Pension contribution refund to foreign citizens

Gildi Pension Fund does not refund pension contributions to foreign citizens.

The Articles of Association of Gildi contain an authorisation to refund pension contributions to foreign citizens provided such refund is not prohibited according to international agreements that Iceland is a party to. Such international agreements prohibit refunds to persons located within the EEA and the USA. The Board of Directors of Gildi determines whether and if so how this authorisation is used. The Board of Directors of Gildi determined in 2013 not to use this authorisation. This ensures the equal treatment of members in the pension fund.

All members of the pension fund can start receiving old-age pension at the age of 60 or a disability pension at an earlier date if accidents or sickness limit the ability to work. Spouses and children also have a right to a spouses‘ or child pension upon the death of a member.