As indicated below, the amount of the spouse's pension varies but is always paid for at least in full for three years and then followed by 50% for another two years. 

• If you have children under the age of 23 years of age: Your spouse will receive a spouse's pension until the youngest child has reached the age of 23.
• If your spouse is disabled and younger than 65 years of age: The spouse's pension is paid as long as the spouse is disabled until he/she reaches the age of 67 years of age.

In addition, older provisions in the Articles of Association are still valid:

• Inflation-indexed spouse’s pension for member’s pension contributions up until and including December 2014 to current price levels. 
• If your spouse was born before 1945, a full spouse's pension is paid for three years and a reduced pension for the rest of their life.

The spouse’s pension is 60% of the fund member's earned entitlement at the age of 67 years. A member who satisfies the following conditions is entitled to have his/her entitlement extrapolated to the age of 65 if he/she has:

• has paid pension contributions for at least 3 of the 4 years prior to deceasing
• has paid pension contributions for at least 6 months of the last year prior to deceasing
• has paid pension contributions of at least ISK 80,000* in each of the three years.

The spouse's pension will therefore be 60% of the earned and extrapolated entitlement.

*80,000 is the basic reference amount and must be inflation-indexed at the beginning of each year using the CPI, with the base index at 230 points, see Art. 16.8 of the fund's Articles of Association.

The requirements for the payment of children’s pensions are that the deceased spouse/parent must have paid contributions to the pension fund for 2 of the last 3 years or for at least 6 months of the last year prior to deceasing.

If you are disabled and receive a disability pension from the fund, you are entitled to a child's pension if you have paid contributions to the fund for 2 of the last 3 years or if you are entitled to an extrapolation. The child’s pension entitlement is always the same proportion as the disability pension.

The child's pension is currently around ISK 25,000 per month for each child and is paid until the child reaches 20 years of age. Children’s pensions are inflation-indexed with reference to the CPI (Consumer Price Index).

A child's pension may be reduced if paid in tandem with a reduced disability pension. It may also be reduced if the member's annual contributions have not amounted to at least ISK 80,000* during the reference period prior to the parent's death.

*80,000 is the basic reference amount and must be inflation-indexed at the beginning of each year using the CPI, with the base index at 230 points, see Art. 16.8 of the fund's Articles of Association.

Following the death of a parent, a child's pension is paid into the child's account; a child's pension due to disability is paid to the person receiving the disability pension.

A spouse is the person who, upon the death of a fund member, is:

• married to the deceased person
• in a registered partnership with the deceased person
• a co-habiting partner of the deceased person.

The financial partnership of the spouse and the deceased may not have been divided prior to the latter's death, i.e. married or cohabiting couples must have had joint finances at the time of death.

If the spouse marries again or becomes a co-habiting partner in the period during which he/she is entitled to a spouse's pension, the entitlement is cancelled.