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What is a personal pension account, and what does it mean for you?

Modified: Oct. 17 2022

In 2021 around 1.5 million employees working in the private sector started to have their pension earnings from defined contribution plans collected in one personal pension account.

This means that the pension you’ve earned from previous employers will be transferred to your current employer’s pension provider. And if you prefer, you can opt out of this transfer and choose your own provider. A personal pension account applies to you if you’re currently working in the private sector and have a defined contribution plan.

Why start your own pension account?

A good reason for starting your own pension account is that doing so will give you a better overview of your pension as well as reduce your current pension-related fees. Current pension plans require many Norwegians to keep their pension capital certificates with different providers that charge high administration fees. Having your own pension account ensures that your entire pension savings can be placed in one location.

One of the most important choices you’ll make for your pension

This new legislation means that for the first time you can choose where to place your pension savings that you’ve earned at your current job. Having your own pension account will open up the market for new providers. This will benefit you because you can then compare different providers and find the one that offers you the best terms – just like you do when looking at mortgage rates. So by taking a few easy steps, you can ensure that you’ll have a lot more money to spend when you retire.

Pension agreement is also for people working in the public sector

Our agreement with Kron also includes a very good deal on savings funds and individual pension savings (IPS). You can read more about this on Tekna’s own pages on the Kron website.  

Become a member

As a Tekna member, you receive many professional and financial benefits. We may help you with your salary, career and professional development and legal challenges. You get access to one of the country's best banking and insurance deals which can save you a lot of money. Becoming a Tekna member is a good idea!

Advantages of having a personal pension account:

  1. Lower costs – By having their pension capital certificates collected in one place, most people will enjoy paying less administration fees. It means paying only one fee for the administration of your pension from your current employer and previous pension savings.
  2. Better overview – It’s easy to keep track of your pension savings balance when you only have to log on to one website.
  3. More control over your personal savings – Having your own pension account gives you more control over how your savings plan will be set up. When you choose your provider, you can decide both how large a share you’ll save and the fund where you want your pension managed.


Through our new agreement with Kron, you as a Tekna member will get access to one of Norway’s best pension plans.

Kron wants to make smart savings and good advice available to everyone. They’ve removed complicated financial language, cut out all expensive middlemen and made it easy for you as a consumer to get started saving money.

Kron is a company licensed by The Financial Supervisory Authority of Norway as a mutual fund management company. They have over 20 years of experience working with fund analysis and selection. The Kron team has a high level of competency and vast experience in financial advisement, management and technology. Kron offers personally adapted solutions based on your own preferences and needs. Through their smart use of technology, they put together savings plans that suit you, continually providing you with the support you need to ensure a healthy financial future. In addition, Kron maintains an intense focus on security issues. When you invest your money in mutual funds, their value might fluctuate. As this volatility alone can be nervewracking enough, customers don’t also need to worry if Kron itself will go bankrupt. Reassuringly, Kron keeps its investments separate from its own financial resources, and all of its assets are safely stored through DNB.

By installing Kron’s app today, you’ll get full control over your savings and investments; it’ll also give you an overview of your pension account— earned from both your previous employers and the agreement you have with your current employer.

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