How the amounts are calculated in the service-based plan

Employee contribution:
The employee contribution to the Maritime Pension Fund amounts to 1.17% of the National Insurance basic amount (Grunnbeløpet) per month for employees in Group 1, and 0.91% of the basic amount for employees in Group 2. (§9 §5-1)
Due to hidden decimals in the employee contribution, minor rounding differences may occur when reporting more than 30 days in a month.

Employer contribution:
The employer contribution is 3.3% of the employee’s gross income (the same income amount used as the basis for calculating the employer’s National Insurance contributions).
For employees on fishing and hunting vessels, the employer contribution is 150% of the employee contribution.

The minimum employer contribution for shipowners and restaurateurs is 150% of the employee contribution.

The shipping company is responsible for the employee contribution for every employee on board, but has the right to deduct it from wages.
The contribution amount is adjusted annually in line with the increase of the National Insurance basic amount (Grunnbeløpet), as of June 1 each year.

 

How the amounts are calculated in the income-based plan

The employee contribution amounts to 1.7% of gross salary. The shipping company is responsible for the employee contribution for every employee on board, and has the right to deduct it from wages.

The employer contribution is 3.3% of the employee’s gross income (the same income amount used as the basis for calculating the employer’s National Insurance contributions). This also applies to fishing and hunting vessels.

Although service time is not reported in the income-based scheme, the number of months reported with salary will still be decisive for pension rights. A member must have been reported with salary for at least 36 months in order to be entitled to a pension. In addition, for members under 50 years of age with pensionable service months earned before 1 January 2020, the number of such months will be decisive for the conversion that takes place at age 62.