Submitting breakdown sheets and premium payments
According to most collective agreements, your employer will contribute 2% to your private pension plan if you contribute 2 - 4% of your monthly income. Collective agreements may, however, provide for an increased contribution. Employers are allowed to pay 15.5% of wages plus ISK 2,000,000 annually for each employee, in total, into mandatory - and additional pension savings plans. If the premium exceeds this limit, then it becomes taxable income.
Employers should send breakdown sheets as soon as possible to ensure the beneficiary enjoys a return on their savings.
The simplest way to submit breakdown sheets is to send them electronically through the payroll website. You can also send breakdown sheets directly from most payroll systems.
Two ways to submit breakdown sheets
Future Wealth is Íslandsbanki‘s private pension plan, and its employer website is designed to assist employers. It's easy to submit breakdown sheets on the payroll website. You can also send text files from payroll systems, view status and movements, and explore payroll statements.
- Payroll system
The service provider of the relevant salary system provides more information.
You can pay private pension savings premiums by depositing to the fund's bank account or requesting a monthly payment plan, which will appear in the Corporate Bank.
ID No: 491008-0160
Hagasmára 3, 201 Kópavogi
Pension fund number: 006
Premiums paid into account No: 515-26-5330
- Due date: 10th day of the month following the wage period
- Final due date: The last day of the following month after the wage period
Please contact our Savings & Investments Division Tel: 440-4000 for more information.
Fixed monthly payment
Those who pay a fixed monthly amount can request to be part of a monthly cycle that creates a breakdown sheet and a payment slip for payment in the online bank.