Personal Pension Savings To Fund Your Dreams
Personal pension savings is a great way to finance future dreams. Do you want to acquire a property earlier, stop working earlier or simply have good savings? Find out more about the most efficient form of savings available in Iceland.
Don't miss out on a bonus!
When you save 2 to 4% of your gross salary in personal pension savings, your employer adds 2%. It's a bonus that makes a difference! With a specified personal pension you can have more flexibility to draw on your pension earlier.
Tax advantage
2% employers contribution
Applicable for downpayment on first apartment
Most advantageous savings option today
What is Personal Pension Saving?
Employees and self-employed persons can pay up to 4% of their gross wages into personal pension saving and receive a 2% contribution from their employer.
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What is Specified Personal Pension
Specified personal pension is a special type of pension savings that is particularly suitable for those who are in the second half of their working life.
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Using My Personal Pension Savings
You have many options on how you choose to use your personal pension savings.
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Choose How to Invest Your Savings
The fund offers three investment options in private savings. They are Ævileið I, Ævileið II and Ævileið III. You can also choose Ævilína, which includes automatic transfer between investment portfolios with increasing age.
Shares
Bonds
Ævileið I
Annual return last 5 yr. 8.1
Suitable for an investment period of over 7 years.
Age in Ævilína
Up to 54 years of age
Year to date return
3.3
Shares
Bonds
Ævileið II
Annual return last 5 yr. 6.7
Suitable for an investment period of over 5 years.
Age in Ævilína
55 years old and over
Year to date return
3.5
Deposits
Bonds
Ævileið III
Annual return last 5 yr. 3.9
Suitable e.g. for the investment period after withdrawals begin
Age in Ævilína
After withdrawals begin
Year to date return
4.1
Ævilína option, automatic transfer between portfolios with increasing age
Assets are transferred at the following age limits:
- Members younger than 55 years of age: Ævileið I.
- Members older than 54 years of age: Ævileið II.
- Ævileið III option: Once withdrawals begin.
Verðbréfaleið
The investment option Verðbréfaleið was open to new fund members until July 1, 2017. It follows the same investment strategy as the mutual fund division.
Fund member that have pension savings in Verðbréfaleið are permitted to transfer their assets to Ævileið I, II or III, but are not permitted to transfer assets from Ævileið to Verðbréfaleið.
Calculate Your Savings
Do you want to know what your balance will be in private savings when you retire? The calculation is based on the input you provide and is for reference only.
Please keep in mind that we only assume 3,5% return on investment.
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All About Retirement in Iceland
In Iceland retirement pensions are made up of social insurance payments, payments from pension funds, supplemental pension savings and other savings.
Payments from pension funds reduce the amount received from the social insurance fund, so it is important that pension applicants consult with the Social Insurance Administration about their rights.