Supervision and maintenance

  • Can I get a refund of paid-in contributions if I leave the fund?

    No, refunding contributions to Icelandic citizens is not permitted, whether they are in coinsurance funds or are additional pension savings.

    Earned rights are preserved for the fund or funds you have paid into. When the time comes for pension payments, you must apply for them.

    When foreign nationals leave Iceland, they may be entitled to a refund of their contributions, providing they are nationals of countries outside the European Economic Area (EEA) and are moving permanently out of the EEA.

  • I cannot recall which pension funds I have paid into during my life. Is there any chance that any payments would be lost or forfeit?

    Rights are not forfeit even though the statements have been lost. You can contact any of the pension funds to which you have belonged and obtain a password to the fund members’ website where you will find a statement showing all the pension funds you have paid into.

    You can also review your overall rights in coinsurance funds at The Pension Portal. Pension fund members have access to the Pension Portal on the websites of the pension funds, using the same password as for the fund members’ website in question. 

  • Do I have to do anything specific when I start paying contributions into a pension fund?

    You should immediately familiarise yourself with how rights accrue in your pension fund. How will your pension rights accrue, and what will they be at retirement? What disability payment will you receive if you become disabled due to an accident or illness? What pension will be paid to your close relatives upon your death?

    Contact your pension fund and check these points.

    All pension funds have a website with information on the rights they provide.

  • Do I really have to attend meetings and seminars of my pension fund? Shouldn’t I make better use of my time?

    You should attend annual general meetings and pay attention to the operations and performance of the fund. These are important rights which require following like other assets. Some pension funds also invite their members to attend seminars on pension matters. Attending such seminars can prove to be very useful to attend such seminars to keep up with pension matters and thus be better prepared to assess whether your rights are adequate.

  • Must I monitor whether my wage payer pays its contributions to my pension fund?

    Your pension fund will send you a statement of contributions twice a year. You should compare this to your pay slips. If any payments are missing, you should contact your wage payer and request an explanation or contact your pension fund and ask the fund to collect the unpaid contributions. Pension rights are based on paid contributions.

    Most pension funds also offer their members access to protected websites containing information on contributions and rights. Request access to this information so you can monitor contributions and rights at your convenience.

  • How can I check on how the rights are accumulating in my pension fund?

    Check the statements on how your pension rights are generated and accumulating. Most statements also show what pension payments you will receive upon retirement, assuming continuing contributions. If it seems to you that the expected pension payments will not be sufficient, you need to increase your savings to achieve your objective. In addition, it is in your interest to begin saving as soon as possible.

    Most pension funds have a fund members’ website showing your paid contributions and rights.  You can check on your overall rights in coinsurance funds by accessing the Pension Portal, Lífeyrisgáttin.

    Pension fund members have access to the Pension Portal through the websites of the pension funds by using the same password as for their own websites.