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Explanatory notes to the settlement of benefits

Social security balance:

  • Tryggingastofnun will pay out social security credit to those pension recipients whose social security account is in credit by 1th of July.

Repayment:

  •  As a principle, pension recipients must repay excess pension benefits and associated benefits within a period of 12 months from the time when the claim accrued. Pension recipients who find it difficult to make the payment within this time frame may negotiate to spread repayment over a longer period. When evaluating such a request, information concerning total income, asset position and other circumstances will be taken into account.

Income averaging

  • It should be noted that it is permitted to average payments originating from financial income over a period of 10 years provided that the income was received as a lump sum.

Objection

  • The time limit for submitting an objection to a recalculation expires on 21th of  August 2017. The objection must be made by completing a special form.

Forms:

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