A Specified Private Pension

A specified private pension is a specific type of private pension created as a result of collective agreements between member trade unions of the Icelandic Confederation of Labour (ASÍ) and the Confederation of Icelandic enterprise (SA). Specified private pension holders can allocate 3.5% of their employer contribution to their private pension.

Íslandsbanki accepts specified private pensions


Íslandsbanki accepts specified private pensions via the Prime A Private Pension Plan.

A specified private pension is a specific type of private pension created as a result of collective agreements between member trade unions of the Icelandic Confederation of Labour (ASÍ) and the Confederation of Icelandic enterprise (SA). Specified private pension holders can allocate 3.5% of their employer contribution to their private pension.

Main considerations:

  • Fully inheritable
  • Unaffected by bankruptcy
  • Payments in accordance with the regulations outlined by the customer's mutual insurance pension fund
  • Specified private pension cannot be used as a down payment on mortgages or loans

Handling of specified private pensions

You decide how your specified private pension should be handled. The pension is automatically allocated to a mutual insurance pension fund, but you are welcome to allocate it elsewhere.

 

Specified Private Pension with Íslandsbanki

Specified private pension customers can ask Íslandsbanki to allocate their pension to our Future Wealth VÍB division by signing an addendum and handing it in to one of our branches.

 

Would you like to allocate your specified private pension to Future Wealth VÍB?

You can join us by signing a contract and addendum at one of our branches.

You can also contact one of our financial advisors by telephone: 440 4900 or by email: sereign@islandsbanki.is.