Paid-up Policies With Investment Options

A paid-up policy is pension savings from previous employers. By converting to a paid-up policy with investment options, you can influence your future returns and therefore, your future pension.

With a paid-up policy with investment options at Storebrand, you get:

  • help to get an overview and to collect your paid-up policies from defined benefit pension schemes. 
  • no purchase or administration fees. You only pay the management cost in the savings profile or the funds the money is invested in.
  • impairment guarantee during the payout period. This gives you predictability and stability when the money is paid out. You can opt out of this guarantee when you retire.
  • help to make your money grow. Save in individual funds, or in pension profiles that we have put together for you. If you choose the standard option, "Recommended pension", we adjust the share and risk according to your age.

Frequently asked questions

  • Paid-up policies and paid-up policies with investment options - what is the difference?

    A paid-up policy is pension savings from a defined benefit pension scheme from previous employers.

    You can have several paid-up policies if you've had several employers, or if your current employer has changed your pension scheme. The paid-up policies have a guaranteed return of approx. 3.5 percent a year, and the money is paid out as a supplement to other pensions.

    A paid-up policy with investment options is a saved-up pension without a guaranteed return. You can decide for yourself how to manage the funds in the paid-up policy. You get the opportunity to influence your future returns and therefore, your future pension. The return may also be lower than in the ordinary paid-up policy.

  • Can my paid-up policy with investment options be transferred to Storebrand?

    Yes. Please contact our call centre at tel. +47 915 08880.

  • What will happen with my paid-up policy when I die?

    If your pension scheme has a survivor's pension like a spouse / cohabitant's pension or children's pension, it will be paid out in the event of death. These pensions cannot be changed or removed.

    The remaining retirement pension will not be paid to your survivors. Paid-up policies are based on a group pension scheme. This means that the money goes back to the insurance community when you die. The assets you have in a paid-up policy with investment options are not inherited.

  • How are paid-up policies with investment options paid out when I retire?

    Well before you retire, Storebrand will send you a letter asking for some necessary information to initiate the pension payout, such as tax deduction card and account number. Once this is in place, the payout will start.

    For paid-up policies with a first-year payment of less than 30 percent of the National Insurance base amount at the time of payout, the payout period is shortened. This means that you receive the money early in retirement, and over fewer years. Large paid-up policies have lifelong payouts.

  • What if I want to opt out?

    After switching to a paid-up policy with investment options scheme, you have a 14-day right of withdrawal. If you exercise this right, the paid-up policy will be restored as it was before you switched to investment options.

    To opt out, log in to your personal pages and send us a message.