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.

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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.