Foreign citizens who are not entitled to a reimbursement of contribution

It is prohibited to reimburse contributions to fund members who have citizenship within the EEA-area when departing from Iceland.

Fund members in Department A can begin to withdraw old age pension at any time between the ages of 60 and 70. Those who begin to withdraw old age pension at the age of 65 are paid in accordance to their earned points. If withdrawal is postponed after reaching the age of 65 the amount of pension rights acquired before the age of 65 increases by 0,75% for each postponed month. However, if old age pension is withdrawn prior to the age 65, acquired pension rights are reduced from that time by 0,5% for each month until the age of 65 is reached.

Fund members may also be entitled to disability payments should their capacity to work impair either due to illness or if caused by an accident. When fund members pass away their spouses and children have a right to a pension.

  • Pension application forms can be accessed here.
  • Pensioners must have an Icelandic bank account.
  • Payments are made on the 1st of each month. Income tax is deducted from payments. For information on current Icelandic income tax, see here.
  • Fund members receive a single payment if their total rights are lower than 1 point.