Pension in general
Old-age pension from the National Insurance Scheme
As a result of the pension reform from 2011, there were significant changes in the National Insurance Scheme, including possible retire from the age of 62 years (flexible retirement pension).
The main features of retirement pension from the National Insurance Scheme:
• You can take out a retirement pension from 62 years, provided you have a certain amount of your pension earnings
• You can choose to take full retirement or only part of this (20, 40, 50, 60 or 80 percent)
• Once you have retired, you can increase or decrease the withdrawal rate once a year. However, you may choose to withdraw full pension at any time or complete payment
• You can combine work and retirement pensions without reducing your pension
The size of your pension earnings depends on how much income you have had. Pension under new retirement pension can be earned up to the age of 75 years. Each year, 18.1 per cent of all pensionable income is placed in a pension reserve, up to 7.1 G (G = National Insurance Scheme Base, 1G per 1 May 2017 = kr93634). This pension portfolio is used to pay the old-age pension from the National Insurance Scheme.
You can freely combine work and retirement without this reducing retirement pension. This means that you can earn as much as you wish next to full or partial retirement. However, this may have tax consequences, and we encourage the individual to investigate how this will affect their own part.
If you take out a pension in full or in part before the age of 67, the annual payments of old-age pension from the National Insurance will be lower than if you wait for 67 years. This is because the pension you have earned is distributed over several years.
Who applies to the rules for?
• If you were born in 1953 or earlier, you earn a pension according to old rules. That is to say, when calculating retirement pension, the 20 best income years form the basis. You will still be able to earn a pension until you reach the age of 75
• If you were born in 1954-1963, you earn old-age pension following a combination of the new and old earnings rules
If you were born in 1963 or later, you earn a retirement pension according to new rules
Earnings are mainly based on pensionable income:
• For each year you have pensionable income, 18.1 percent of your income is added to your pension portfolio. You earn up to retirement from the first crown. You can earn a maximum of 18.1 per cent of the 7.1-hour basic salary (G), even if you have earned a retirement pension on a number of grounds.
You can self-assess whether you can retire from the National Insurance before you reach the age of 67 and read more about the pension reform by visiting the online service Your Pension on NAV’s websites. You can also call NAV on phone number (+47) 55 55 33 34.
Norsk Pensjon – get an overview of your future pension
Using the Norwegian Pension Services online service, you can get a comprehensive overview and forecast of your estimated retirement benefits, from the National Insurance Scheme, from connected private and public occupational pension schemes, as well as from individual agreements.
You can use MinID, BankID, Buypass Smartcard or Commfides in connection with logging in to the online service www.norskpensjon.no.