Retirement pension for members born in 1963 and later

Accrual

Pension accrual for retirement pension is continuously set aside from pensionable income during employment and accumulated in a pension account. The allocation is carried out at the following rates:

•  5.7 percent of the pensionable income for salary between 0 and 12 G
• 18.1 percent of pensionable income for salary between 7.1 and 12 G

The pension account is adjusted annually in accordance with the National Insurance basic amount (G-regulation).  

Withdrawal

Retirement pension may be taken out fully or partially from age 62 at the earliest, but no earlier than from the month after notification of withdrawal has been given to Norges Bank's Pension Fund. The retirement pension can be graded/changed once per year at 20, 40, 50, 60, 80 or 100 percent.

Annual retirement pension equals your pension account at the time of withdrawal divided by the National Insurance divisor (determined by Statistics Norway).

The retirement pension is in addition to retirement pension from the National Insurance Scheme and is paid for life. The retirement pension can be freely combined with earned income.

When simultaneously receiving a graded disability pension, the sum of the graded disability pension and the withdrawal percentage of the retirement pension cannot exceed 100 percent.  

Transitional arrangements

Employees born in the period 1963–1970 who have at least 15 years of pensionable membership upon retirement may receive a transitional supplement. Membership both before and after 2020 counts. You must fully leave your position, and the supplement cannot be taken out on a graded basis. The transitional supplement is not paid from age 67.

Employees born in the period 1963–1967 who have pensionable membership before 2011 in Norges Bank's pension scheme for employees born in 1962 and earlier will receive a supplement (2011-supplement).

Employees of Norges Bank before 01.01.2011 with 30 or more years of service as of 01.01.2020 may be granted retirement with full or partial retirement pension after 40 or more years of service (40-year rule). This retirement pension is provided up to age 67 and cannot be combined with other pension benefits from Norges Bank's Pension Fund.  

Lifelong Contractual Pension (AFP)  

Norges Bank has an AFP scheme equivalent to the public sector AFP in the state. The Act on the new public AFP, hereafter called Lifelong Contractual Pension (AFP), was adopted by the Storting on 12.04.2024, and entails, among other things, that:

• You must meet certain conditions (pdf in Norwegian) to be entitled to Lifelong Contractual Pension (AFP).
• It is in addition to pension from the National Insurance Scheme and is paid for life.
• You can start drawing Lifelong Contractual Pension (AFP) when you are between 62 and 70 years of age.
• You can combine Lifelong Contractual Pension (AFP) with earned income.  

Accrual and qualification conditions

Pension accrual for Lifelong Contractual Pension (AFP) is calculated from annual pensionable income in the National Insurance Scheme from age 13 to 61, and is saved in a pension account at the following rate:

• 4.21 percent of pensionable income in the National Insurance Scheme for salary between 0 and 7.1 G

An employee qualifies for AFP if they have been a member of a public or private AFP scheme for 7 of the last 9 years before withdrawal. In the last three years before turning 62, you may not have received pension or other benefits without a work obligation.  

Conditional occupational pension  

An employee who does not qualify for Lifelong Contractual Pension (AFP) will in most cases be entitled to conditional occupational pension. The employee will not subsequently, after drawing conditional occupational pension, be able to qualify for Lifelong Contractual Pension (AFP).

Pension accrual for conditional occupational pension is continuously set aside from pensionable income and saved in a pension account. Allocation occurs from 01.01.2020 up to age 62 at the following rate:

• 3.00 percent of the pension base for salary between 0 and 7.1 G

The pension account is regulated in accordance with changes in the National Insurance basic amount (G-regulation).

Conditional occupational pension is for life and you can start drawing between age 62–70. It must be taken out in full, cannot be stopped after withdrawal, and can be freely combined with earned income.