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Information in English: New pension scheme in effect from January 1st, 2020

In December 2019 we sent information to our members who are part of the new pension scheme. Please find below the information in English version.

 

New pension scheme in effect from January 1st, 2020

As of January 1st, 2020 a new income-based pension scheme for employees at sea is introduced. The new scheme applies to those of you who are members of Pension Insurance for Seamen (PTS) and have not turned 50 before January 1st, 2020, as well as for all new members who register after that date.

 

What will your new premium payment be? 

There will be changes to the employee premium. You will no longer have to pay employee premiums depending on whether you work in a superior or subordinate position, but instead, pay 1,7% of your salary up to 12 G (National Insurance Scheme’s base rate). As of May 1st, 2019, 12 G amounts to NOK 1 198 296. Your employer is responsible for making the correct deduction of premiums from your salary and forwards the payment to us.

 

What will your new pension look like?

You now get pension savings that amount to 6,3% of your salary up to 12 G. This is added to the total pension reserve that will be adjusted annually according to the base rate. In the new scheme, you earn pension for every year of working until the age of 70. You must have a minimum of 3 years of earnings in order to be entitled to a pension.

 

You will not lose pension rights that you have already earned when changing over to the new scheme. The value of the pensionable months of seagoing service that you have earned earlier is added to your pension reserve when you turn 62, which is the earliest time you can withdraw your pension. How much you will get paid in monthly pension depends on how big your pension reserve is at the time you withdraw your pension, and the length of time you want to withdraw your pension for. The new scheme provides flexible withdrawal of pensions between the ages of 62 and 70. This means that you can choose freely when you want to start your pension withdrawal during this period. You cannot choose a shorter payout period than 7 years, and for no longer than until the age of 80. Please see our website for further information on the calculation and withdrawal of pensions.

 

Where can you check your pension reserve?

To view the summary of your recorded seagoing service, log in to the member portal at pts.no. Here, your pension reserve will be visible from March 2020, and you can use the pension calculator to calculate your future pension. You can also access the member portal by downloading our app «Ditt PTS». The app will notify you when your pension savings have been updated, as well as when you’ll receive messages/pension payslips from us. By March 31st, 2020, the app will also have been updated with information on the new pension scheme.

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