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| Sudurnes Pension
Fund Pension Fund in Iceland Tjarnargata 12-14 IS-230 Reykjanesbær Iceland Tel. + 354 421 6666 Fax + 354 421 6664 |
 Icelandic |
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| Pension Fund in Iceland: Lifeyrissjodur Sudurnesja [Suðurnes Pension Fund] was established in 1970. Its founding members were the major trade unions in the Suðurnes area and the Association of Icelandic Employers. On 1 January 2000, Lífeyrissjóður verkafólks í Grindavík [Grindavík Labourers’ Pension Fund] also joined the Fund.  Lifeyrissjodur Sudurnesja guarantees its members a lifetime pension. It also pays benefits when members are disabled for longer or shorter periods of time, and pensions to surviving spouses and children. A large part of the Fund’s activities consist of providing advice and loans to members. The Fund cooperates with Sparisjodurinn í Keflavik [Keflavik Savings Bank]. Through the Bank’s financial counselling service, the Fund helps members increase their creditworthiness and manage their financial affairs. Fund personnel maintain close contacts with members when loans are granted, which helps Fund employees better understand members’ needs and requirements.  Pension Funds in Iceland: Fund members aged 16 to 70 pay 4% of their total earnings to the Fund, and employers contribute a matching amount corresponding to 6% of pay. Pension benefits vary according to the amount paid into the Fund. Each member’s annual contributions are calculated in terms of points, which are used as a reference in comparing Fund members’ rights to benefits. A statement of contributions is sent to Fund members twice a year, and they are required to query statements within 60 days from the date sent if there appear to be discrepancies between the amounts paid and those registered. Fund members should carefully monitor their contributions and examine their pay slips carefully.  Recent years have seen a change in the way pension funds are viewed in Iceland. There are now greater demands for operating efficiency and better returns on money invested, and mergers between pension funds are more often a topic of discussion. The board of directors of Lifeyrissjodur Sudurnesja intends to use all available means to strengthen the fund, the objectives being to increase efficiency, improve service to Fund members and encourage professional work methods, and in that way increase return and reduce risk. |
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