A bank claim can be created in the online banking system after a declaration report has been sent to Gildi. However, this will not happen until the declaration report has been reviewed. If a discrepancy is found, the claim is established according to the reviewed declaration report!
Please note that the employer is responsible for paying premiums to the fund, even if a claim is not created or is abolished in the online banking system.
If premiums are paid after the final due date, penalty interest is calculated.
If older premium payments are in arrears, the following applies:
If older premiums are in arrears (but have not reached the legal collection threshold), the payment of the bank claim is allocated to older premiums, first for the payment of accrued costs and penalty interest and then to the principal amount as applicable.
In the event that older premium payments are in arrears and have reached the legal collection threshold when a bank claim is paid, the payment is allocated to older arrears, as described in Item 1, where such arrears exist, otherwise to the premiums in accordance with the said bank claim/declaration report. However, Gildi Pension Fund is always allowed to allocate the payment to reduce a claim that is subject to legal collection, cf. further Article 9.10 in Gildi Pension Fund’s Articles of Association.
Nine trade unions are members of Gildi, in addition to the Confederation of Icelandic Employers. All employers with operations in the professions for which the nine unions have entered into collective wage agreements are under obligation to pay the pension premiums of their employees to the Gildi mutual pension division. It is not permitted to pay into mutual insurance funds of other pension funds.
According to the law, all employees are required to be members of the pension fund of the respective profession. Payments to the pension fund begin the month after your 16th birthday and end in the month of your 70th birthday.
Nine trade unions are members of Gildi, as is the Confederation of Icelandic Employers. All employers with operations in the professions for which the nine trade unions have concluded a collective wage agreement are obliged to pay their employees’ pension contributions to Gildi’s mutual insurance. It is not permitted to pay into mutual insurance funds of other pension funds.
The employer is responsible for ensuring that the premiums are deposited, 4% from the employee and 11.5% from the employer. However, there are exceptions to this, e.g. contribution according to fishermen’s collective wage agreements is lower.