own pension account with your current employer’s pension provider. This also includes previous pension savings.
If you do not wish to have your previous pension savings included in your own pension account, you will have the possibility to opt out. Opting out must be done within three months of being notified by your employer’s pension provider.
You will also have the possibility to gather your previous pension savings in your own pension account before the expiry of the three-month deadline and to transfer the pension account to a different pension provider than the one used by your current employer.