Questions about Pension
Does Brú Pension Fund offer additional pension savings?
Brú Pension Fund does not offer personal pension savings.
However, members of Division V have the option to allocate a portion of their premium payments, up to 3.5%, to a personal pension savings. You can apply for dividing premiums by clicking the link below. You must first make an agreement with a personal pension fund and submit a copy of the agreement with your application.
Do foreign citizens pay premiums to pension funds?
Foreign citizens that make income in Iceland are subject to the same rules as Icelandic citizens and are required to pay premiums to a pension fund.
Where can I access confirmation about my pension payments for TR?
Confirmation of pension payments is accessible through the pension fund website, when you log on with electronic credentials. You will find the confirmation under Lífeyrisgreiðslur (Pension payments)
If I am self-employed, do I need to pay premiums to a pension fund?
Self-employed people are required to pay premiums to a pension fund. According to the law, the required amount must be no less than 15.5% of wages.
Must I pay premiums to a pension fund?
All employees and self-employed people between ages 16 and 70 years are required to pay premiums to a pension fund. The required amount is 15.5% - the employee contributes 4% and the employer a minimum 11.5%.
How do I apply for pension?
You can apply for old-age pension through My pages - umsóknir (applications) or click the link below.
When can I begin receiving pension?
Members of Division A and Division V can choose when to begin receiving pension between ages 60 and 80, and you do not need to be retired from work.
The reference age for full pension entitlement is 67 years. Payments can change depending on when you decide to begin receiving pension.
What is spouse pension?
If a fund member dies, the spouse may be entitled to pension payments. The fund member must have been an active member before passing. Entitlements may vary depending on the Divisions of Brú Pension Fund.
What is disability pension?
If you have paid into the Fund for at least two years and been assessed by a doctor to have incurred actual loss of income due to a disability or loss of capacity to work, you could be entitled to disability pension. Entitlements and conditions may vary depending on the Divisions of Brú Pension Fund.
What is child pension?
If a fund member dies (or become disabled, applicable for Division A), their children may be entitled to children's pension. Entitlements and conditions may vary depending on the Divisions of Brú Pension Fund
Where can I find information about my pension entitlements?
You can access information about pension entitlements on the Fund member's website through the link below. You can then click on Lífeyrisgátt (Pension Gateway) to view pension rights from all pension funds that hold your rights.
Is it possible to divide pension rights between married or cohabitated couples?
Yes, you can divide pension rights between married or cohabitated couples. There are three options. The division does not apply to disability pension, spouse pension or child pension.
- Divide lifelong pension payments that have already begun.
- Divide earned lifelong rights, in the latest before the fund member has reached age 65.
- Divide future rights, that is, the lifelong rights that will accumulate after an agreement about division has been made.