Why do I need to pay into a pension fund?

Why do we all pay into a pension fund? The Icelandic pension fund system builds on three strong pillars: social insurance, pension funds, and supplementary savings. The pension funds build on social insurance that ensures a lifelong pension and protects us and our families from loss of income because of disability or demise. Between the ages of 16 and 70, we all therefore pay premiums. Supplementary savings are optional and the most advantageous way to save because of wage payers’ matching contributions.

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