Old-age pensions from the Social Insurance Administration are payments from the Social Insurance Administration to which you can be entitled when you reach the age of retirement. The payments are funded by the Treasury.
In addition, you may be entitled to payments from a compulsory employment-related pension fund.
General information
You may be entitled to an old-age pension if you:
are 67 years or older
has been domiciled in Iceland for at least 3 years, aged 16 to 67 years
Full rights are created when you live in Iceland for 40 years between the ages of 16 and 67. The amounts are otherwise proportional to the residence.
If you have lived abroad, you could have pension rights from that country.
If you have little or no right to a pension, you can apply for Additional payments to people with limited old age pension rights.
Application process
You can fill out an application:
electronically on My pages TR,
in person at the Hlíðasmára 11 service centre in Kópavogur or
with the agents of TR with the District Commissioners all over the country.
You can submit documents via My pages or on paper.
If you receive a disability pension at the age of 67, you do not need to apply for old age pension. The pension will automatically change into old age pension.
If you live abroad, you must apply through the appropriate institution in your country of residence.
Revenue plan
The amount of the old-age pension is linked to your income. It is important to submit your income plan, which can be completed by the same means as the application.
The income limit determines how much the old-age pension will decrease relative to other income. It is therefore important that you are always correct.
You can visit My pages of the Social Insurance Administration.
Conclusion
Once the result is available, you will receive an email and notification on My pages of TR under My documents.
There you can see the amounts for the year in the payment schedule and change the income plan if needed.
If you disagree with the decision, you can:
request a justification on My Pages TR,
send a request to review the case to the Client Ombudsman,
or sue with the The Welfare Appeals Committee.
Payment arrangements
The pension is paid in advance on the first day of each month and you receive the amount in your bank account, which you can register on My pages.
You can receive one payment per year instead of monthly payments if you have credit at the end of the yearly settlement.
The advantage of being paid once a year on the basis of a tax return is that you receive exactly what you are entitled to. There is no risk of having a claim settled because of overpaid payments. One payment per year is applied for on My Pages TR.
Service provider
Social Insurance Administration