Defined Contribution Pensionand Disability Pension In
Foremployees inAKASTOR
Defined Contribution Pensionand Disability Pension in
DNB LIV
This is a brief introduction to the pension scheme Akastor has established for the employees.
Defined Contribution Pension
Akastor pays an annual agreed contribution for each employee. The contributions are placed directly in the employee’s pension account. The total pension capital (contributions + return on investments) is paid as a retirement pension at the age of 67.
The contribution is as follows:
5 % of salary between 1 G* (NOK 90.068) and 6 G (NOK540.408)
8% of salary between 6 G (NOK540.408) and 12 G (NOK1.080.816)
* G: Basic amount in the National Insurance Scheme = NOK 90.068 as of 1. May 2015
Contributions are not paid for salary above 12 G.
Investment options
You decide how the money in your pension account is to be invested. You may choose among several investment profiles with varying proportions of shares. All of our investment profiles are specially customized for pension savings. A higher proportion of shares results in a higher expected return, but is more likely to be affected by fluctuations in the market. A lower proportion of shares results in a lower risk, but also a lower expected return.
Akastor has placed the contribution in“Pensjonsprofil 50”, but you can switch to a different profile at any time (see figure below) at no charge. Switching of profiles takes about 5 days to complete. If you are happy with the placement Akastor has made for you, you do not need to do anything.
The investment profiles are named according to the proportion of equities. “Pensjonsprofil 50”, for example, consists of 50 % equities and is therefore less vulnerable to stock market fluctuations than “Pensjonsprofil 80”.
Asset mix / “Pensjonsprofil 30 / “Pensjonsprofil 50” / “Pensjonsprofil 80”Equities / 30 % / 50 % / 80 %
Bonds / 50 % / 40 % / 20 %
Money Market / 20 % / 10 % / 0 %
Total assets / 100 % / 100 % / 100 %
As an alternative to the profiles described above you can also choose “Pensjonsprofil 10”.
“Pensjonsprofil 10”is mainly for employees who wish to reduce risk as they approach the age of retirement, but the profile can also be an alternative for those who seek less risk.
The proportion of equities in the profiles will be reduced during the last 10 years before retirement and will be 10 % at the age of 67.
Online services
At you can log on to our online services. Here, you can follow the development on your pension account and change your investment profile.
The easiest way to log on is to use “BankID”.
For questions, please contact DNB at tlf 05226
At retirement age
From the age of 62, you may choose when to start your pension payment. You may also choose the number of years the pension is to be disbursed over, but minimum to the age of 77 years If the funds are low, the payment time will be shorter than described. You can choose to take a full or partial retirement, and you can combine the payment with continued work.The pension will be paid monthly, less tax, and comes in addition to the pension from the Norwegian National Insurance Scheme.See more details on the calculation of National Insurance on
Inheritance of capital
In the event of death, the balance in your pension account will be used as a pension for your survivors. Children under 21 have first priority, and an annual children’s pension of up to 1 G will be paid to each child. The remaining capital will be disbursed as pension to your spouse/cohabitant. If you have no children or spouse/ cohabitant, the balance will be paid as a lump sum to the estate.
Disability pension and contribution waiver
Disability Pension
The annual disability pension amounts to approx.. 60 % of the member's pensionable income (max 12 G), less calculated National Insurance benefit (3/4 basic pension). The size of the disability pension is proportionate to the degree of occupational disability. Full occupational disability entitles the member to full disability pension, and partial occupational disability entitles the member to partial disability pension that is proportionate to the degree of occupational disability.
The assumption to get full disability pension is that you can achieve a time period of 30 years with a pensionable age of 67.Enrolement in the pension plan at age 37 or older will shorten yourpension according to the number of years to pensionable age of 67.
An additional 10 % of the disability pension is covered for supported children under age 21.
Contribution waiver
A full or partial waiver for payment of pension contributions is granted in the case of full or partial incapacity for work. The contribution waiver means that Vital covers the contributions for members who have been at least 20 % disabled for work for a continuous period of 12 months.The size of the contribution waiver is proportionate to the degree of occupational disability.
If you leave Akastor
If you leave Akastor, you will be withdrawn from the pension scheme. If you have been a member for more than 12 months, you keep the right to the pension capital that has been saved. If you have been a member for a shorter time than this, the capital goes back to the company.
More information?
For more information contact your HR-dept., orcontact
DNBat telephone 05226