Seventy per cent of Norwegians find it difficult to understand pension rules, with the greatest uncertainty found among those approaching retirement, a survey from the Norwegian State Pension Fund (SPK) has revealed.

According to research conducted by Norstat among a representative sample of people working in both the public and private sectors, 80 per cent of respondents aged 50–59 reported struggling to understand the pension system.

State Pension Fund pension expert, Svein Rasmussen, said it was “worrying” that so many in this age group say they do not understand the rules.”

“They have a short time left until they can withdraw their pension, and they depend on knowing enough to be able to make good choices for the future,” he added.

The survey also found that more women (76 per cent) than men (67 per cent) report finding pension rules difficult to grasp.

Rasmussen warned that this knowledge gap could deepen existing inequalities, given that women typically receive lower pensions due to lower lifetime pay, part-time work, and career breaks.

“Pension is an important part of your personal finances, and something you will live on for many years,” he stressed, adding that "keeping track of your pension should be as natural as checking your mortgage interest rate several times a year.”

Rasmussen also noted that while the number of pension choices has increased in recent years, this has also made it more difficult for individuals to gain a clear understanding of their retirement options.

“There are more pension choices than before, and many find it difficult to get an overview,” Rasmussen explained.

The findings come amid growing calls across the Nordic region for simpler, more transparent pension systems to help savers make informed decisions as they approach retirement.

Indeed, research last month found that four in 10 Danes were unaware of how their pension scheme would support them financially if they became seriously ill or unable to work, according to a new survey conducted by Epinion for Sampension.

The poll of around 1,000 people found that 37 per cent said they had either “little” or “no” knowledge of the insurance in their pension scheme, while a further 3 per cent responded “don’t know”.

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