Norway: Proposed Changes Regarding the Pension Law

Author: Håkon Andreassen

The government proposes to introduce a so-called “standard retirement age” of 67 years for individuals born in 1963 but suggests increasing this by 2/3 years (eight months) of the expected growth in remaining life expectancy for individuals born in 1964 or later. This entails raising the retirement age by one to two months per birth cohort, resulting in approximately one year per decade. Consequently, a person born in 1974 would need to work one year longer than those born in 1964, while individuals born in 1984 would need to work two years longer. Additionally, the lower age limit for accessing old-age pensions will follow the increase in life expectancy. This will imply that the retirement age for each individual will change over time.