Withdrawal of private pension savings due to COVID-19
If you have a Private Pension Plan with Íslandsbanki then you have the option to make a withdrawal of your private pension savings
The Icelandic government has passed a bill that allows individuals to make a withdrawal of their private pension savings to meet difficult circumstances due to COVID-19.
- Individuals are allowed to make a withdrawal of their private pension savings over a 15 month period
- A withdrawal for each month can be up to 800.000 ISK per month
- The maximum withdrawal is 12.000.000 ISK over a 15 month period of accumulated savings as of April 1st 2020
- Withdrawals are taxated
- Withdrawals do not affect benefits such as child benefits
Payments are made once a month. Applications received before 20th of each month are paid at the 1st of the next month. Click here to apply.
Select Personal pension as an inquiry if you are applying for a withdrawal of private pension savings due to COVID-19. We kindly ask you to read the instructions before sending us an application.