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Taking these easy steps can guarantee you several thousand more kroner per month

Modified: Oct. 23 2020

On 1 February 2021 personal pension accounts were launched, new legislation stating that all pension savings for private sector employees can now be collected in one account.

For the first time ever, you can decide where your pension’s to be managed. A new deal with Kron ensures that all Tekna members have access to one of Norway’s best pension agreements.

What does this agreement mean for you as a member?

  • A pension plan that offers the market’s best terms
  • A pension savings plan adapted to your needs
  • Simple and clear layouts via a user-friendly app
  • Rebate on other Kron savings plans
  • Rebate on individual pension savings plans (IPS) via Kron

What does the agreement mean for me, someone who doesn’t work in the private sector?

Unfortunately, if you work only in the public sector, you won’t be able to transfer your current pension plan to Kron; however, you do have full access to our substantial rebates on savings funds and IPS. You can also transfer your accrued defined contribution pension plan from previous employment situations (pension capital certificates) to Kron.

Taking a few easy steps can guarantee you several thousand more kroner per month

Although Norwegians’ enthusiasm for bank interest rates is high, the truth is that they can save more by having a sensible pension plan. For instance, a 45-year-old Tekna member who works in the private sector and has an annual salary of NOK 950,000 will have NOK 3,500* more per month when they retire, says Joar Hagatun, CEO at Kron.

*This calculation is based on an annual cost savings of .58% in management fees/costs. The return rate used in the example corresponds to Finans Norge’s agreement on return forecasts. Tekna’s annual salary development has been used, and adjustments for inflation have been made.

A sample calculation that shows why this agreement is advantageous

  • Marie is employed in the private sector and has a defined contribution pension plan. Her employer saves 5% of her annual salary for her pension and pays the fees charged by the pension provider.
  • Marie’s employer has an agreement with a pension provider that charges NOK 2,000 in annual management fees in what’s called active pension capital (the total sum your employer has saved for you as a company employee). After going on finansportalen.no, she sees that this fee is quite high. Since she’s a Tekna member, Marie can transfer her entire pension to Kron, paying an annual management fee of NOK 500 instead. Because her employer is obligated to pay the management fee on the active pension capital, this means that Marie will get the difference of NOK 1,500 deposited directly to her pension account. In this way she actually gets paid for having transferred her pension to Kron.
  • This also means that her savings will grow every year by having switched to Kron. The substantial rebate on the passive pension (from her former employers) also means that Marie will profit more from having her pension account at Kron.

–It should be financially profitable to be a Tekna member, and I’m very pleased with our collaboration with Kron. It’ll give our members access to the market’s best terms with regard to pension, remarks Line Henriette Holten, Tekna’s general secretary.

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