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# Norway/Pension

Question
QUESTION: I am turning 62 this month .I am Canadian . I have worked in Norway for the last 20 years . I have been paying into social security for 14 years .I have been averaging around 900000 per year .
Could you give me a rough estimate of how much I can expect if I start to collect at 62 and if I wait to 65
Thanks

ANSWER: No, not really. What you'll get will greatly depend on your "tjenestepensjon" - the private part of your pension.

Your public pension is capped at 7.1G (630k NOK). Over the span of your working life you have accrued a Pension Capital. What this is for you, I do not know. If you stop working at 62 this capital is divided by 19.8 and that gives you the annual public pension, if you stop working at 67 this Capital is divieded by 15.7, and the Capital is also higher.

So, your Pension Capital is the sum of 18.1% of your income each year (for public pension income is capped at 630K/year. You max out the public part of your pension on this, but you have only worked 20 years, so you'll get about 50% of the maximum from public pension.

It is really difficult for me to to guess, but the public pension will probably be something like 140k/year if you stop working at 62, and 200K after you are 67. But if you plod on until you're 67 before retiring you'll get something like 230K/year.

Now, that was the public part.
Your private part is a completely different beast, and you'll have to check with your pension insurance to know. Most private pensions top up your payout something like 65% of your previous income if you have worked for 40 years and you retire at 67.

---------- FOLLOW-UP ----------

QUESTION: Is there a minimum public  pension ? I have only paid into the public pension for 14 years

The minimum pension with 40 years of work behind you is 1G (88K/year).
With 14 years membership in folketrygden you will get 14/40th of that = 30K NOK/Year

http://www.norskpensjon.no

Most digital ID's will work. There you'll see all registered public and private pensions that you have and what they'll pay out.

Norway

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#### Roy Helge Rasmussen

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