• Fund member website
    • Employers' website
    IS
  • Pensions
    Til baka
    Pensions
    Reliable Pension Insurance
    • Retirement Pension
    • Disability Pension
    • Spouse’s Pension
    • Child Pension
    • Pension Calculator
    • Taxation of Pension Payments
    • Division of Retirement Pension
    • Social Security Pension
    • Accumulation of Rights
    • Half Pension
    • Reference Premium
  • Loans
    Til baka
    Loans
    Housing loans on favourable terms
    • Loan Calculator
    • Chief Advantages
    • Interest Terms
    • Borrowing Rights
    • Applications
    • Tariff
    • Interest Rate Development
    • Rules on loan
    • Loan Information
  • Private Pension
    Til baka
    Private Pension
    One of the best savings methods available
    • Chief Advantages
    • Property Purchase
    • Investment Schemes
    • Returns
    • Specified personal savings
    • Terms of Contract
    • Key information
  • Premiums
    Til baka
    Premiums
    Mandatory Premiums
    • Premium Payments
    • Declaration Reports and Payments
    • Electronic Payments of Premiums
    • Bank Claims
    • Trade Union Fees
    • Rehabilitation Fund
    • Private Pension
  • About Gildi
    Til baka
    About Gildi
    A Powerful Supporter of Fund Members
    • Staff
    • Board of Directors and Committees
    • Committees
    • Organisational Chart
    • Annual Reports
    • Presentations
    • Media Centre
    • Assets and Investments
    • Mutual Pension Division
    • Policies and Articles of Association
    • Gildi’s History
    • Privacy Policy
  • Fund member website
  • Employers' website
  • Innskráning
    • Fund member website
    • Employers' website
    IS
  • Gildi Pension Fund
  • Pensions
  • Retirement Pension

Retirement Pension

  • Division of Retirement Pension
  • Reference Premium
  • Accumulation of Rights
  • Half Pension
  • Taxation of Pension Payments
  • Pension Calculator
  • Social Security Pension

Retirement can begin between the ages of 60 and 80. The pension is independent of other income and is paid monthly for the rest of one’s life in accordance with one’s rights. Unlike private pension savings, retirement pensions do not involve a specific amount that has been saved, but rather are based on the entitlements that people earn over the course of their working lives.

The general retirement age is 67 years. If pensions are withdrawn earlier, they will be distributed over a longer period based on life expectancy, and the monthly payments will decrease correspondingly. Similarly, the monthly payout increases if payments begin after age 67.

Fund members can receive pension payments concurrently with continued employment on the labour market.

Entitlement to retirement pension may be available with more than one pension fund. It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. The application is then sent from the relevant pension fund to other parties if requested.

Application for retirement pension (electronic) Application for retirement pension (PDF)

Good to know

  • What is a retirement pension?

    Retirement pension is an allowance that people receive from social security or pension funds when they reach a certain age. It is paid until the end of life, and the amount from the pension fund is determined by the premiums paid by the fund member during their working life and by the fund’s performance.

  • Increase/decrease in retirement pension depending on when you start receiving it

    The amount of retirement pension depends on when receipt of the pension starts. Thus, a person who starts receiving a pension at 60 years of age receives a 44.64% lower amount paid per month than a person who starts receiving a pension at 67 years of age. However, a person who receives a pension at the age of 70 receives a 25.08% higher amount per month than a person who receives a pension at the age of 67.

    Here you can see the increase/decrease in pension depending on when you start receiving it:

    Age - total decrease:

    Age: Decrease:
    66 8,64%
    65 16,32%
    64 23,16%
    63 29,40%
    62 35,04%
    61 40,08%
    60 44,64%


    Age - total increase:

    Age: Increase:
    68 7,44%
    69 15,72%
    70 25,08%
    71 35,64%
    72 47,64%
    73 61,44%
    74 77,28%
    75 95,64%
    76 117,00%
    77 142,08%
    78 171,72%
    79 207,00%
    80 249,48%
  • Can I have pension rights in multiple funds?

    Entitlement to retirement pension may be available with more than one pension fund. It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. That fund’s employees are responsible for communicating that information to other funds as appropriate.

  • Can I see which funds I have rights in?

    In the Pension Portal on Gildi’s fund member website, you can see the rights you have earned in mutual insurance funds that have been paid into.

  • Do I have to apply to all the pension funds in which I have rights?

    It is usually sufficient to apply for the payment of a pension from the fund into which the latest payments were made. If the fund member has rights in other pension funds, the application is sent to the relevant parties if requested.

    Attention is drawn to the fact that in the pension portal, you can find information about pension rights in other funds, with the exception of private pension savings. You can view the pension portal on Gildi’s fund members website.

Guðrúnartún 1, 105 Reykjavík
Hafnarstræti 9, 400 Ísafjörður
Telephone
5154700
Email
gildi@gildi.is
ID No
561195 2779
Opening hours
Monday - Thursday 09:00 - 16:00
Friday 09:00 - 15:00
Phone hours for department of pensions, loans and premiums
Monday - Friday 09:00 - 15:00
  • Mailing List
  • Decline paper statements
  • Privacy Policy
© 2022, Gildi