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Reader Question: When am I eligible for a Norwegian pension?

How long do you need to work in Norway before you qualify for a state pension, and when can you draw it out? Here's what you need to know. 

Published: 29 December 2022 15:37 CET
Pictured is a worker.
Here's when you can begin to draw a pension in Norway. Pictured is a worker.Photo by Simon Abrams on Unsplash

Norway’s pension system can be confusing at the best of times, as there are many different schemes, and you may be enrolled in more than one at a time. 

Essentially, they boil down to three types. These are the state pension, which is part of the National Insurance Scheme in Norway. After that are employer pensions for both private and public sector employees. 

These must either be contribution-based or benefit-based. It will be up to the employer to decide which pension they enrol you in. 

And finally, there is the private pension. This comes in the form of private savings invested into a pension fund. 

You can read about Norway’s different types of pensions in more detail here. 

When it comes to state pensions, you must have had pensionable income and/or have been a member of the National Insurance Scheme in Norway for a minimum of 5 years. 

While the retirement age in Norway is 67, you have the right to draw a retirement pension from the month after you turn 62 – if you have sufficient earnings.

It is up to the individual to decide if they want to continue working while receiving their retirement pension. Furthermore, you have the discretion of choosing when and how you would like to draw your state pension.

You need to contribute to the National Insurance Scheme for 40 years or more to get the full minimum pension level in the country.

If you haven’t worked for 40 years, the pension level will be reduced accordingly. In most cases, you can take your Norwegian state pension abroad with you. 

Generally, a pension from employers is paid out from age 67; however, in some cases – especially in the public sector – employees may have the right to early retirement.

Remember that your occupational pension payments depend on multiple factors, including the period over which the pension will be paid out and the amount saved for you. In addition, whether you are eligible to take the pension to another country will depend on your employer’s selected pension provider. 

 When you are able to start drawing a private pension in Norway will depend on the agreement you have set up with the bank or financial institution you are saving with. 

READ MORE: Can you claim your Norwegian pension from another country?

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Vipps MobilePay: Will cross-border payments be rolled out across the Nordics before the summer?

2024 is turning out to be a big year for e-payment apps across the Nordics, but is there any chance that you will be able to use Vipps MobilePay across borders before the summer starts?

Published: 23 May 2024 15:12 CEST
Vipps MobilePay: Will cross-border payments be rolled out across the Nordics before the summer?

The landscape of e-payment solutions is growing rapidly in Scandinavia, spurred on by the increased reliance on digital transactions, particularly during the COVID-19 pandemic.

IN NUMBERS: How close is Denmark to becoming cash-free?

Among the players driving this transformation is Vipps MobilePay, the result of the 2022 merger of Norwegian e-payment giant Vipps and Danske Bank’s MobilePay, which has set ambitious goals for delivering a unified platform that can be used throughout the Nordic region.

But will consumers in Norway, Denmark, and Finland see the rollout of Vipps MobilePay before the summer begins?

New apps in Finland and Denmark

Since the merger of Vipps and MobilePay in 2022, the combined company has been working towards creating one app and one technological platform that can serve users across the Nordic countries.

In Finland, a significant milestone was achieved on January 23rd this year when the new MobilePay app was unveiled to 2.6 million Finnish users.

With the Finnish implementation completed, the focus shifted to Denmark, where a new version of the MobilePay app was rolled out to 4.5 million Danish users on March 12th, signalling a significant milestone, and setting the stage for simpler cross-border payments within the Nordic region.

While some hiccups were reported in the Danish media following the move – and in the run-up to it – the migration was broadly seen as a success.

With the March migration, some 11.5 million users in Norway, Finland, and Denmark were united, setting the stage for potential cross-border payments in the near future.

A broader Nordic rollout before the summer?

If all goes according to plan, according to Rune Garborg, CEO of Vipps MobilePay, consumers can expect to use Vipps MobilePay across Norway, Denmark, and Finland before the summer arrives, with Sweden potentially following shortly after that.

This anticipated rollout is part of a series of launches planned for 2024, including cross-border payments and the introduction of tap-to-pay functionality for iPhone and Android.

“This and much more will make us fit for competition with the world’s biggest tech brands that have all moved into the payment sphere,” Garborg said in a March press release.

MobilePay: What is it, and how do I use it?

The MobilePay app provides a straightforward mobile payment solution for consumers in Denmark.

It allows them to carry out transactions directly from their smartphones, converting their devices into digital wallets.

With roots in person-to-person transfers, MobilePay has expanded its reach to include physical stores, online retailers, and mobile applications, solidifying its position within Denmark’s payment landscape.

To use MobilePay, you need to download the app and link it to your bank account or bank card. This setup enables painless fund transfers and payments, including contactless transactions, using NFC technology.

Considering the widespread adoption and popularity of MobilePay in Denmark, you might wonder whether the country is close to becoming cash-free.

However, although app payments are commonplace and almost all businesses accept debit cards, one in five people in the country still say they would find it difficult to be without cash.

To learn more about Vipps in particular and where and how you can use it in Norway, check out The Local’s explainer on the e-payment app.

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