Pension account

A pension account brings together your defined-contribution pension from current and previous employers. All in one place.

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Good management of your pension
Helpful advice from our experts
Full overview of your pension in the Spare app

Smart to know, quick to check!

How much do you have in your pension account?
See how much has been saved for you and compare with others of your age.

What is a pension account?

A pension account brings together your defined-contribution pension and pension capital certificate in one place. This gives you a better overview, lower costs and the chance to build a larger pension pot.

Choose a pension provider yourself
You get a pension account with the supplier that your employer has chosen, but you are free to move to another supplier. Here you’ll see the benefits of having your pension account with us.

Log in and check in Norsk pensjon (the Norwegian pensions portal)

Do you want to move your pension account to the employer’s agreement in DNB?

If your employer has pension savings in DNB, you can easily move your pension account from another supplier to us. You can get the moving done yourself in the online bank.

Would you like access to a broader range of investments?

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At DNB, we call self-selected pension accounts Pensjonskonto Flex. (flexible pension account).

With a self-selected pension account you can choose from a number of mutual funds and pension profiles. You keep the selection and price when you change employer. It’s easy to change to a self-selected pension account in the online bank and in the Savings app Spare.

Self-selected pension account

What the pension account and Pensjonskonto Flex have in common:

In DNB, we call yourself-selected pension account for Pension account Flex.

• You must be employed in a company with a defined-contribution pension• You pay management costs for a share pension from previous employers• Pension capital certificates are automatically collected in the account• The money is locked to retirement age• You can access pension profiles

What do I have?

If you have a defined-contribution pension, you get a pension account with the supplier that your employer has chosen – completely automatically. Do you want Self-elected pension account, you need to switch to this yourself. In DNB, we call yourself-selected pension account for Pension account Flex.

What is the difference between the Pension Account and the Pension Account Flex?

	Pensionaccount	Self-elected pension account
The pensionaccount follows your employmentrelationship	Have been selected	No, your pension will remain with DNB irrespective of where your employer has its pension scheme
Your current employer pays the costs for the savings they have for you	Have been selected	No, but you will receive compensation that corresponds to what the employer would pay for standard management with their supplier
Investment choice	You only get access to pensionprofiles and mutual funds that the employer offers in its pensionscheme	You will be given access to a wide selection of pension profiles and mutual funds

How did your pension money go last year?

Pension expert Stian Revheim in DNB will lose you through the bank statement from DNB Liv that you have received.

Spare gives you an overview of all parts of your pension, that which your employer has saved for you and what you save yourself, all in one place. If you collect all the savings from us, you’ll get a better overview and can make good choices for your pension.

The Spare app is available to everyone, including people who are not DNB customers.

Download Spare

Stian explains the pension account in Spare

Own pension account FAQs

Who gets their own pension account?

How does the transfer of pension capital certificates to my pension account take place?

When you have registered the transfer of pension capital certificates with Norsk pensjon (the Norwegian pensions portal), the current provider will start the moving process. The entire process can take up to 30 days, but usually it’s quicker. Mutual fund shares are sold by the current supplier and new mutual fund shares bought by DNB. This is done as quickly as possible, but the money will be out of the market for a few days as sales and purchases go through. As new fund shares are bought, this will be registered as a deposit in your pension account and previous returns will therefore not be visible. The moving process is the same if you choose to expedite or wait for the automatic moving of pension capital certificates to your pension account.

Where can I find information about the management fee on my own pension account?

Can I save in my own pension account?

What investment options do I have in my own pension account?

What is a pension profile?

A pension profile can consist of different proportions of shares and fixed-income securities, and it is important that you choose the one that’s best for you. The risk you carry in your savings depends on how high a proportion of equities you choose. In our pension profiles, the proportion of shares is automatically reduced every quarter as you approach retirement age. Read more about pension profiles.

What happens to my pension account if I leave my job?

If you leave work, you will receive a pension capital certificate. This is accrued pension benefits from the company you have worked in. If you start with a new employer with a defined-contribution pension, you get your own pension account with your new employer’s pension provider. The pension capital certificate will be moved to your pension account. If you do not get your own pension account with the new employer, the pension capital certificate will remain where it is. You can still collect pension capital certificates and make changes to investment options.

What is the own pension account scheme?

On 1 February 2021, a defined-contribution pension from your current employer and pension capital certificate from previous employers all in one place – completely automatically. Your own pension account was set up with your employer’s pension provider. You still have to pay for the management of pension capital certificates, but you get the same favourable price as your employer has for your defined-contribution pension. This gives you a better overview, lower costs and the chance to build a larger pension pot.

You can get an overview of your pension capital certificates at Norsk pensjon (the Norwegian pensions portal).

Who pays the cost of the own pension account?

What is included and what is not included in your own pension account?

Your defined-contribution pensions and pension capital certificates are automatically included in your own pension account, but you can also include certain individual pension agreements. An overview of which of your agreements can be included can be found at Norsk pensjon (the Norwegian pensions portal).

Agreements that cannot be included in your own pension account are public sector occupational pensions, contractual pensions (AFP), defined-benefit pensions, hybrid pension, paid-up policies, pension certificate, certain individual pension agreements, defined-contribution pension that are currently being disbursed and own pension savings.

Where can I find information about my pension in DNB?

How can I change the investment option in my pension account?

When and how can I start receiving disbursements from my own pension account?

You choose when you want to start receiving disbursements from your own pension account, but you cannot start before the age of 62. The payout must last for a minimum of 10 years and until you are at least 77 years old. This means a minimum of 15 years of disbursements if you start payments at 62 years of age.

A few months before you turn 62, you will receive the option “Start withdrawal of retirement pension” under “Pension and Insurance” and “Manage my agreements” in the online bank. Here you can fill out the amount and date of the share you want to withdraw and the account number you want to pay out to. Log in with BankID from your bank.

How do I move my pension account to DNB?

Pension provider

The pension agreement is provided by DNB Livsforsikring AS.

Terms:

Terms of defined-contribution pension

EU classification of mutual funds

The Sustainable Finance Disclosure Regulation (SFDR) came into effect in the EU on 10 March 2021. This has made it easier to compare financial products and services from a sustainability perspective, through uniform information and increased transparency.

The rules and legislation impose requirements on classifying mutual funds and pension profiles and include different categories depending on investment focus and how the fund is managed.

See expectation documents DNB Liv