Forsíða English Almenni Pension Fund

Almenni offers two ways of planning your pension. You can pay a minimum premium into a defined benefit plan and a defined contribution plan, thus combining the advantages of both funds.

About Almenni

Almenni Pension Fund helps you to build your future. The fund is a strong pension fund suitable for individuals who have the option of selecting their own pension fund and are willing to pay a supplementary premium to increase their spending power when they begin distributing their old age pension. The fund is open to all individuals. Almenni Pension fund is also the occupational pension fund for Architects, Doctors, Musicians, Technicians, and Travel guides.

At Almenni Pension Fund you can select an investment plan that suits your needs. Withdrawals are flexible with regard to the time that you choose to take your pension.

Services to Fund Members

  • Almenni Pension Fund takes pride in providing excellent service, giving professional advice on pension issues. You can make an appointment with a consultant by phone or through the website:
    • Telephone – 510-2500
    • Click here to send an e-mail to our advisors.

    Live Information on the Web

    On the website www.almenni.is fund members can access latest information about all their deposits and earned pension entitlements at Almenni Pension fund.

Important Information about the Almenni Pension Fund

  • Premiums: Almenni Pension Fund offers two ways of planning your pension. You can pay a minimum premium (12% of total wages) both into a defined benefit plan and a defined contribution plan, thus combining the advantages of both funds. Supplementary premiums are paid into a defined contribution plan.
  • Defined Contribution Plan: Premiums in the defined contribution plan are deposited in the private accounts of fund members including all accrued annual interest. The premiums of fund members are entirely their own property and therefore inheritable. Withdrawals can begin at age 60. Distributions are usually made on a monthly basis over few years or longer, depending on the choice of the fund member.
  • Defined Benefit Plan: The role of the defined benefit plan is to ensure that fund members receive pension payments for the rest of their lives, protecting them and their closest family from curtailment of income due to invalidity or death. Fund members who pay a minimum premium into the defined benefit fund secure themselves the following entitlements:
Pension Entitlement
Old Age Pension
  • Life long old age pension.
  • Pension payments can begin at age 60 to 70.
Invalidity Pension
  • Invalidity pension is paid if the loss of capacity is reduced by 50% or more.
  • The amount of the invalidity pension is evaluated according to earned pension entitlement.
  • If a fund member has paid premiums during three out of the past four years and for six months during the past 12 months prior to the invalidity, an additional calculation is made to ascertain the entitlements the fund member would have earned through payments until age 65.
  • Invalidity pension is paid until age 70, followed by old age pension.
Spouses Pension
  • Surviving spouse pension is paid on the decease of a spouse.
  • The surviving spouse pension is equal to half the amount of the invalidity pension.
  • The pension is paid for two years and then half the amount for one additional year or while the youngest child is younger than 20 or if the spouse suffers from a 50% invalidity and is younger than 67.
Child Pension
  • Child pension is paid on the loss of capacity or the death of a fund member, as the fund member has ben a legal custodian of a child under 20 years of age.
  • Child pension is paid until the child reaches 20 years of age.