Those who cannot have what they want must want what they can get: The experience with company-based early retirement pension schemes in Norway

Early retirement is a central bridge between permanent work and standard pension age. During 1988-1989, 10% of all private Norwegian companies, employing about 20% of all employees, had made use of early retirement schemes, mainly as a means of reducing staff. A central question is whether early retirement creates welfare or reduces it for the early retirees. Case studies of 4 companies and panel studies of potential early retirees have been used to throw light on these questions: what are the experiences of those involved, and do they wish to leave work or is leave taken involuntary? Only 1 of 7 early retirees adapted poorly, mostly due to poor health, a strong work orientation combined with unfilled expectations for part-time work and the feeling that they had no choice but to accept the offer. The majority seem to adjust fairly well to life as a pensioner, especially if they have some part-time work. Besides high financial compensation, satisfaction with early retirement depends on whether the scheme is regarded as legitimate in the community and the individual considers the transition to be meaningful.