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Withdrawal of supplementary pension savings due to Covid-19

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.

  • The aim is to open the application process and begin disbursement in April 2020.
  • Deadline to apply for withdrawal is 1 January 2021.
  • Maximum withdrawal for individuals is set at ISK 12 million.
  • Maximum monthly withdrawal is set at ISK 800,000.
  • Income tax is collected on amounts withdrawn from supplementary pension savings.

Q&A about withdrawal of supplementary pension savings:

Forsíða - 30 July 2020 04:05 PM

Financial results of Landsbankinn in H1 of 2020

Landsbankinn's after-tax performance was negative by ISK 3.3 billion during the first half of 2020, compared with a profit of ISK 11.1 billion during the same period in 2019. Loan impairment amounted to ISK 13.4 billion during the period, equal to about 1.1% of the bank‘s loan portfolio, compared with an impairment of ISK 2.4 billion in the same period last year.


Weekly bulletin - 27 July 2020 08:57 AM

Icelandic Economic Weekly: Monday 27 July 2020

The CPI based on prices in mid-July increased 0.15% between months. Arion Bank published preliminary financial results for Q2. Icelandair Group also published preliminary financial results for Q2. The CBI release the minutes of the Financial Stability Committee meeting in June.


Forsíða - 24 July 2020 01:50 PM

Landsbankinn is the best bank in Iceland in the assessment of Euromoney

The international business and finance magazine Euromoney has chosen Landsbankinn as the best bank in Iceland, and this is the second year in a row that the bank receives this recognition.