Your pension

Retirement pension from the National Insurance Scheme is the pension that the state saves you. For each year you work, 18.1 per cent of the salary is saved to your pension assets. Salaries above 7.1 G do not produce any earnings.

You can withdraw all or parts of the pension while you are still working, but not before the age of 62. This assumes that you have earned enough pension in the National Insurance Scheme. You’ll find information about this on NAV.

What is a G?

G is the abbreviation for the National Insurance basic amount. As of 1 May 2023, 1 G corresponds to NOK 118 620.

An occupational pension is the pension that you receive through your employer. There are three types: Defined-benefit pension, defined-contribution pension and hybrid pension.

Defined-benefit pension and hybrid pension

Historically, the defined-benefit pension has been the most common scheme. Employees receive a pension that is often lifelong, based on their final salary.

Hybrid pension is a combination of a defined-benefit pension and a defined-contribution pension. The employer saves in the same way as with a defined-contribution pension, and the disbursements can be lifelong.

Defined-contribution pension

With a defined-contribution pension, your employer saves a percentage of your salary every year towards your pension. The money is transferred to your pension account. The payments from the employer and the return you receive on the money saved together constitute the pension from the employer. You decide how to invest the money.

If you leave the company, you will be de-registered from the defined-contribution pension scheme. From and including 01.01.2021, you will receive all your accrued pension on a pension capital certificate, irrespective of how long you have worked for the company. By collecting the pension capital certificates in one place, you can save costs, get a better overview and a larger pension.