We are located in Kringlan 7, Reykjavík in the House of Commerce (Hús verzlunarinnar) and welcome our members to visit us, give us a call, use our digital solutions through our online platform or send us a request via our online chat or email. 

The fund's role is to ensure its members, their surviving spouses and children pension benefits in  accordance with the rules laid down in the fund's Articles. The fund receives contributions, provides information and advice, grows assets and pays pensions.

With your contributions to LV you earn the right to lifelong pension benefits from the time you begin to draw your pension.

Pension contributions

Pension contributions are decided by collective wage agreements or by opting for a particular fund. Lífeyrissjóður verzlunarmanna is the largest open pension fund in Iceland and welcomes all individuals  in the domestic labor market as well as self-employed individuals. 

The minimum contribution to the pension fund is 15.5% of your total salary where you pay 4% of your total salary with a contribution of 11.5% from your employer.  You are also entitled to a contribution to a personal pension savings or up to 4% of gross wages with employer contribution of 2%. 

Lifelong pension

The fund is divided into two divisions, a mutual insurance division and a private pension division. Members' mandatory contributions go to the mutual insurance division, where they form a mutual insurance fund to ensure them lifelong pension benefits.

With your contributions to LV you earn the right to lifelong pension benefits from the time you begin to draw your pension. Your pension payments will reflect your contributions throughout your working life plus the return on the fund's investments through the years. 

Benefits due to disability or death

In addition to a lifelong pension you will earn the right to a disability pension if your capacity for work is reduced.

Your pension contributions will also ensure to some extent your family's situation in the event of your death. The length and amount of the spouse's pension varies but is always paid for at least five years, full pension for the first three years and 50% the last two years. It may be paid until your youngest child turns 23 years old. 

Members who have children earn the right to child´s pension in the case of disability or in the case of death. Child pension is paid for each child until the child reaches the age of 20. 

Mortgage loans

Fund members gain the right to a loan after having contributed to the fund in six months of the past 12 months prior to an application. No conditions are set as to what the loan can be used for but the fund does require for the loan to be secured with a mortgage on real estate. 

Governance

LV has an impact as a major investor and has a role and obligation to act as a responsible investor.  The Fund’s main task is to receive premiums, which comprise the basis for Fund members’ pension entitlement and pension savings, invest them in portfolios and pay pensions.

LV emphasizes increased transparency in information disclosure and will publish on regular basis a  comprehensive list of all the Fund’s assets, including all equities, bonds and units and  the exercise of LV's voting rights at shareholders’ meetings of domestic limited companies.

LV strives to lead by a good example and to be the leader in good governance with the aim of having a positive impact on society for the future.