Withdrawal of private pension savings due to COVID-19

Tuesday 07. apríl 2020

Withdrawal of your private pensions savings due to COVID-19 is allowed from the 1st of April 2020 until the 1st of January 2021.

Part of the government's action due to COVID-19 is to permit withdrawal of private pensions.

  • The application period is from the 1st of April 2020 until the 1st of January 2021. (In the coming days, application form will be available on Kvika‘s website).
  • Maximum payment is ISK 12.000.000 for each private pension holder (although not higher than its total savings as at the 1st of April 2020).
  • Payments will be made in equal monthly installments, maximum ISK 800.000 per month for up to 15 months, income tax will be deducted from payments. Payment period will be proportionally shorter if holders apply for lower amount.
  • If private pension holder has private pensions at other custodians you should mark the relevant box in the application form, the maximum ISK 12.000.000 payment is the total amount from all pension custodians combined.

 

For fund 320 (Kvika séreign 1 – Kvika séreign 4): Please email completed signed application form in addition to copy of valid ID to lifeyrir@tplus.is.

For fund 322 (Innlánaleið og Ævileið): Please email completed signed application form in addition to copy of valid ID to sparnadur@tplus.is.

 

Application for withdrawal of private pension savings