When should you consider a retirement pension?
- When you look at your possibilities in the labour market for the first time
- When you start a new job
- When you are considering changing your employer
- When you negotiate your salary and other benefits
- When you buy insurance or take out a loan
What is a retirement pension?
A retirement pension consists of three elements:
- a retirement pension from the National Insurance Scheme,
- private and state occupational pensions from your employer
- and any additional pension that you may have.
The Norwegian Public Service Pension Fund is your state occupational pension.
Who gets an retirement pension?
- Anyone who is or has been employed for a minimum of three years, in one or more organisations that are affiliated to the Norwegian Public Service Pension Fund.
- Anyone who works a minimum of 14 hours a week in this position.
- You have the right to retire with pension when you reach the age of 67. As an employee in an organisation with a tariff agreed contractual pension agreement, you can also choose to retire with a contractual pension from the age of 62.
- If you have a position with a special age limit, you can retire with retirement pension when the total sum of your age and number of years' membership in the Norwegian Public Service Pension Fund is 85 years or more.
Calculation and amount
- You have earned an entitlement to a maximum pension after 30 years in a full-time position. You can then get a retirement pension that represents 66 percent of your salary to the pension fund. This is before the adjustment for life expectancy. The new pension rules has a guarantee of 66 percent before the adjustment for life expectancy for those born up to 1958. The new rules for those born after 1958 are not ready.
- You get full pension as long as you live. Private pension schemes often end pension payments when you reach the age of 77. Then you will only have a retirement pension from the National Insurance Scheme and your own savings to live on.
- Pensions are paid minus tax.
How to apply
Your employer is responsible for sending notice to the Norwegian Public Service Pension Fund that you want to retire with pension.