Practital Pension Pointers

Practital Pension Pointers

This video explains how the pension system works in Iceland and what you need to keep in mind  when you work in Iceland. 

Self-employed people 

Like all wage earners, self-employed people pay into a pension fund from age 16 to age 70. They can choose a pension fund that is open to everyone or one tied to their occupation. Every month, you pay the minimum premium of 15,5% of your calculated earnings. The Directorate of Internal Revenue monitors that premiums are deposited into a pension fund. A self-employed person can also elect to pay up to 4% of calculated earnings into supplementary savings in addition to a matching contribution.

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