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The role of LSR, laws, Articles of Association and Policies

LSR’s role is:

  • Paying pensions to fund members.
  • To insure fund members against loss of income following disability and to promote the financial security of spouses and children in the event of the death of a fund member.
  • Receiving premiums and storing information about the rights of fund members.
  • To invest the funds of the fund in the best possible way, taking into account the investment policy and taking risks into account.

LSR operates on the basis of the Act on the State Employees' Pension Fund no. 1/1997 and the Act on Obligatory Pension Rights Insurance and Pension Fund Operation no. 129/1997. 

LSR’s Articles of Association

The fund operates according to the Articles of Association for the State Employees' Pension Fund. It contains the basic rules for LSR's activities and the pension rights of fund members. The fund's Board of Directors determines changes to the Articles of Association and such changes are presented at the fund's Annual General Meeting. The Ministry of Finance and Economy must also confirm the changes in consultation with the Financial Supervisory Authority before they take effect.

The latest LSR Articles of Association entered into force on 19 April, 2024.

Articles of Association and appendices

LSR’s Articles of Association Appendix A - Rights tables Appendix A - Overview of changes

LSR’s policies

The fund has established policies and rules that state various main aspects of the activities. You can access the principal ones below.

Risk Policy

The Board's documented policy on the risks the Board is prepared to take in operations in accordance with the fund's goals and vision.

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Investment Policies

Each division of LSR has its own investment policy, which specifies the main focuses that will be followed for the return on the division's funds.

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Ownership Policy

Lays out the guidelines for LSR's involvement in the companies in which the fund invests, such as the selection of board members, assessment of governance, allocation of votes at shareholder meetings and more.

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Equal Rights and Equal Pay Policies

LSR undertakes to pay the same wages and wage terms for work of equal value regardless of gender, and the equal pay policy and equality plan state how this should be ensured.

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Sustainability Policy

Describes the fund's main focus areas regarding sustainability. The policy covers both the fund's internal operations and also how the fund considers sustainability in investments.

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Remuneration Policy

Specifies the criteria by which the fund shall operate in terms of staff remuneration.

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Information Security Policy

Describes the fund's priorities when it comes to the protection of the fund's information assets and compliance with the government's instructions, as well as stating procedures and responsibilities. 

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Outsourcing Policy

Discusses procedures for outsourcing projects and services at the fund.

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Privacy Policy

Outlines the collection, registration, processing, storage, and sharing of personally identifiable information about fund members and individuals who visit lsr.is

Privacy Policy

LSR’s Rules

LSR’s Code of Ethics and Conduct

Promote best practices and communication between the fund's staff and board members and are intended to prevent any kind of conflict of interest and unwanted business practices.

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Rules of Procedure for the Board of Directors and Managing Director

Outline the procedures of the fund's Board of Directors and Managing Director and are intended to support good governance and compliance with the fund's policies and rules.

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LSR’s Corporate Governance Statement

Describes the organisational structure and basic procedures in the fund's activities.

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Rules of Procedure Pertaining to the Eligibility of LSR Key Employees

Highlight the eligibility criteria for LSR's key employees, the procedure for carrying out the eligibility assessment and clarify the information and notification obligations of key employees.

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