23. March 2020
Among solutions announced by the Icelandic government in response to the Covid-19 pandemic, is the temporary authorisation to withdraw supplementary pension savings. The aim is to open applications for withdrawal in April 2020.
A bill providing for this solution is expected to pass through the Icelandic parliament Althingi in the next few days. Landsbankinn has begun preparing for this eventuality but cannot finalise its procedures until the bill has been passed by Althingi. Further information will be published to the Bank’s website as soon as it becomes available.
Each individual can withdraw a maximum of ISK 12 million.
The withdrawal period is a maximum of 15 months.
The maximum monthly amount for withdrawal is ISK 800,000.
The aim is to open applications in April 2020 but this has not been finally determined yet.
It ends 1 January 2021.
Yes, income tax will be levied on the amount.
That is as yet unclear. The aim is to begin disbursement of withdrawals in April 2020.
Yes, anybody who owned supplementary pension savings as at 1 April 2020 is eligible to apply.
We are working on setting up an application process. The aim is for the application process to be electronic. Customers will receive information about the application process in the coming weeks.
Information about supplementary pension savings is available on the beneficiaries’ website and online banking.
There are no restrictions on the disposition of the funds.
Landsbankinn hf. Austurstræti 11, 155 Reykjavík, Reg. No. 471008-0280
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