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Repayment

U.S., UK and Canadian nationals

No refunds are authorised to U.S., UK or Canadian nationals.

Citizens of countries in the European Economic Area (EEA)

No refunds are authorised to nationals of countries in the European Economic Area (EEA). EEA countries are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.

Rules on reimbursement of contributions

In cases where a foreign citizen is entitled to a reimbursement of contributions, the following rules shall apply:

If the period of contribution payments is less than three years, foreign citizens shall recover both their own and their employer's contributions plus indexation calculated with reference to the Consumer Price Index. Reimbursements do not bear interest.

If the period is more than three but less than five years, thus establishing the right to a current valuation of disability benefits, the proportion of recovery shall be based on the following table of the Association of Icelandic Actuaries, where the age of the foreign citizen at the time of recovery is the determinant factor.

Age  Repayment ratio 
16-29 100%
30-34 95%
35-39 90%
40-44 85%
45-49 80%
50-59 75%
60-64 80%
65- 85%

If the period of contribution payments exceeds five years, and the amount of the contribution is substantial, the repayment shall be in accordance with the assessment of the Fund's actuary.

A reimbursement of contributions will cancel all benefits from the Fund. Income tax is deducted from the reimbursement.

How do I apply for a reimbursement?

Fill out the application form and return it to the fund accompanied by:

  1. Confirmation from your last employer regarding termination of employment.
  2. Copy of the your passport.
  3. Copy of your travelling ticket back to your home country or equivalent confirmation.
  4. Copy of your last pay slip.
  5. Your bank account number in Iceland.

How do I get my pension later if I cannot get a refund when I leave Iceland?

If you cannot get a refund when you leave Iceland, your pension savings will stay in your pension fund until you reach pension age. 
When you reach pension age, you can receive your pension by choosing one of the following options: 

  1. Apply through our website. Fill out the “Application for Pension” form and submit it along with a copy of your passport. 

  1. Apply through the Social Insurance Administration in your country. They will forward your application to the Social Insurance Administration in Iceland, which will then send your application to the pension funds where you have earned rights.