Lifelong Pension and Support in Adversity
Your rights in the Pension Fund of Commerce are not only about a lifelong pension, but also provide support pensions for you and your family in the event of disability or death.
Your Right to a Lifelong Pension
In addition to the right to a lifelong retirement pension, you earn the right to a disability pension due to reduced working capacity. Likewise, you earn your spouse the right to a spouse's pension upon death and your children the right to a child's pension if your working capacity is significantly reduced or you pass away.
You get a guarantee for lifelong pension payments from the time you begin to draw your pension. Payments will reflect your contributions throughout your working life and return on the fund's investments.
You are entitled to a disability pension if your work capacity is reduced due to illness or accident and this reduction is assessed as at least 50% by the fund's medical officer.
When you contribute to the fund you are not only earning entitlement for your senior years, but also ensuring to some extent your family's situation in the event of your death.
Iceland Pension Questions?
We encourage you to find more information and education on the English website of The Icelandic Pension Funds Association. There you will find frequently asked questions and educational videos.