Own pension account means that all employees in the private sector who are members of a defined contribution pension scheme will have former pension savings gathered together in your pension account in your current employer’s defined contribution pension scheme.
The pension account is managed by the pension provider chosen by your employer. You will be given the opportunity to choose another supplier if you wish.
If you have several employers, your former pension savings will be pooled in the account that has the most pension capital.
The vast majority of employees are expected to experience lower pension costs when pension agreements are collected in the own pension account. You thus avoid the administration costs that apply for each of your individual agreements. If you keep your own pension account within your employer’s defined contribution pension scheme, your administration costs will be covered by your employer. You will also benefit from the same fund management fee that your employer has negotiated.
Pension capital certificates from previous employments will be transferred automatically to the own pension account, unless you reserve yourself against the transfer.
A solution where employees can make reservations is currently being developed within Norsk Pensjon. This solution will also provide you with an overview of all relevant agreements and the prices that apply.
Pension capital certificates from previous individual savings agreements (IPS from the law of 2008, and IPA) can also be collected in the own pension account. These agreements will not be gathered automatically, and you must contact the provider of these agreements before the pooling process can be completed.
Own pension account will follow you throughout your entire career for as long as you are employed in a company with a defined contribution pension scheme.