Retirement pension for those born in and after 1963

Choices you make during your lifetime affect your future pension. You can read more here about how you accumulate a retirement pension.

Retirement pension from the National Insurance Scheme ensures that you have an income in your old age. Retirement pension is flexible and you may start drawing your retirement pension from the month after you turn 62. You can work as much as you want without your pension being reduced.

Who is entitled to retirement pension?

As a rule, to be entitled to retirement pension you must have had pensionable income and / or have at least three years of National Insurance cover, i.e. you must have lived and / or worked in Norway.

When do you draw a retirement pension?

It is up to you to decide when and how you would like to draw retirement pension and how much you want to work while doing so. You may draw retirement pension from the month after you turn 62. To draw retirement pension before the age of 67, you must have sufficient earnings (site in Norwegian).

Use NAV's online pension service Din pensjon to check the earliest you can start drawing your retirement pension and submit an online application.

Combine work and retirement pension

You may work while receiving a retirement pension (site in Norwegian) without your pension being reduced.

How do you accumulate a retirement pension?

Accumulation of a retirement pension is mainly based on pensionable income:

  • For each year you accumulate pension rights, 18.1 per cent of your income is put into your pension fund. You earn pension from the first krone.
  • Unemployment benefit, disability benefitsick pay (text in norwegian), work assessment allowance and Cash benefits for care (Omsorgsstønad - text in Norwegian) also count as pensionable income.
  • You may also accumulate pension rights based on military service that began at the earliest in 2010.
  • You may also accumulate pension rights for unpaid care work.
  • You may accumulate pension rights up to and including the year you turn 75. If you turned 13 in 2010 or later, you may accumulate pension rights from the year you turned/ turn 13. If you turned 17 in 2010 or earlier, you may accumulate pension rights from the year you turned/ turn 17.

You can accumulate maximum annual pension rights of 18.1 per cent of 7.1 times The National Insurance basic amount (G) (site in norwegian), even if you have accumulated pension rights for other reasons

You can also accumulate pension rights based on periods you have lived in Norway. This is called the period of national insurance cover. National insurance cover is provided for periods when you have lived and / or worked in Norway from the year you turned 16 and up to the year you turn 66.

Retirement pension from the National Insurance Scheme consists of income pension and guarantee pension. The size of your income pension depends on the size of the pension fund you have accumulated.

If you have had a low or no income, you will receive a guarantee pension. This ensures that you receive a pension at least equivalent to a guarantee pension level. To receive a full guarantee pension you must have a period of 40 years national insurance cover. If you have a short period of national insurance cover, the guarantee pension will be proportionally reduced.

If you have lived in Norway for a short time when you turned 67 and are still living in Norway, you may be entitled to supplementary benefit.

Examples of pension calculations (site in Norwegian).

Life expectancy adjustments

Your accumulated pension is distributed according to the life expectancy of your age group. This is called life expectancy adjustment (site in Norwegian). If life expectancy increases, each age group must work longer than the previous age group in order to receive the same pension.

Life expectancy adjustment is carried out using annuity divisors (site in Norwegian). The annuity divisors are determined on the basis of the anticipated life expectancy of people in your age group.

How much retirement pension will you receive?

Using NAV's online pension service Din pensjon you can calculate your retirement pension, see when you can start drawing retirement pension and how much pension you have accumulated. You can also see what happens if you only draw some of your pension or what happens to your retirement pension payments if you change the date you want to start drawing retirement pension.

How much retirement pension you choose to receive, and when you start receiving it, affects how much retirement pension you will receive. You may draw (site in Norwegian): 20, 40, 50, 60, 80 or 100 per cent of your retirement pension.

Your monthly retirement pension will be higher the longer you wait to start drawing a retirement pension. Your pension may also be higher if you continue to work while still receiving retirement pension. You may accumulate pension rights up to and including the year you turn 75.

When and how do you apply for retirement pension?

You may start drawing retirement pension from the month after your turn 62, if you have accumulated sufficient pension rights. You should apply for retirement pension (site in Norwegian) around three months before you want payment to start. It is not possible to apply for retroactive flexible retirement pension, and the earliest date on which you will be entitled to retirement pension will be the month after NAV has received your application.

The simplest way to apply for a retirement pension is through Din pensjon online service (site in Norwegian). You will receive a reply within a few minutes.­ If we do not manage to process your application automatically, you will be notified of this. You may also apply for your retirement pension using a paper application. Processing paper applications may take longer (site in Norwegian).

How is your retirement pension adjusted?

While you accumulate retirement pension, your pension rights are adjusted (site in Norwegian) annually according to the average wage growth. When you draw a retirement pension, the pension is adjusted annually in accordance with average wage growth, and then reduced by 0.75 per cent.

How long can you receive retirement pension?

Your retirement pension from the National Insurance Scheme is a life-long payment. Retirement pension will be paid up to and including the month of death.

Moving abroad?

If you are moving abroad and receiving retirement pension from NAV, you must check whether you can still receive your retirement pension (site in Norwegian).

If you have lived or worked abroad, you may be entitled to retirement pension from another country (site in Norwegian). You can also read more about staying abroad.

Notify changes

If you are receiving retirement pension and there are changes in your family situation, you are planning to stay abroad (site in Norwegian), or there are changes in the income of your spouse or co-habiting partner, this may affect the retirement pension you receive from NAV. In such cases, you must notify NAV immediately.

Payments

Read more about Payment dates, holiday pay and tax withholding

You may also check your payments on NAV's online pension service at Din pensjon.

. You can check payment dates at NAV's online service Dine utbetalinger.

You may also check your payments on NAV's online pension service at Din pensjon.


Most of the information is available here in English. There are also links to other more detailed information; however, some of this information is only available in Norwegian.