Defined Benefit Pension
In a defined benefit pension scheme you will receive an agreed percentage of your salary in total pensions – usually between 60 and 70 percent of your final salary.
What is defined benefit pension?
- If you are over 13 years, you are part of your employer's defined benefit pension scheme.
- The pension will, together with payment from the National Insurance Scheme, constitute an agreed percentage of your salary, normally between 60 and 70 percent of your final salary.
- To obtain a full pension, you must have been part of one or more business schemes for at least 30 years in total.
- You can start payout from the age of 62. The payout can be lifelong, but many companies have opted for a limited payout period.
- If you die before all the pension money has been paid out, what is left will be transferred to the insurance community and not to your surviving relatives.
Not sure about your pension portfolio?
We have made a web application that collects all your pension schemes in one place. Log in and get a full overview of your pension assets.
New pension schemes take over
Due to changes in the Norwegian pension system, more and more employers now choose a defined contribution pension scheme for their employees.