Plan your pension

Plan your life as a pensioner early. Get greater flexibility to choose when you would like to draw a pension.

Are you well prepared for retirement?

We can help you along the way

DNB Senior Day 2022 gives you, as an upcoming pensioner, tips on how you can prepare for the transition – both financially and psychologically.

Watch recordings of the broadcast (in Norwegian only)

How can you plan?

1. Get an overview

The first step in planning is to get an overview of how much you can expect to be paid out as a pension. Try our pension calculator which collects information from the National Insurance Scheme and employers in the private sector. You can also find an overall overview in NAV (the Norwegian Labour and Welfare Administration)’s own pension calculator. (in Norwegian only)

2. Evaluate the consequences

Once you’ve got an overview, you can calculate when you want to start receiving pension disbursements. Every extra year you continue to work will have a big impact on your accrued pension benefits. The more years you work, the more pension you get.

Familiarise yourself with how long the various pensions are paid out for. Some are lifelong and some are limited to, for example, 10 years.

In addition, it is important to think about what your life situation will be like when you take out your pension. How is your health? Who do you live with, and who do you share the expenses with? How are the rest of your finances? The situation of your neighbour or colleague is not necessarily the correct option for you.

Start receiving disbursements from your DNB pension

At this stage you can start receiving disbursements of your pension from DNB. Remember that payment of your pension can start at the earliest from the age of 62 years.

What do you want to do when you can draw a pension?

As long as you’re working, your employer will continue to contribute towards your pension. The payout you receive while you are still working is only based on your already accrued pension benefits.

The earlier you start receiving pension disbursements, the lower your annual pension will be.

When you work while taking out a pension, your total income becomes higher than before. This means that you have to pay more of your pension in tax than if you had received a pension alone. To see the effect of this, we recommend that you use The Norwegian Tax Administration’s tax calculator.

As long as you’re working, your employer will continue to contribute towards your pension. A reduced position produces lower savings.

If you choose to draw a pension at the same time as working in a reduced position, the pension disbursement will only be based on the already accrued pension benefits. If you’re drawing a pension, it’s important to update your tax card on the Norwegian Tax Administration’s website.

Pensions and salaries have different tax rules, so even if the disbursement would be approximately the same, there is no certainty that the tax will follow suit. To see the effect of this, we recommend that you use The Norwegian Tax Administration’s tax calculator.

When you stop working, the pension saving from your employer will cease. Pension disbursements from the employer usually start when you have reached the age of 67, but you can start the disbursements when you turn 62. In all cases, the disbursements must be distributed until you are at least 77 years old.

If you would like to start receiving pension disbursements from the National Insurance Scheme before you turn 67, you must have earned enough pension in the National Insurance Scheme. You can get information about this from NAV (the Norwegian Labour and Welfare Administration).

Get a full summary of private sector pensions at Norsk pensjon (the Norwegian pensions portal).

If you would like to start receiving disbursements from a pension that you have in DNB, you can do that here.