IPS - individual pension savings

With IPS, you can save up to NOK 15 000 a year for your own pension and have tax deferred.

Deferred tax when you save for a pension in IPS
Good selection of mutual funds
The money is locked to a pension

Save when you want

Save up to NOK 15,000 a year

To get deferred taxes

To make withdrawals from the savings, tax is paid when the money is taken out

Choose a fund you want

Access to a wide selection of mutual funds

What is IPS?

Individual pension savings (IPS) are savings in mutual funds where you benefit from deferred tax for the amount you save. You can decide whether you want a fixed savings scheme, or whether you want to invest money when it suits you best. The money is locked to a pension

Individual pension savings (IPS):

You can save as much as you want, but no more than NOK 15 000 a year
You can save from the age of 18 until you turn 75
The money you save is tied up until you are 62 years old
You receive a deduction from ordinary income for the amount you save
You can choose all types of mutual funds in IPS

How much will you receive from IPS?

Check how much you can receive each month as a pensioner by saving in IPS

Try the IPS calculator (In Norwegian only)

Move your IPS to DNB

Collect all your savings and get a full overview in the Spare app

Order your move here (In Norwegian only)

Save for a pension without commitment

Do you want to save for retirement, but without tying up the money?

Read more about saving in mutual funds for pensions

Collect all your savings in one place!

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 the Spare app

Individual pension savings (IPS) FAQs

What do I need to think about before I start saving in IPS?

The money is locked in until retirement age, and you can withdraw the money at the earliest from the age of 62.
The pension will be paid out monthly until you turn 80. The minimum disbursement period is 10 years. If the annual payment is lower than 20 per cent of the National Insurance basic amount (G), the payment period can still be reduced
The tax benefit is only a deferral of tax, and you must pay tax on the amount paid in and the potential return on withdrawal. The payment is taxed as ordinary income
You do not get a shielding deduction when saving in equity funds within the IPS solution, as the return is taxed as ordinary income.
You pay nothing for your IPS in DNB, only for annual management of the mutual funds you choose.

Which mutual funds do I have access to in IPS?

You have access to the same fund range regardless of whether you choose to use IPS or saving in mutual funds for your pension. In DNB, you can put together your own portfolio of funds in the individual pension savings (IPS) solution. The selection consists of funds supplied by both DNB and external managers.

You can also choose the DNB Lev Mer fund that is specially adapted for pension savings, where you automatically get a good proportion of shares and fixed-income securities, adjusted to your age. When you approach retirement age, the proportion of equities is gradually reduced, thus avoiding the pension capital being subjected to unfortunate fluctuations in the equity market.

See an overview of the mutual funds here

Does it cost anything to create an IPS in DNB?

It costs nothing to create an individual pension savings (IPS) at DNB. In an individual pension savings (IPS), you can invest in both DNB mutual funds and mutual funds from external managers. The mutual fund fee you pay is split in two between management fees and platform fees, and this makes it easier to see what you pay to the manager and what you pay to the distributor. In addition, a fund will also be charged with transaction costs, and these are costs that are already taken into account in the daily fund price. Read more about DNB’s price model here

What are the tax rules for IPS?

You get a deduction in ordinary income on the savings amount. The tax rate is 22% in 2023. If you save the maximum amount of NOK 15,000, you’ll get NOK 3,300 back on the tax next year
Holdings in IPS are exempt from wealth tax
The return is not taxable as long as the money is placed in IPS, and you can switch mutual funds without triggering tax liability
When you withdraw the money, the entire amount is taxed as ordinary income

When can I withdraw money saved in IPS?

Who receives your savings balance when you die?

For an individual pension savings (IPS), the total savings will be paid to survivors or to the estate. A survivor can be a child, a spouse, a cohabitant or a registered partner.

The total savings are distributed between the survivors as follows:

When children under 21 years have received their share, the rest of the savings are allocated to the spouse’s pension, registered partner or cohabitant. The pension will be paid out for at least 10 years, but can be converted if the annual payment is less than 20% of the National Insurance (Scheme’s) basic amount.

If the children are over 21 years of age, the Individual pension savings (IPS) are distributed to a spouse, registered partner or cohabitant.

The pension capital is paid directly to the estate if:

The savings amount is greater than what is needed to secure the children an annual pension of 1G until they turn 21, and no one else is entitled to a pension.

The deceased has not left a survivor with a right to the pension.

IPS - individual pension savings

Save when you want

To get deferred taxes

Choose a fund you want

What is IPS?

How much will you receive from IPS?

Move your IPS to DNB

Save for a pension without commitment

Collect all your savings in one place!

Individual pension savings (IPS) FAQs

Pensions

Pension savings

Pension profile

Move pension to DNB

Own pension account

Pensjonskonto Flex

Pensions calculator

Individual pension savings (IPS),

Pension capital certificate

paid-up policies

Garanti Livrente

Plan your pension