Pension account

Everyone with a defined-contribution pension gets their own pension account automatically with their employer's pension provider.

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On 1 February 2021, a defined-contribution pension from your current employer and pension capital certificate from previous employers all in one place – completely automatically. Your own pension account was set up with your employer’s pension provider. You still have to pay for the management of pension capital certificates, but you get the same favourable price as your employer has for your defined-contribution pension. This gives you a better overview, lower costs and the chance to build a larger pension pot.

You can get an overview of your pension capital certificates at Norsk pensjon (the Norwegian pensions portal).

When you have registered the transfer of pension capital certificates with Norsk pensjon (the Norwegian pensions portal), the current provider will start the moving process. The entire process can take up to 30 days, but usually it’s quicker. Mutual fund shares are sold by the current supplier and new mutual fund shares bought by DNB. This is done as quickly as possible, but the money will be out of the market for a few days as sales and purchases go through. As new fund shares are bought, this will be registered as a deposit in your pension account and previous returns will therefore not be visible. The moving process is the same if you choose to expedite or wait for the automatic moving of pension capital certificates to your pension account.

Your employer will pay for the administration of your pension account. The employer also pays for the management of the money that is saved for you in your current job. You have to pay for the management of accrued pension benefits from previous employers, but you get the same favourable price as your employer has.

You can find information about the current management fee at Norsk pensjon (the Norwegian pensions portal).

Your defined-contribution pensions and pension capital certificates are automatically included in your own pension account, but you can also include certain individual pension agreements. An overview of which of your agreements can be included can be found at Norsk pensjon (the Norwegian pensions portal).

Agreements that cannot be included in your own pension account are public sector occupational pensions, contractual pensions (AFP), defined-benefit pensions, hybrid pension, paid-up policies, pension certificate, certain individual pension agreements, defined-contribution pension that are currently being disbursed and own pension savings.

You cannot save in your own pension account yourself.

Read more about own savings for retirement.

You will find information about your pension under ‘My pension’ in the online bank and in The Spare app. Log in with BankID from your bank.

Available investment options in your own pension account scheme are determined by your employer. You will find information about your pension under “My pension” in the online bank and in the Spare app. If you want more investment options than those offered in the employer’s agreement, you can choose Pensjonskonto Flex.

Read more about Pensjonskonto Flex.

You can change the investment option in your pension account under ‘My pension’ in the online bank and in The Spare app.

A pension profile can consist of different proportions of shares and fixed-income securities, and it is important that you choose the one that’s best for you. The risk you carry in your savings depends on how high a proportion of equities you choose. In our pension profiles, the proportion of shares is automatically reduced every quarter as you approach retirement age. Read more about pension profiles.

You choose when you want to start receiving disbursements from your own pension account, but you cannot start before the age of 62. The payout must last for a minimum of 10 years and until you are at least 77 years old. This means a minimum of 15 years of disbursements if you start payments at 62 years of age.

A few months before you turn 62, you will receive the option “Start withdrawal of retirement pension” under “Pension and Insurance” and “Manage my agreements” in the online bank. Here you can fill out the amount and date of the share you want to withdraw and the account number you want to pay out to. Log in with BankID from your bank.

If you leave work, you will receive a pension capital certificate. This is accrued pension benefits from the company you have worked in. If you start with a new employer with a defined-contribution pension, you get your own pension account with your new employer’s pension provider. The pension capital certificate will be moved to your pension account. If you do not get your own pension account with the new employer, the pension capital certificate will remain where it is. You can still collect pension capital certificates and make changes to investment options.

Read more about pension capital certificates.