Act on individual pension schemes


Date LOV-2008-06-27-62


Affairs Ministry

Edited

LOV-2015-12-04-96 from 01/01/2016


Published in 2008 Booklet 7


Effective 27.06.2008, 31.12.2008

Changes


Promulgated
27.06.2008 kl. 14.40

Short Title
Act on individual pension schemes

Chapter Overview:

Chapter 1. General provisions (§§ 1-1 - 1-9)
Chapter 2. Individual pension savings plans (§§ 2-1 - 2-10)
Chapter 3. Individual pension agreements (§§ 3 -1 - 10.03)
Chapter 4. individual pension savings related to collective service (§§ 4-1 - 4-4)
Chapter 5. Special rules for individual pension agreements under the Tax Act (IPA) (§§ 5 -1 - 5-7)
Chapter 6. Commencement. Transitional rules. Amendments to other laws (6-1)

Chapter 1. General Provisions

§ 1-1. Scope etc.
(1) The Act applies to agreements on individual pension savings and individual pension agreement (pension agreement) entered into between a pension institution (institution) and an individual (customer). As pension savings are also deal with related insurance element, including capitalization products where the right to benefits not lapse at the customer's death.

(2) The King may issue further regulations to supplement and implement the provisions of this Act.

§ 1-2. Who may enter into pension agreements
(1) The pension agreement may be entered into by persons who have reached 18 years.

(2) The pension agreement may be concluded with an institution authorized by the Norwegian authorities to operate in this country as a bank, insurance company, pension fund or collective investment undertakings, unless otherwise provided by the provisions set out in or pursuant to law.

(3) The pension agreement may also be entered into a credit institution, insurance company, pension fund or fund management companies that are domiciled in another state within the European Economic Area who have access to similar types of activities referred to in the second paragraph in this country.

§ 1-3. Requirements for retirement benefits etc.
(1) The pension agreement shall obtain the right to a retirement pension in accordance with the provisions of this Act. At least one third of the total annual contributions, premiums and compensation for management of the Agreement, including compensation for the management of this year's contributions and premiums shall be used to build up a retirement pension.

(2) The pension agreement may, in addition to retirement, include insurance entitling them to a waiver or a waiver of premiums in accordance with the degree of disability when the degree of disability is at least 20 percent.

(3) The pension agreement may also include insurance entitling to disability or other disability benefits, survivor's pension and children's pension in so far as the right to such benefits is not inconsistent with the provisions of this Act.

(4) Total annual payment of contributions, premiums and compensation for management of the pension agreement, including compensation for the management of this year's contributions and premiums, can each person shall not exceed 15 000. Proceeds mentioned in the first sentence can not be deducted by pension funds.

§ 1-4. The pension capital
(1) A customer's pension capital includes the funds at any given time is related to a pension plan as a result of payments of deposits or premiums from customers, as well as the return institution has transferred pension capital. Retirement assets comprise assets related to customer's right to a retirement pension.

(2) Pension capital related to the pension plan may not be paid by the institution otherwise than as annual pension benefits, unless otherwise provided by provisions made in or pursuant to this Act.

(3) The pension capital and the right to payment of benefits under a pension agreement may not be transferred or pledged by the customer or otherwise used to cover the customer's creditors. Customer rights under the pension agreement can not be repurchased by the institution.

(4) Offsetting can not happen in assets included in pension assets. Upon payment of benefits may be carried offsetting with claims arising out of the pension plan (related actions).

§ 1-5. Moving Right
(1) The customer can move the pension agreement and related funds to another institution, cf. Insurance Act § 6-1. Removal of individual pension agreements under this Act shall be made under the Insurance Act § 6-13 and § 6-14, sixth paragraph, however, that the agreement may be terminated with one month's notice. If the pension scheme contract moved to shall carry new health testing by the customer, can the settlement deadline for Insurance Act § 6-6 still displaced at the time beyond a month as it takes before final health testing is established.


§ 1-6. Institution information requirement
(1) Before the pension agreement is signed, the institution shall provide the customer with information about the linking of pension assets during the contract period and about which pension agreement, as well as the rules for payment of benefits. Before the contract is concluded, the institution shall also disclose the relevant tax rules and inform about any changes in these tax during the contract period. The institution shall also give the customer information under § 4-1 second paragraph and § 5-7, second paragraph.

(2) The institution shall annually provide the customer statement with the information specified in § 1-7 first paragraph. Your statement should be attached updated information on the development of retirement capital and pension benefits under various deposit and premium levels and the assumptions used, including information about the uncertainty in the calculation assumptions.

(3) The information referred to in subsections shall be given in Norwegian, but may be given in another language if the customer requests this.

(4) The King may issue further regulations on the institution's duty to provide information.

§ 1-7. Accounting
(1) The institution shall account for each pension plan. Account shall each year minimum set

A)
year's contribution or premium,

B)
year's payments to cover respectively risk, administration of the pension plan and management of pension capital and payments are settled in the return of the management of previously accrued pension capital,

C)
year return on pension assets, including returns that are used to cover settled compensation for the management of previously accrued pension capital,

D)
annual return, including surplus, allocated pension capital,

E)
retirement capital accrued during the year and total retirement capital at the end of the year, and

F)
pension capital related to disability, survivors and children pensions.

(2) The bank statement should be sent within three months after the end of the year. For pension agreements with the right to surplus deadline is five months.

§ 1-8. Equation Condition
(1) There shall be stated in terms of the contract, receipts for payment of deposits, premiums and compensation as mentioned in § 1-3 and messages to the tax authorities that the documents relate to pension agreement under the Act.

(2) The institution is responsible for the information set out in the documents mentioned in the first paragraph is correct.

§ 1-9. Supervision
(1) Finance oversees pension under this Act.

(2) If the FSA that a pension plan is managed or contrary to law or regulation, Finanstilsynet may order the institution to remedy the situation within a specified period.

(3) The provisions of the Companies Act § 2-7, fourth and fifth paragraphs apply correspondingly insofar as appropriate.

Chapter 2. Individual pension savings plans

§ 2-1. Retirement Savings Agreement
(1) Retirement Savings agreement must be in writing. Pre-contractual institution shall provide the customer with relevant examples of different deposit levels and estimated retirement capital at age 62 and 67 years, including information about the uncertainty in the calculation assumptions.

(2) Retirement Savings Agreement shall specify the benefits covered by the pension scheme and the terms of payment, and what rules should apply for admission of the customer and the institution to change, move or terminate the contract during the contract period.

(3) If the institution should not offer insurance policies covered by the pension plan in accordance with § 1-3, second and third paragraphs, shall be in retirement savings agreement also specified which institution shall acquire such insurance.

(4) Retirement Savings Agreement shall also determine the compensation to the institution for the administration of the agreement, including the remuneration for management of retirement assets and in case compensation for management of insurance associated with the agreement. Prescribed fee for management of retirement assets also include the remuneration for asset management at the institution or another investment manager, including underwriting commissions, which is offset against the return from management of retirement assets, including assets invested directly or indirectly in shares of mutual funds or other investment portfolio. The institution shall ensure that also offset amounts are assigned as income from retirement capital.

(5) Retirement Savings Agreement shall specify whether the institution guarantees a return that will be achieved by the management of retirement assets, and if the size of the guaranteed return. Return assigned retirement capital even if it exceeds the stated interest rate.


(6) If the pension capital to be managed in a separate investment portfolio, the retirement savings agreement specify the composition of the portfolio, customer's right to change the composition and terms of such change. For deal with specific guaranteed return from the institution shall guarantee and the consideration for the code.

(7) The institution may not require separate fee for conclusion of pension saving agreement, unless this is agreed with the individual customer.

§ 2-2. Annual payments
(1) The contract shall contain a payment plan that determines which annual payments the customer should do. The customer can continue payments until the customer has filled 75 years.

(2) Customer can change the payment schedule by notifying the institution. Without changing the payment plan can be customer for each year make payments to individual pension schemes that are 25 percent higher or lower than those stipulated by the payment schedule, subject to the minimum annual payments in § 1-3 fourth paragraph are not exceeded. Customer may also provide the institution notified that payment after the payment schedule or portion thereof will be made for a specified period.

(3) If the customer alters or fails to make payment in accordance with the second paragraph, the customer shall still pay premiums to insurance as mentioned in § 1-3 subsections which are perennial. Prizes for such insurance can not exceed total premiums as it would have been possible to pay if annual payments were made in accordance with the payment schedule.

§ 2-3. Retirement Savings Agreement is canceled by the customer
(1) The customer can cancel anytime retirement savings agreement by notifying the institution. If the customer has not made payment and the institution after maturity have sent the customer a notice of demand for payment, the retirement savings agreement is considered canceled by the client three months from the date the notice is sent, unless the customer makes monthly payments by the end of the same three-month period. This does not apply if the customer has given the institution notification mentioned in § 2-2, second paragraph, third sentence. Interruptions of retirement savings agreement, the institution issuing pension capital certificates under the provisions of the above Act § 6-2. Pension capital certificate shall state which compensation payable by the client after the retirement savings agreement canceled.

(2) Retirement assets according to pension capital certificates as mentioned in the first paragraph may be transferred to another pension savings with the customer, and be included in retirement assets related to this Agreement, provided that the agreements administered by the same institution. As another savings plan shall also include pension rights issued under the above Act § 6-2 and defined contribution plan that the customer is a member.

(3) Termination of pension saving agreement also involves interruption of insurance covered by the agreement. Otherwise the insurance Act regarding termination of insurance and lack of premium payment.

§ 2-4. Age at retirement pension etc.
(1) The customer can at the earliest take a retirement pension at age 62. Customer who is entitled to withdraw retirement regulated public or private occupational pension at an earlier date can still take out a retirement pension from the same or from a later date.

(2) It can not be a condition in the pension agreement that retirement only can or must be removed simultaneously with the removal of the old age pension. It can not be set as a condition that the client does not have full-time or part-time position.

(3) the customer is entitled to disability benefits from the National Insurance, but not entitled to disability benefits under the pension plan as mentioned in § 3-6, the customer can demand that the institution issuing pension capital certificates with the right to immediately nascent pension which includes pension capital issued. Pension capital certificate shall be managed in accordance with its own savings agreement. Yearly performance determined in accordance with the degree of disability and under § 2-7 third to fifth paragraphs to the extent applicable, and paid as long as the customer is entitled to disability benefits from the National Insurance Scheme. Remaining pension capital paid out under the rules on retirement.

§ 2-5. Withdrawal of retirement. Pension capital Evidence
(1) The Customer shall provide the pension scheme message indicating the date from which retirement shall be paid. It is permitted to withdraw less than full retirement pension in accordance with § 2-7, second paragraph. Retirement comes regardless payable at the age of 75 years unless the member or holder of pension capital certificate gives special message that the pension will not be paid.


(2) Upon withdrawal of retirement institution shall issue pension capital certificates with the right to immediately incipient retirement. Pension capital The proof can be merged with pension capital certificates issued under the above Act or other savings plan that gives the employee the right to retirement pension, provided that the agreements administered by the same institution. By merging the institution issuing pension capital certificates for a total pension capital.

(3) Withdrawal of pension does not preclude that the customer continues the payment of contributions under the retirement savings agreement. Deposit and return of deposits administered pension capital. Be recalculated annual retirement benefit under rules laid down in the pension agreement.

§ 2-6. Management of pension capital disbursement period
(1) The payment period should pension assets related to pension rights issued under § 2-5 are managed in a separate savings agreement, unless the customer chooses to convert the pension capital certificate to pension agreement in accordance with the provisions of Chapter 3, or otherwise provided second paragraph or § 2-5 second paragraph.

(2) you may instead use pension assets related to pension capital certificates as a single premium addition to retirement performance according to pension agreement under the above Act § 7-3, first paragraph b or paid-up came from a defined benefit pension scheme under the Companies Act, if the institution in terms consents .

§ 2-7. Payment of retirement
(1) If the pension capital to be managed in accordance with the savings agreement should pension will be paid in a fixed number of years from the withdrawal of pensions and at least until age 77, but in no case less than 10 years. Both the institution and the customer can still request that the payment period may be reduced to the number of whole years that is required for total annual retirement account for about 20 percent of National Insurance.

(2) you may decide that a retirement pension to be paid for a longer period than those laid down in the first paragraph, first sentence, but no longer than that annual withdrawals of retirement at least make up about 20 percent of National Insurance. Payout Period length can be altered by age 67 and otherwise as agreed between the client and the pension scheme. The customer may at any time after withdrawals change the pension level to fully claim a pension.

(3) The pension benefits in any given year is determined with a view that it should not constitute a larger share of pension capital than the proportion of the current year amount of the remaining payment period determined by the first or second paragraph. It may be agreed that the pension benefits after 10 years of payment shall be reduced, but not by more than 50 percent. When determining the annual retirement benefit is taken into account the circumstances mentioned in the fourth and fifth paragraphs.

(4) Customer may order the payment of old-age pension should be postponed or that the retirement pension should not be paid to the extent that the client receives salary. The customer may also require that the annual pension in the first part of the payment period and for a specific number of years only to constitute a smaller portion of pension benefits calculated in accordance with subsection. Not paid retirement remains in the pension capital.

(5) Agreed time of termination, payment or reduction of the retirement pension may later be changed within the scope of this section.

§ 2-8. At the customer's death
(1) Eligibility for retirement capital shall not lapse at the customer's death.

(2) Upon customer's death should pension assets managed by pension savings used for children's pension or in the case of survivor's pension to a spouse, registered partner or cohabitant under the provisions of the above Act § 7-7. The same applies to pension assets under management in savings agreement according to § 2-6 first paragraph.

(3) Pension capital not used for payments under the second paragraph shall be paid as a lump sum to the estate.

§ 2-9. Contribution exemption for disability
(1) If the contract includes insurance entitling the freedom of contributions, the customer who becomes disabled with a degree of disability of at least 20 per cent right to a waiver in accordance with the degree of disability. The degree of disability is calculated under the Companies Act § 6-2.

(2) waiver runs as long as the degree of disability is at least 20 percent but no longer than until the customer has reached 67 years.

§ 2-10. Associated assurances
(1) If the contract includes insurance entitling to disability or other disability benefits, survivor's pension to a spouse, registered partner or cohabitant or child pension, applies §§ 3-6 through 3-8 accordingly.

Chapter 3. Individual pension agreements

§ 3-1. Pensjonsforsikring Agreement

(1) Pension insurance agreement shall be concluded in accordance with and subject to the provisions of the Insurance Contracts Act Part B except as otherwise provided by this Act. The institution may not charge a fee for the conclusion of the pension agreement, unless this is agreed with the individual customer.

(2) Pension insurance contract shall specify the benefits covered and the conditions for payment, as well as the premiums and payments for services payable by the client. The payment of retirement pensions to happen as long as the customer lives. It may however be agreed that the payment of retirement pension shall cease or be reduced at age 77 or later, but in no case before retirement has been paid for 10 years.

(3) Annual premium shall be calculated so that pension insurance will be fully paid when the customer reaches 67 years. The customer can continue payment of the annual premium until the customer has filled 75 years if the institution acknowledges that such premiums as a single premium for addition to annual retirement benefit.

(4) Should the pension capital is managed in investment portfolio separately, § 2-1, sixth paragraph accordingly.

(5) If the pension agreement ends before the customer has taken out retirement, the institution shall issue a pension certificate. Board, stating the customer's right to accrued pension and related pension assets at the time of termination, as well as the consideration for services charged to the customer after the termination date.

(6) Eligibility for retirement and related premium reserves lapses at the customer's death.

§ 3-2. Age at drawing pensions etc.
(1) The customer can at the earliest take a retirement pension at age 62. Customer who is entitled to withdraw retirement regulated public or private occupational pension at an earlier stage, can still withdraw retirement from the same or from a later date. The retirement pension may still not be withdrawn before age 67 if annual pension benefits in accordance with § 3-3 is less than about 20 percent of National Insurance.

(2) It can not be a condition in pension insurance agreement that retirement only can or must be removed simultaneously with the removal of the old age pension. It can not be set as a condition that the client does not have full-time or part-time position.

§ 3-3. Withdrawal of retirement
(1) The Customer shall provide the pension scheme message indicating the date from which retirement shall be paid. If it is not sent notice of withdrawal of retirement until the age of 75 years the pension shall be paid regardless.

(2) The client may release stipulate that the annual pension payments in the first part of the payment period and for a specific number of years only to constitute a part of pension benefits. The rate of withdrawal of pension capital may nevertheless not be less than what is necessary for that total annual pension amounts to about 20 percent of National Insurance. The size of the outlet can be changed at age 67 or at a later date stipulated in the pension agreement. Withdrawal degree may at any time after making changes to fully claim a pension. At the age of 75 will output whatever change to full withdrawal. Not paid retirement remains in the pension capital (premium reserve).

(3) Agreed disbursement can be put down to the number of whole years that is required for total annual pension amounts to about 20 percent of National Insurance.

(4) Changes in outlets in accordance with this section, the rules for conversion of § 3-9 applied.

§ 3-4. Retirement without performance guarantee
(1) If the pension agreement stipulates that pension funds must be managed in a separate investment portfolio or the size of the pension is not guaranteed by the institution, the retirement pension in a single year is determined with a view that it should not constitute a larger share of premium reserve than the proportion of the current year amount of the remaining payment period. When determining the annual retirement benefit can be taken into account agreement on reduction of pension benefits as mentioned in § 3-3 third paragraph, as well as the circumstances mentioned in § 3-3 second paragraph.

§ 3-5. Waiver of premium in case of disability
(1) If the pension agreement includes insurance entitling them to a waiver of premium in case of disability, the customer who becomes disabled with a degree of disability of at least 20 per cent right to a waiver of premiums in accordance with the degree of disability. The degree of disability is calculated under the Companies Act § 6-2.

(2) Premium exemption runs as long as the degree of disability is 20 percent or more, but not longer than until the customer has reached 67 years.

§ 3-6. disability benefits

(1) If the pension agreement includes insurance entitling to a disability pension, the customer is entitled to a disability pension under the Agreement in accordance with the degree of disability at any time. Agreed disability for entitlement to disability pension can not be lower than 20 percent or greater than 50 percent. The degree of disability is calculated under the Companies Act § 6-2.

(2) The disability pension shall equal the retirement pension customer would be entitled to the retirement pension at age 67 or a specified part of such retirement.

(3) A pension agreement that does not include insurance entitling to a disability pension, may instead include annual insurance of risk of disability with the right to the payment of annual disability benefits for an agreed number of years.

(4) The right to disability benefits under the second or third paragraph shall in any case cease when the customer has reached 67 years of age or at the customer's death.

§ 3-7. Spouse, partner or cohabitant pension
(1) Pension insurance agreement may include insurance entitling the survivor's pension to a spouse, registered partner or cohabitant. Survivor pension can be determined as part of the client's retirement or as a fixed annual performance.

(2) Spouse, partner and cohabitant pension runs from the customer's death and to the bereaved death. It can be agreed that the spouse, partner or cohabitant pension shall cease when the pension is paid in 10 years, but in no case before the survivors have completed 77 years. § 3-3 third paragraph applies correspondingly.

(3) With partner understood here

A)
person that the client has shared residence and common children,

B)
person as the customer lives in a marriage or partnership-like relationship when it is established that the relationship has existed uninterruptedly for the last five years before the customer's death, and there were no circumstances that would prevent legal marriage or registered partnership was signed.

§ 3-8. Child pension
(1) Pension insurance agreement may entitle the child pension to children, including stepchildren and foster children, under 21 years of customer at his death was obliged to provide for or dependent.

(2) The contract shall contain provisions concerning the size or calculating the annual children's pension.

(3) Child pension is paid from the client's death, and terminates on the child's death, but no later than when the child reaches 21 years old. § 3-3 third paragraph applies correspondingly.

(4) It may be agreed that children's pension shall only be paid in a fixed number of years.

§ 3-9. The technical conversion of pension
(1) If the date of payment, the size of pension payments, the payment period or termination date is changed, the old-age performance translated on insurance technical basis determined by calculation of the change date. Such changes can not be made after the age of 70.

(2) When converting the first paragraph, the institution may calculate a deduction from the technical provisions which are proportionate to the change in risk. As a basis for calculating the institution may require the customer to submit a medical certificate. If the institution will require such deduction shall inform the customer in writing about this and about the basis for the deduction. Before making a final decision about the changes mentioned in the first paragraph shall be made, the institution shall inform the client in writing of the balance value by re-calculation and on how much allowance amount will be.

§ 3-10. Merging with policy
(1) Language with policy that came out from a defined benefit pension scheme may require the pension agreement will be merged with the policy and its assets, provided that the agreements administered by the same institution.

(2) By merging the first paragraph the institution shall convert the retirement pension on the basis of premium reserves for retirement pension on the conversion date. Have pension agreement and the policy of different payment periods, it shall be assumed that the retirement pension least will run until age 77, and in no case shall be terminated before the expiration of the longest payment periods. § 3-9 apply correspondingly.

(3) The King may issue further regulations concerning mergers and translation under this provision.

Chapter 4. Individual pension savings related to collective occupational

§ 4-1. Individual pension savings associated with collective occupational
(1) Members of a collective occupational pension may by agreement with the pension institution enter into individual pension savings under this Act that connects to the collective pension scheme. As collective occupational considered here pension for Defined Contribution Act or the Companies Act, and municipal pension schemes covered by the Insurance Act Chapter 4.


(2) Individual pension savings under this Act that relate to collective service may include the right to the insurance of freedom of contributions as mentioned in § 1-3 subsection if the customer wants such insurance. If the customer does not choose the insurance of freedom of contributions, the institution shall disclose the difference in risk coverage between the individual pension savings agreement and the collective pension scheme.

(3) The provisions of Chapters 1 and 2 apply correspondingly to individual pension savings associated with a collective service, unless otherwise provided in §§ 4-2 to 4-4.

§ 4-2. Investments. Private pension account
(1) Pension capital related to individual pension savings can be managed in the same way as the capital that is tied to the collective pension scheme. Customer will cover compensation for managing the individual pension plan that is associated with a collective pension scheme, including proportional consideration for managing the pension capital, unless it has been agreed that these benefits fully or partially charged to the collective pension scheme.

(2) The institution shall maintain a separate account for funds related to each individual pension savings. Account statements under § 1.7 may be included as part of the task of vested pension institution every year to send to the members of the collective pension scheme.

§ 4-3. Payment of retirement capital
(1) Retirement came from pension capital certificates related to an individual pension savings may be paid together with retirement came from a collective occupational pension when they are managed by the same institution.

§ 4-4. Moving
(1) Moving the collective pension by the provisions of the Insurance Act, Chapter 6, the Insurance Act § 6-11 equivalent in relation to individual pension savings schemes linked to the collective pension scheme. The institution shall, when it receives notification that the collective pension scheme be moved, give written notice to the holder of the individual pension savings agreement.

Chapter 5. Special rules for individual pension agreements under the Tax Act (IPA)

§ 5-1. Scope
(1) The provisions of this chapter apply to individual pension agreements governed by the Regulations on 19 November 1999 no. 1158 to ensure the implementation of tax laws, etc. of 26 March 1999 no. 14 (Ministry of Finance skattelovforskrift) § 6-47 (IPA), and the agreement before 12 May 2006 stipulated payment of premium of 12 May 2006 or later.

(2) Certificate of Insurance and pension rights issued under § 5-2 governed by the provisions of the IPA in the Ministry of Finance skattelovforskrift when otherwise provided in §§ 5-3 to 5-6.

(3) The provisions of this chapter does not limit a customer's right to demand payment under the Ministry of Finance skattelovforskrift § 6-47-31.

(4) The deadline in § 5-3 first paragraph applies correspondingly to an agreement on continuation insurance under the Companies Act § 4-9 and the Ministry of Finance skattelovforskrift § 6-47-41.

§ 5-2. Issuance of certificates of insurance and pension capital
(1) Institutions that have individual pension agreement under the Tax Act (IPA), to issue pension capital certificates pursuant to § 2-3 first paragraph, or insurance certificate corresponding rules in § 3-1, fifth paragraph on pension evidence, according the statement at the latest pr. 31 December 2008.

(2) The provisions of subsection applies correspondingly to insurance (risk) associated with individual pension savings under the Tax Act (IPA). Customer may request that the institution issuing pension capital certificates that ensure the customer the total value of the retirement savings agreement with affiliated insurance unless it is appointed final beneficiaries as stated in the Insurance Contracts Act § 15-2 second paragraph of the associated insurance. In that case, § 3-9 accordingly.

§ 5-3. The right to conclude a new agreement
(1) Language with individual pension agreement as mentioned in § 5-1, first paragraph, has the right to enter into new insurance on similar terms and with the right to the same benefits as the individual pension agreement under the Tax Act (IPA ), with the institution that administers the agreement, without giving new health information. Right under the first sentence does not apply if the agreement is terminated before 12 May 2006. Customer will use the right to enter into new insurance after the first sentence, must give the institution in writing of this within 30 June 2009. charge of establishing a new agreement can not set higher than the maximum allowed fee when transferring the original agreement.


(2) It can not be paid premiums or contributions to an individual retirement arrangement under the Tax Act (IPA) after 31 December 2008.

§ 5-4. Merging respectively pension capital certificates and insurance certificates
(1) Pension capital certificates issued pursuant to § 5-2 subsection can be used by the customer pursuant to § 2-5 second paragraph. If the customer has paid-up came from a defined benefit pension scheme under the Companies Act, the pension assets arising from pension capital certificate as a single premium for age pension under the policy, provided that the institution that manages the policy agrees.

(2) Customer may require insurance certificate issued in accordance with § 5-2, first paragraph, merged with policy came from defined benefit pension scheme mentioned in the first paragraph. § 3-10 shall apply correspondingly.

§ 5-5. Merging of pension capital certificates (IPA) with individual pension savings
(1) Customer who has signed individual pension savings under this Act may require the pension capital for pension capital certificates under § 5-2 merged with and included in pension assets to the individual retirement savings agreement, provided that the agreements administered by the same institution.

§ 5-6. Merging of insurance certificate (IPA) with individual pension agreement
(1) Customer who has signed individual pension agreement under this Act, may require that the pension capital for an insurance certificate issued in accordance with § 5-2 merged with and included in the pension assets of the individual pension agreement, provided that the agreements administered by the same institution.

(2) Accrued pension after the merger under subsection calculated by the calculation basis for the individual pension agreement. The provisions relating to conversion in § 3-9 apply in case accordingly.

(3) Merger pursuant to subsection can not be made if, for the rights under the insurance policy is appointed final beneficiaries as stated in the Insurance Contracts Act § 15-2 second paragraph.

§ 5-7. Institutions' duty to provide information
(1) Within three months after this law enters into force, the institution shall provide the customer with individual pension agreements covered by § 1.5, the following information:

A)
customer is entitled to demand payment under the Ministry of Finance skattelovforskrift § 6-47-31,

B)
customer's right to pension capital certificate and insurance certificate under § 5-2

C)
customer the right to conclude a new agreement under § 5-3 and tax rules for such an agreement, and

D)
that rights for individual pension agreements in certain cases may be combined with other individual pension customer may have, re. §§ 5-4 to 5-6.

(2) If the customer enters into a new agreement under § 5.3, the institution shall disclose the relevant tax rules.

Chapter 6. Commencement. Transitional rules. Amendments to other laws

§ 6-1. Commencement. Transitional rules
(1) This Act comes into force immediately. § 6-2 Nos. 2 and 3 nevertheless takes into force 31 December 2008.