What is the best way to withdraw money from your pension account?

You can withdraw money from your pension account when you reach 60 years of age, but there are several things you should consider:

• Withdrawing money has no effect on Social Insurance (TR) pension payments
• Income tax is paid on withdrawal, so you should check which tax band it falls inside
• Icelandic private pension is fully inheritable
• Your spouse or children can inherit the amount without paying inheritance tax
• You do not pay tax on the interest your pension makes and it does not reduce your Social Insurance (TR) pension payments
• You can withdraw your pension before retirement and at any time after the age of sixty

What effect will taxation and any reduction to our Social Insurance (TR) have on our savings?

Many people worry about reductions to their Social Insurance (TR) and taxation at retirement.

We are committed to informing the public on the effects of taxation and reductions on savings. Our advisers are happy to help.

How should you invest your money after the age of sixty?

Different periods mean different risks. Your investment choices will probably change as your circumstances change, before and after retirement.

You can leave the difficult decisions to our experts.