Measures because of COVID-19

  • What are pension funds doing to assist people?

    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).

    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.

    The funds will provide for disbursals from supplementary savings. It is important for fund members considering this option to thoroughly acquaint themselves with it.

    Pension Funds

  • Where can I get information on the pension funds’ measures?

    Pension funds’ websites provide clear information, and fund employees are ready to answer questions digitally or by telephone.

    Pension funds

  • What about loans to fund members?

    Pension funds have rules on meeting fund members halfway who get into difficulties making timely payments on their member loans.

    Those who foresee payment difficulties because of COVID-19 are urged to contact their pension fund and get information on the options they offer.

    Because of heavy workloads, you can expect processing of your case to take longer than usual.

    Pension Funds

  • Will I be able to take out supplementary savings?

    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