Trusted for over 100 years

LSR is both the oldest pension fund in Iceland and the largest in terms of assets. The fund has guaranteed its members and their families extensive rights for over 100 years.

The fund's policy statement states that it must adopt responsible practices, with quality work practices, professionalism and initiative as a guiding light. The fund emphasises exemplary service and powerful information technology. In this way, LSR will be a reliable pension fund and will promote a secure relationship with fund members.

Management and operation

Information about the board, staff, organisational chart and daily activities of the fund.

Role and focus areas

A summary of the laws, statutes, policies and rules by which the fund operates.

Publications

Overview of annual reports, meetings and other material from the fund.

2023 Key figures

Net assets for pension payment

1,405

ISK billion at year-end

Paid pension

93.6

ISK billions

Average number of active fund members

31,388

Average number of pensioners

24,632

The fund at a glance

LSR is run in three divisions: Division A, which was founded in 1997; Division B, which was closed to new fund members at the end of 1996; and the Private Pension Division, which was founded in 1999.

Division A is the fund's main division, with more than 30,000 active fund members, but active fund members in Section B are fewer than 1,000 and the number is decreasing year by year.

Division A is run in a similar way to other Icelandic pension funds, but Division B is run according to an older arrangement where the state guarantees pension rights.

Number of fund members

Division A of LSR is still in the development phase, and therefore there are considerably more active fund members than pensioners. A similar story can be told about LSR’s Private Pension. However, the opposite is true for Division B, where pensioners are in the vast majority.

Payments to fund members

In 2023, LSR paid out a total of more than ISK 93 billion in retirement and pension payments to fund members. The largest part of the payments goes to fund members in Division B, but the portion of Division A is steadily increasing as time goes on since its establishment in 1997.

Since the funding of Division B is different from that of Division A, a large part of the division's pension payments are funded by employers, and the arrangement of the pension payments of Division B is discussed in more detail in the fund's annual report.

The workplace

LSR's employs around 60 people, with diverse backgrounds, education, age and specialisations. The activities are carried out in three basic areas, asset management, pension and loans. There are two supporting division: the finance division and digital development and operations. In addition, the risk management division operates under the general manager.

Further information about operations and staff

LSR for over 100 years

The history of the Icelandic pension system can be traced all the way back to 1855, but the country's first real pension fund was not established until 1919. Then the law on the establishment of a pension fund for civil servants came into force, and the fund that marked the beginning of LSR's activities was then created.

Overview of the fund’s history