Foreign citizens who are not entitled to a reimbursement of contribution

Please note that rules of reimbursement may vary between pension funds

It is prohibited to reimburse contributions to fund members who have citizenship and/or residency within the EEA-area when departing from Iceland. As of March 1, 2019, this also applies for American citizens.

Fund members in Department A can begin to withdraw old age pension at any time between the ages of 60 and 80.

The standard age to begin withdrawal is 67 years. Withdrawal may however begin as early as 60 years of age in which case the amount of payment will permanently be reduced based on an actuarial calculation. If withdrawal is postponed after reaching the age of 67 the monthly payments will increase based on an actuarial calculation.

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 may have a right to spouses´ and children's benefits.

  • Pension application forms can be accessed here (in Icelandic only).
  • 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.