How your pension accrued before 2020

Accrual before 1.1.2020 is a completed part of your pension. It is calculated separately from the accrual after 2020 because the rules changed from that date. When we calculate your total pension, we add this part to what you have accrued after 2020.

What happened in 2020?

In 2020, a new state occupational pension scheme was introduced for all public employees in Norway born in 1963 or later. For these cohorts, the old accrual was closed on 31.12.2019 and the new accrual started on 1.1.2020. That is why this marks a dividing line in your pension accrual.

You keep all accrual you may have had before 1.1.2020, provided that you have at least three years of combined accrual.

Withdrawal of pension accrued before 2020

The pension can be withdrawn no earlier than from the month you turn 62, and you must withdraw retirement pension from the National Insurance Scheme (Nav) no later than at the same time as the retirement pension from us.

• Retirement pension accrued before 2020 can only be withdrawn at 100 per cent.
• The pension is lifelong and cannot be stopped once it has started.
• You must withdraw at least 20 per cent retirement pension from the National Insurance Scheme (Nav) in the first month you withdraw retirement pension from us. After that you can change the withdrawal rate without affecting the pension part from us.

For those with early retirement (previously called “special retirement pension”), special rules apply: You can withdraw retirement pension accrued before 2020 only from the age of 67.

Log in to see what you will receive and to apply for retirement pension accrued before 2020. You apply for retirement pension from the National Insurance Scheme at www.nav.no.

Calculation

We calculate the retirement pension you earned before 2020 with an accrual fraction. Full accrual time is between 30 and 40 years, depending on when you became a member. For example, if you have 11 years of accrual before 2020, the fraction may be 11/40.

The pension basis is the salary (pensionable salary) you had on 31.12.2019, adjusted in line with the National Insurance scheme basic amount (G) until you withdraw the retirement pension. The calculation is: adjusted pension basis × 66% × accrual fraction.

The pension is also life expectancy adjusted with an adjustment factor. The size of your pension is affected by which year you were born and when you choose to withdraw retirement pension accrued before 2020.

Coordination with the National Insurance Scheme (Nav)

Retirement pension accrued before 2020 shall be coordinated with the National Insurance Scheme. The coordination determines how much of the total retirement pension you receive from the National Insurance Scheme and from us.

• The Coordination Act states that we must reduce the occupational pension from us with a coordination deduction for what you have accrued in the National Insurance Scheme.
• The coordination deduction shall be life expectancy adjusted. The size of the deduction is affected by which year you were born and when you withdraw retirement pension accrued before 2020.