The Alþingi has approved a temporary authorisation to withdraw funds from private pension plans. It is important that fund members who intend to take advantage of this option contact their depository and properly examine what such measure entails.
- The applications period is from and including April 2020 to 1 January 2021.
- The maximum withdrawal for an individual is ISK 12 million.
- The maximum payment per month is ISK 800,000.
- The withdrawal period is a maximum of 15 months.
- Income tax is collected from withdrawals.