Gildi fund members' meeting 2022

Over sixty guests attended Gildi's fund members' meeting, held at the Grand Hótel Reykjavík at 17:00 yesterday, where the fund's returns, operations and position for the year were reviewed, among other things. It was reported that the net nominal return for the first eleven months of the year was -1.2%, meaning that the net real return was -10.2%. The Mutual Insurance Division's net assets at the end of November amounted to ISK 912 billion, up from ISK 908 billion at the start of the year. The fund's estimated actuarial position at the end of November stood at -3.3%.

Articles of association confirmed

It was reported at the meeting that the Minister of Finance confirmed on 13 December changes to Gildi's articles of association, which were approved at the fund's annual meeting in April. Under the changes, the rights of all fund members increase, with the largest increases for the oldest members. Accrued rights for members aged 67 and over, as well as disability and spouse pensioners, will thus increase by 10.5% from the turn of the year.

ÍL-sjóður: No basis for negotiations

The meeting reviewed the state of play regarding ÍL-sjóður, including the main points of the legal opinions from Logos of 23 November and from Róbert Spanó of 4 December. Both opinions conclude that the pension funds' position vis-à-vis the state in this matter is very strong. The matter was discussed at Gildi's board meeting yesterday morning, and after detailed review, the Board concluded that there is no basis for entering into negotiations on the ÍL-sjóður matter on the terms set out by the Minister of Finance and Economic Affairs.

Changes to the pension funds act

Finally, the meeting reviewed the changes to the pension funds act taking effect at the turn of the year, the main ones being that a 15.5% premium is enshrined in law, along with provisions on designated private pension savings. It was also noted that, from the turn of the year, all payments from the pension system based on the 15.5% premium will reduce payments from the social security system, whether they come from mutual insurance funds, designated private pension savings, or the private pension paths of the voluntary pension funds.

The speakers at the meeting were Stefán Ólafsson, Árni Guðmundsson, Davíð Rúdólfsson and Árni Hrafn Gunnarsson. The meeting was chaired by Aðalbjörn Sigurðsson.

Speakers' presentation slides