Re­tire­ment is an op­por­tu­ni­ty

The Icelandic pension system can be complex. Nevertheless, we encourage people to roll up their sleeves and take the time to understand their pension matters, as this kind of preparation can make a significant difference to the options available when retiring.

It is important to regularly pause and check the status and terms of the loans and financial obligations you have. It can make a significant difference to refinance loans that carry high interest rates or are unfavorable in some way.

Arion offers the most comprehensive financial services in Iceland. Our diverse range of services gives us a unique position – a varied group of customers, with different needs and goals, utilize our powerful services in loans, savings and investments, as well as pension matters, funds and securities, and insurance.

It costs a fair amount to buy and operate a car – which is why it pays to do some research before finalizing your purchase and getting behind the wheel of your new vehicle. Here are some practical tips that will hopefully help you in your search for your dream car.

The unequal status of cohabitants regarding pension rights has been somewhat in discussion. Pension fund laws include an equalization measure that allows for the division of retirement benefits or pension payments between spouses or cohabitants through voluntary agreements. However, there are many factors to consider when examining whether splitting retirement benefits is suitable, and it cannot be claimed that this approach is always the right one in every situation.

If a decision is made to split pension rights, the division only applies to the retirement benefits of those who are or have been in marriage or unmarried cohabitation, and to rights that have accrued during that time. The division must be mutual, equal, and cover all pension funds in which the member and spouse have rights. Legal requirements regarding health and age apply to the division of accrued rights, so this option needs to be considered in a timely manner.

Paying off loans or other financial obligations at a faster rate than required often results in significant long-term savings. A good way to reduce interest costs is, for example, to make additional payments toward the principal of the loan whenever you have the opportunity to do so.