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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  • Income tax is collected on amounts withdrawn from supplementary pension savings.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 - 17 September 2020 02:39 PM

Fraudsters attempt to use stolen card numbers

Yesterday, 16 September, Valitor warned against emails apparently sent by Pósturinn. The email asked the recipient to click on an embedded link that opened a false payment site made to look like Valitor’s site. Cyber criminals have obtained card numbers by such means and card holders are advised to be alert.


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News and Notifications - 16 September 2020 08:20 AM

Share offering of Icelandair Group hf. ends at 16:00 on Thursday, 17 September 2020

The share offering of Icelandair Group hf. commenced at 9:00 on Wednesday, 16 September, and ends at 16:00 on Thursday, 17 September. Participation in the offering is via the Bank’s website.


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Weekly bulletin - 14 September 2020 08:48 AM

Icelandic Economic Weekly: 14 September 2020

Icelandair Group published a prospectus for its upcoming share offering. The CBI decided to begin regular sales of foreign currency on the Icelandic interbank market. Icelandair released traffic data for August.


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