Saving for a home

A tax free option for those saving towards a new home

Effective from July, 2014 til the 30th of June, 2021

Withdrawing your private pension can be tax efficient


Authorisation for the tax free payment of a private pension towards saving for a new home for own use. The premium paid between the 1st of July, 2014 til the 30th of June, 2021 can be used for this purpose but you can use the funds to purchase a property until the 30th of June, 2021. The owner of the pension plan cannot own a property during the period outlined above.

Do you want to apply?

Browse the RSK website for more information. You can apply online.

Application for pension towards saving for a new home

Information regarding the maximum withdrawal limit

  • The maximum withdrawal for an individual is ISK 1,500,000

  • The maximum withdrawal for couples eligible for joint taxation is ISK 2,250,000

  • The maximum contribution from an employer is 2% and 4% of your own premium

  • The owner of the pension plan cannot own a property during the period outlined above

Are you planning to buy a property after a period of one year or longer?


Most people who take advantage of the tax free payment of a private pension towards buying a new home want to avoid fluctuations. Property Plan is a great solution for those buying after a year or more.

Are you planning to buy in the immediate future?


A non-indexed private pension can be the best solution if you are planning to buy within a year.