Pension

Retirement pension from the National Insurance Scheme is the pension that the state saves for you. For each year you work, 18.1 per cent of your salary is saved towards your pension assets. Salary above 7.1 G does not accrue pension.

You can withdraw all or part of your pension whilst you are still working, but not before the age of 62. This assumes that you have accrued sufficient pension in the National Insurance Scheme. You can find information about this at Nav (the Norwegian Labour and Welfare Administration).

What is a G?

G is the abbreviation for National Insurance basic amount.

One G equals NOK 130 160 as at 1 May 2025.

G is the abbreviation for National Insurance basic amount

Occupational pension scheme is the pension you receive through your employer. There are three types: defined-benefit pension, defined-contribution pension and hybrid pension.

Defined-benefit pension and hybrid pension
Defined-benefit pension has historically been the most common. Employees receive a pension that is often lifelong, based on their final salary.

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

Defined-contribution pension

With a defined-contribution pension, your employer saves a percentage of your salary each year towards your pension. The money is transferred to your pension account. The contributions from your employer and the returns you receive on the money saved together make up your occupational pension. You decide how the money should be invested.

If you leave the company, you will be deregistered from the occupational pension scheme. After 01.01.2021, you will take all accrued pension with you on a pension capital certificate, regardless of how long you have worked for the company. By consolidating your pension capital certificates in one place, you save costs and gain better oversight.

The final part of your pension you must save yourself. Pension savings are long-term savings that must remain invested for many years. The most important thing is to get started. Find the savings method that suits you best.

Consider this before you begin:

• How long must you save?
• How much in equities and fixed income are you comfortable having in your savings?
• How much can you afford to set aside each month?
• Do you want to lock your savings until retirement age?