Contractual Pension (AFP)


AFP is a pension scheme linked to your workplace. It is found in both the private and public sector, but the schemes are different. If you are unsure whether you have AFP, you should contact your employer.

About AFP

AFP is a lifelong ungraded pension scheme, calculated on the basis of all years with registered income until you turn 61 years old.

Private sector

  • AFP is a private sector tariff-based pension scheme.  
  • For seven out of the last nine years before you reach the age of 62 you must have worked for one or more companies affiliated to the AFP scheme for Fellesordningen, Spekter or FA.
  • You can earn an unlimited amount while you are receiving AFP alongside other pension schemes or employment income. 
  •  If you wait before starting to draw your AFP, you will receive a higher annual pension payment.

Read more at www.afp.no.

Public sector

  • In the public sector, AFP is an early retirement pension you can receive between the ages of 62 – 67.
  • All public employees in the state and municipal sector have AFP.
  • You cannot continue to work full time while you draw the pension.
  • You will receive reduced AFP if you have an employment income.
  • If you wait before starting to draw your AFP, you will receive a higher annual pension payment.

Read more at nav.no

Mari Rindal Øyen
Storebrand

Find out how much

Your employer saves for your pension in Storebrand. Here is an overview of what you get.

Frequently asked questions

  • Will I lose pension income if I don'have a 100 percent position?

    There is no requirement that you must have a 100 percent position - a minimum is 20 percent. But AFP is earned on the basis of your epmloyment income, so it is an advantage to work 100 percent. The size of your AFP early retirement pension depends on your earned pension rights, and when you want to start drawing your AFP early retirement pension. 

  • Can my employer order my resignation?

    No, you can neither be required to take out AFP nor retirement pension. However, if your employer offers you an early retirement or gift pension, they may set specific conditions. Note that you can lose your entitlement to AFP if you during the last years before reaching the age of 62 have received a pension, severance pay or other similar
    payments from your current or former employment.

  • How long must I have worked for in order to receive AFP?

    The principal rule is that for seven out of the last nine years before you reach the age of 62 you must have worked for one or more companies affiliated to the AFP scheme. 

Note!

You may lose your entitlement to AFP if you stop working for a company that is affiliated to the joint scheme.