Life Long Pension

Pension entitlement is the total of accrued and future rights.

Accrued rights are shown on the summary sent to Fund members twice a year. You can see your current accrued rights by accessing the Fund members' web, using the password that appears on your contributions statement, or by contacting the Pension Fund and requesting a statement to be sent to you.

Future entitlement can be estimated by using the pension calculator (only available in Icelandic), on which you should enter your estimated future salaries. Pension entitlement is the total of accrued and future rights.

Payment of pension is assumed to commence at the age of 67 years.

The commencement of pension payments can be brought forward to the age of 65 years, and it can be delayed to the age of 70 years.

Commencement of pension payments
65 years 15,0% reduction
66 years  7,8% reduction
67 years 0
68 years 8.2% increase
69 years 17.4% increase
70 years   27.8% increase

 

The table indicates that an individual who starts to receive pension payments at the age of 65 years receives a pension 15,0% lower than one who first receives pension payments at the age of 67 years. If no pension is paid until the age of 70 years, the pension rises by 27.8%.