Althingi has temporarily authorised withdrawals from supplementary savings

Althingi has temporarily authorised withdrawals from supplementary savings

The Government of Iceland, the Icelandic Financial Services Association, and the Icelandic Pension Funds Association have released a mutual declaration on responses to the coronavirus pandemic.  You can find it here (in Icelandic). 

  1. Pension funds have set rules on remedies to meet fund members halfway who have temporary payment difficulties. Fund members are urged to get information on such remedies from their pension funds.
  2. Althingi has temporarily authorised withdrawals from supplementary savings. It is important for fund members interested in using this option to acquaint themselves well with it at their depository.  
    • The application period is from and including 1 April 2020 to 1 January 2021.
    • The maximum withdrawal for an individual will be ISK 12 million.
    • The maximum payment per month will be ISK 800,000.
    •  The maximum payment period will be 15 months. 
    • Income tax will be collected from withdrawals.

 The funds publish more detailed information on their websites.    

Pension Funds

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