Defined contribution

As an employee of Norwegian companies Telenor is now a member of a defined contribution pension scheme provided by Nordea Liv Norway A / S.

Membership

You join the agreement from the date of employment if you are hired after January 1, 2006, a 20% position or more, or even selected transition to defined contribution in 2006.

Old-age

Annual withdrawal age for old-age pension is 67 years. but you can choose to take out pension already at the age of 62 if you have sufficient earnings. You decide how many years the pension will be paid. Shortest disbursement is 10 years and his pension should at least be paid until you are 77 years.

The employer agrees to pay each year a contribution to your retirement account by following schedule:

• 5% of salary between 0 and 7.1 g (basic amount National Insurance) and
• 18% of salary between 7.1 and 12 G

It will be the sum of the monthly contributions, and return on capital and the length of the payout period that determines the size of your pension. If you die in the insurance period, the accumulated capital accrue to your survivors.

Telenor has chosen asset-based savings, where each employee has the opportunity to choose fund profiles and thus affect the return.

For further information on your defined contribution you can log on via nordealiv.no. You enter your personal pages using Bank ID. (Bank ID from all Norwegian banks can be used)

Management costs

Telenor covers all costs and the monthly deposit consists of the deposit and the previous month’s costs.

Deposit and waiver of premiums

The deposit and waiver of premium means that Nordea Liv continues to pay deposits and premiums if you become disabled.

Right of waiver for retirement pension arises after you have been at least 20% contiguous occupationally disabled due to illness or accident for at least 12 months. This exemption applies as long as the disability lasts, but terminates at the latest at 67 years. By partial disability paid a proportional relief.

Withdrawal before retirement

Ends in the Telenor before retirement, you will be withdrawn from the pension scheme. You will get an offer to continue insurance – and pension savings for their own account, or by the new employer takes over.

• If the member time of the pension scheme is at least 12 months, you will have ownership of the capital saved (in old-age pension). The money will be tied up until you can withdraw pension.
• You will not get with policy for disability or dependent children.

Insurance certificate

Every year you will receive an insurance certificate from Nordea Liv containing information about how much you have accumulated for retirement pensions for now and possibly the other pensions that are related to insurance.