Pension wealth in Norway 2017
The pension system in Norway is complicated and composed of different pension schemes. The National Insurance Scheme is the basic pension scheme in Norway that everyone receives. If you work in the public sector, you also have a defined benefit pension scheme that is paid over the lifetime. In the private sector, occupational pension (OTP) was made mandatory for most employees in 2006, and the occupational pension scheme, which predominantly consists of defined contribution and is paid out until age 77. In addition, you can contribute to your own individual pension scheme.
The data base on pension rights at the individual level has been obtained from most pension providers in Norway. Some smaller pension providers are missing. For the latter, data on members' pensionable income have been used to calculate earned pension entitlements. Data on national insurance and public occupational pensions are calculated using the micro-simulation model MOSART. For private occupational pensions, we have collected calculated earned pension entitlements.
The report shows that average pension wealth per person was 2.9 million NOK at the end of 2017. The value of Norway's total pension assets is more than three times GDP.