Rights in other funds
It is common for people to have rights in more than one pension fund. On My Pages here on lsr.is, you will find information from Lífeyrisgáttin on all the Icelandic pension funds you have paid into during your life and your balance with each one. Note that Lífeyrsgáttin does not publish information about private pensions.
Rights cannot be combined or transferred between funds. If you want to start drawing pensions from all funds at the same time, it is usually sufficient to submit a pension application to the fund you last paid into and request that it forward the application to other pension funds. However, it is not mandatory to start taking pensions from all funds at the same time.
The rules for accrual and payouts may differ between funds, so it is good to familiarise yourself with the rules of each fund to which payments have been made. If pension rights are very low, many funds offer to pay them in a lump sum.
Rights in both Divisions A and B of LSR
Special rules apply in certain cases when fund members have rights in both Divisions A and B of LSR. If you have retained rights in Division B and are paying into Division A from a job in the public sector, you cannot begin taking pension from Division B while you hold that job.
ESÚÍ, LA and LR
LSR handles payments for ESÚÍ and the pension funds LA and LR, which have all been shut down. The Icelandic Treasury is responsible for all the obligations of the funds and finances them.
Something to keep in mind
- It is not necessary to start taking pensions from all funds at the same time
- You can request that the pension application be forwarded to other funds at the same time
- If pension rights are very low, it is possible to get them paid in a lump sum
- If the taking of pension has begun with one fund, it is no longer possible to request a division of rights between spouses
- Retirement rights in all funds can be seen on My Pages