Old-age pension

Everyone who has been legally resident in Iceland for a certain period automatically becomes a member of the Icelandic Social Insurance System unless provisions in international agreements provide otherwise. Certain additional conditions must be fulfilled to have a right to old-age pension payments, e.g., regarding age and length of residence. Income and family circumstances can also have an effect.

Who is entitled?

Those who have worked in two or more EU/EEA-countries may have accumulated pension rights in each of them. If you are a resident from a EU/EEA country, you must have resided in Iceland for at least one year (between the ages 16 and 67). If you have lived and worked in Iceland for a shorter period of time you can contact your occupational pension fund in Iceland by email: lifeyrir@greidslustofa.is. Non- EU/EEA members must have resided in Iceland for three years (between the ages 16 and 67). Pension payments generally stop when moving to non-EU/EEA country however this does not apply for the USA and Canada.

Where and when can I apply?

You can apply for old-age pension in Iceland at the age of 67. You may even start taking your old-age pension at age 65 however it will affect the amount received. If you live in the EU/EEA, you should apply for your Icelandic old age pension by the Social Insurance Authority in the country where you are domiciled. Apply for old age pension early. You should apply about six months before you turn 67 years old.

What amount will I receive?

The amount of the pension depends on a person's length of residence. The amount of an old age pension is determined by law, and pensioners' incomes can also have an effect on the amount you receive.

To think of:

  • You must be 67 years old or older to apply for Icelandic old-age pension. 
  • You may begin taking your old-age pension at age 65 however this will affect and reduce the total amount received.
  • Old-age pensions payments are linked to income.
  • Old-age pension is paid in proportion to the residence period. If you have lived a total of 40 years in Iceland (between 16 and 67), a full pension is paid. For example: A person who has lived for 30 years in Iceland (from age 16-67) will receive 75% of the full pension.
  • Length of residence in Iceland is based on registration from the National Registry.