Own Pension Account Flexible
Every employee with a defined contribution pension scheme received an Own pension account with their current employer's pension provider in 2021. Should you want a different pension provider or management of the pension assets than what your employer has chosen, an Own pension account flexible is the right solution for you.
With an Own pension account flexible you get
- a wide range of savings solutions from Storebrand and other providers
- a reliable supplier with leading expertise
- full overview of your pension assets in market-leading digital solutions
- management fees from 0.2 per cent
Smart Pension provides a full overview
Log in and see which measures you can take to get a better pension.
The product is supplied by Storebrand Livsforsikring AS. When you save in this agreement, you do not become the owner of the underlying financial investments, but you get a claim on Storebrand Livsforsikring AS.
Why choose Own pension account flexible?
Prospect of higher return
The return on your pension assets has a huge impact on your pension payouts. If you are 40 years old now almost half of your pension payouts at retirement will come from the return.
Storebrand offers robust solutions with a good balance between risk and return. You can achieve higher returns by choosing other profiles with higher risks. Please bear in mind that with an increased possibility of a higher return there is also an increased possibility of negative value development.
Check available funds and pension profiles here (text in Norwegian)
Prospect of lower costs
If you choose a lower management fee than what the employer pays, the profit will be added to your pension account.
Example: Your defined contribution pension has a NOK 500,000 portfolio. Your employer pays 0.6% to the pension provider they have chosen. If you choose an index fund with a lower management, e.g. 0.2% in index funds, the difference is 0.4%.
Your pension account will then be added NOK 2,000 more a year.
Overview and control
With an Own pension account flexible in Storebrand you will have access to digital solutions that provide a good overview.
If you are approaching retirement and want to plan a little more in detail, we recommend the Smart Pension solution. Here, you'll get an overview of pension payouts from "folketrygden" (NAV), your employers and your own savings. You can also try out different start dates for each of your pension agreements. And last but not least: you'll get tips on what to do to get a better pension.
The savings app Mine penger provides a quick overview of your pension assets.
Reliable provider with leading expertise
Storebrand manages the savings and pension assets for 1.1 million Norwegians, which makes us Norway's largest private asset manager and pension provider.
We are ranked as one of the world's most sustainable companies as stated in the rankings of the Dow Jones Sustainability Index and Global 100. This makes us extra proud because we have worked with sustainability for more than 25 years, and have an ambition to be a leader in sustainable investments.
Q&A Own pension account flexible
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Who can obtain an Own pension account flexible?
All employees in the private sector are included in the Own pension account scheme. Employees with an active defined contribution pension may opt for Own pension account flexible at Storebrand.
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How much does an on Own pension account flexible in Storebrand cost?
Establishing an Own pension account flexible in Storebrand is free of charge. The price you pay will depend on which investment choices you make. You decide for yourself whether you want to choose an index fund with a low price, or whether you want active management at a higher cost. If you choose an Own pension account flexible in Storebrand, you will be compensated an amount corresponding to what your employer pays today.
Example:
Your defined contribution pension has a holding of NOK 500,000. Through your agreement, your employer pays 0.6% to the pension provider they have chosen. If you choose an index fund with a lower management cost, for example 0.2%, the difference is 0.4%. You will be compensated for the difference, which in this example amounts to NOK 2,000 more per year in your pension account. -
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What is the difference between Own pension account and Own pension account flexible?
Your own pension account is bought and managed by the company you work for. The company chooses a pension provider and the savings selection. Most companies choose to have a limited selection. If you do not do anything, you get the scheme the employer chooses for the employees. If, on the other hand, you want to make your own choices and select several different options, Own pension account flexible may be a good choice.
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Which savings selections are available?
With your Own pension account flexible in Storebrand, you get access to a good savings selection. We offer both our own active funds and index funds, and profiles and funds from other suppliers. Our specialists carefully assess the savings selection.
Complete overview of our funds on Own pension account flexible (text in Norwegian) -
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How do I find out what pays off for me?
If you choose Own pension account flexible in Storebrand, your pension account will be compensated with an amount corresponding to what your employer pays today.
- Find your costs at Norsk Pensjon
- Choose funds from Storebrand's fund universe
- If you choose funds with lower costs than what your employer pays, you will gain a profit.
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Which schemes may be collected in the Own pension account flexible?
- Defined contribution schemes
- Pension capital certificates
- Individual pension saving (IPS) discontinued 1.11.2017
- Individual pension scheme (IPA)
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How do I find out which costs my employer covers?
Log in to norskpensjon.no to find out what the employer pays.
With your Own pension account flexible in Storebrand, you pay management costs for your investment choice, but you will receive a monthly «standard compensation» from your employer. This compensation will cover the management fee for the pension portfolio earned in your current employment. The compensation corresponds to the management fee the employer would pay on the «standard solution» for an own pension account for the employees. You do not receive compensation for the management fee related to savings value from previous employment.
Your employer deposits the same monthly pension savings as if you had remained in the employer's pension scheme. Transfer to your account is automatic.
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Funds versus EFTs
In Storebrand, we offer funds, not ETFs (Exchange Traded Funds). There are many similarities between these, but also some major differences. Below you will find some points you should be aware of.
Trade, costs and investments:
When buying a fund, you make a payment to us, and you are usually allocated units in the fund at a market value the day after the purchase. Buying and selling funds with us is free of charge. You buy ETFs in the same way as a share, i.e. over the stock exchange. When you trade ETFs, there is often a cost associated with the trade itself (brokerage). ETFs may be denominated in a currency other than NOK, and costs associated with the purchase and sale of currency exchange may arise. The ETFs are largely linked to an index and have low annual management costs. Among the funds, you will find both index and active, with both low and higher annual management costs.
Risk:
Several ETFs have mortgages included, which can increase the risk significantly. AksjeNorge writes, among other things, that: "ETFs are a kind of exchange-traded index fund. This is considered a complex investment product and many of these have a form of gearing that entails a significantly higher risk of loss."
Download the app Mine penger
Easy overview of all your savings and pension assets in one app.
Own pension account
All your defined contribution pension savings from current and previous employers - gathered in one account.