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Open for applications to withdraw private pension savings

Applications for the temporary withdrawal of private pension savings are now open. Applications using electronic ID must be submitted at the latest on 28 April for the initial disbursement on 30 April. Applications submitted with email must be submitted no later than 25 April.

Apply with electronic ID

Electronic ID can be used to apply for temporary disbursement of personal pension savings on the fund member website. In order to receive the initial payment on 30 April, applications submitted with electronic ID must be sent no later than 28 April.

Log in to fund member site

Apply with email

Fund members who do not have electronic ID can email bakvinnslalifeyrissjoda@landsbankinn.is and request an application form. Once the form has been completed and signed, it should be scanned (or the signed document photographed) and emailed to the same address. In order to receive the initial payment on 30 April, applications submitted with email must be sent no later than 25 April.

About the withdrawal of private pension savings

Private pension savings (supplementary pension savings) are generally not redeemable until the beneficiary reaches 60 years of age. Due to the Covid-19 pandemic, the authorities have granted temporary dispensation to withdraw private pension. This solution may be suited to individuals who lose their income, especially when no other savings exist. It should be kept in mind that withdrawing private pension savings will lead to a reduction in the amount available upon retirement, at which point income usually decreases considerably.

  • The maximum amount available for withdrawal is ISK 12 million.
  • The maximum monthly withdrawal is ISK 800,000.
  • No restrictions apply to disposition of the funds.
  • Income tax is levied on the amount.

Points worth considering when private pension savings are withdrawn

Further information about the disbursement of private pension savings