Own Pension Account

Own pension account was introduced in January 2021. In this account all your defined contribution pension savings will be gathered automatically – from your current and previous employers. The purpose is to give you a better overview of your pension savings and more pension.

When will the Own pension account come into effect?

  • In January 2021 the pension scheme agreements from your current employer changed name from «Defined contribution pension» («innskuddspensjon») to «Own pension account» (egen pensjonskonto).

  • In the period from 1 February to 30 April you can reserve against or accelerate the gathering process. You can do this through the reservation site at Norsk Pensjon.

  • In the period from 1 May to 31 December 2021 your pension capital certificates will be moved to your Own pension account. 

Download the app Mine penger

Easy overview of all your savings in one app.

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What is Own pension account?

  • All your savings from defined contribution pension schemes from your current and previous employers are gathered into one account.
  • The purpose is to give you a better overview of your pension savings and to save administration costs.
  • The pension account is managed by your employer’s pension provider.
  • Your pension savings will be gathered automatically, but you will have the possibility to opt out if you do not wish to have your previous pension savings included in your own pension account. 
  • You can choose any pension provider to manage your pension account.

With an Own pension account in Storebrand, you get:

  • a quick and easy overview of your pension in the app Mine penger
  • attractive conditions
  • robust pension portfolios and savings automatically adapted to your age
  • pension portfolios that follow clear sustainability criteria

Choose your own pension provider

Choosing Storebrand as your pension provider will give you access to a wide range of funds from Storebrand and other fund providers. You may accelerate the move to a pension provider of your own choice from 1 February.

Questions on Own pension account

  • Will paid-up policies be part of an Own pension account?

    No, paid-up policies cannot be transferred into a separate pension account.

    Paid-up policies are part of the defined benefit pension scheme, whereas the own pension account comprises your defined contribution pension savings.

  • I have two employers - with which employer will my pension account be created?

    If you have several employers with a defined contribution pension scheme, you will have an Own pension account for each employment.

    Pension capital certificates from previous employment will be transferred to the pension account with the largest balance.

  • Can I reserve from having my Own pension account?

    All employees who have a defined contribution pension scheme will have their own pension account. However, you can reserve yourself against having your pension capital certificates automatically collected in your own pension account. The reservation must be made between 1 February and 30 April 2021.

    A reservation is valid for an unlimited time, until you choose to remove it.

    The vast majority of employees are expected to experience lower pension costs with an Own pension account. Choosing your own pension provider may affect your pension costs, either in a positive or negative way. 

  • What happens to my Own pension account if I resign from my job?

    Your Own pension account will follow you throughout your professional career as long as you are employed by a company with a defined contribution pension scheme. If you are re-employed at an employer with a defined contribution pension scheme, an own pension account will be established with your employer's pension provider or with a pension provider you have chosen. Previously earned pension is automatically transferred to the new own pension account unless you reserve yourself against the transfer.

  • Which costs will my employer cover if I choose a pension provider myself?

    The employer pays pension contributions for you monthly, and covers costs for administration and management of the pension you earn while you work in the company.

    If you have chosen a pension provider yourself, you will receive a certain compensation for management costs from your employer. If your provider has higher prices than the employer's pension provider, you will have to cover the additional costs personally. Conversely, if your supplier has lower prices, the profit will go into your account as additional pension savings.

This is Own pension account

In this video our pensions advisor Øyvind Bendz Strøm explains what own pension account is all about.