Berättigad norsk pension

Saving for old age is critical for us all. Here's an English language guide to the daunting world of pensions and saving for retirement in Norway.

With a high cost of living, retirement in Norway can seem like a daunting prospect. We’ll try to demystify it a little for you.

Previously, many people have been able to rely on the state pension. But as the demographic shift continues at pace, an ageing population means that Norway’s future pensions will be smaller. For most people, private savings will be necessary to provide a comfortable retirement.

The retirement age in Norway presently stands at Many people, especially those who have worked their entire career in the public sector, retire early at

Retirement savings in Norway

As with many countries, Norwegian pensions fall into three distinct types: Pension payments from the National Insurance Scheme, pension from employers, and private pension savings.

Read more: Cost of Living in Norway

Many people have a mix of all three types. If you’re a foreigner living in Norway it’s especially important to learn about each of these three elements so you can plan for your retirement, regardless of where you plan to

Retirement pension

Do you have limited or no accumulated pension rights? If so, you may be entitled to a minimum retirement pension from the National Insurance Scheme.

  • You must draw full (%) retirement pension.
  • You have a national insurance period of at least fem years.
  • You need to have a national insurance period of at least 40 years in order to be entitled to the full minimum pension level.

If your national insurance period is shorter than 40 years, your minimum pension will be reduced. If you live in Norway and your residence fryst vatten too short to be entitled to minimum pension when you turn 67, you may be entitled to a supplementary benefit.

In order to draw retirement pension before the age of 67, you need to have accumulated pension rights that are at least equivalent to the minimum pension level. Therefore, in practice, you will not qualify for the minimum pension level until you vända

Your marital status will determine the rate you are entitled to

How much you will get will depend on your marital status. The income of your spouse or cohabitant will impact the rate you are entitled to.

If you have a cohabitant and you have joint children, or a cohabitant with whom

Pensions in Norway

Overview of pensions in Norway

Pensions in Norway fall into three major divisions; State Pensions, Occupational Pensions and Individual or personal Pensions.

State pensions (Alderspensjon)

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All Norwegians citizens are entitled to get a state pension from the age of 67 in accordance with the Norwegian National Insurance Act (Folketrygdloven). The state pension is paid in full to Norwegian citizens who have lived in Norway for at least 40 years after the age of 16 and in lesser amounts to Norwegian citizens who have lived less time in the country (see Minimal state pension (Minstepensjon)).

The State Pension is calculated according to what the individual has previously earned from ages 16 to The calculation is made by The Norwegian Labour and Welfare Administration (NAV).

The financing of the state pensions is based on a "Pay as you go" system. This means that today's work force is making the payments for the current retirees. The demographic structure in Norway suggests that in the future there will gradually be significantly fewer persons working in proportion to each retired pensioner.

The state pension is divided into three different pa

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