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Supplementary Pension Savings

Supplementary pension savings are one of the most convenient forms of savings offered in Iceland. If you choose to save 2-4% of your salary and pay it into a supplementary pension fund you will receive a 2% additional contribution from your employer according to most union wage agreements.

How does it work?

You apply for supplementary pension savings online or at any Arion branch and we will inform your employer. Your employer will then allocate your savings along with the 2% additional employer contribution into Arion’s supplementary pension saving scheme.

At the age of 60 you can withdraw your savings as you see fit. In the event of the beneficiary’s death, the supplementary savings become the property of the beneficiary’s heirs.

If you are buying your first property in Iceland you can choose to use your supplementary pension savings to do so with certain conditions.

If you require any further information about supplementary pension savings, please contact Arion Bank’s financial advisers on +354 444 7000 or send an e-mail to lifeyristhjonusta@arionbanki.is.

Apply for supplementary pension savings

The main benefits

 

2% pay increase

If you choose to save 2-4% of your wages with supplementary pension savings your employer will add a 2% contribution according to most union wage agreements.

 

Convenient way to save

Supplementary pension savings are a very convenient way to save money as your employer is responsible for paying into the fund.

 

Diverse investment options

You can choose between diverse investment options for your supplementary pension savings.

 

Inheritability

In the event of the beneficiary’s death, the supplementary savings become the property of the beneficiary’s heirs and are divided amongst them in accordance with the Inheritance Act.