About LV

The principal role of the Fund is to ensure pensions for Fund members, their surviving spouses and their children. The fund pays retirement and disability pensions to members, and it pays widows’/widowers’ and children’s pension to their spouses and children. Disability pensions, widows’/widowers’ pensions and children’s pensions are covered by the members’ mutual insurance system, to protect members and their families.

Assets ISK 249 billion

Assets amounted to ISK 248.8 billion compared with 269.1 billion at the end of 2007. The fund's strength lies in its size and the low average age of contributing members. Last year about 51,300 employees and 7,200 employers paid contributions and about 8,700 pensioners received payments from the fund.

Fund members

Members fall into two groups. Some 60% of the participants are predominantly workers in the retail sector and office workers who make contributions on a compulsory basis. The remaining 40% of the participants are staff at management level and also self-employed professionals who join voluntarily.

Service for fund members and employers

The fund aims to provide members and employers with good service and professional advice on pension affairs. In this way, an effort is made to help members to ensure sufficient pension at retirement.

The Pension Fund of Commerce

	2008	2007
Assets in millions of ISK	248,761	269,069
Contribution in million	17,100	15,818
Number of contributing fund members	51,325	51,512
Average age of contributing fund members	34	34
Number of contributing employers	7,234	7,252
Pension payments in million	5,021	4,256
Number of pensioners	8,662	8,103