Retirement AtlasA clearer view of retirement.

Iceland · ISK · Pension guide

Icelandic pensions: TR, pension funds & private savings

Build a spending plan around your own TR and pension fund estimates. Keep temporary private pension payments separate and see the effect on savings in Icelandic krónur.

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01

TR depends on your circumstances

Old-age pension from Tryggingastofnun (TR) depends on factors including residence and other income. Published full amounts are not a personal forecast. Ask TR for an estimate that reflects your pension fund income and intended timing, and use the amount after tax here.

02

Bring together your pension fund forecasts

Iceland's pension system includes pension funds as well as public pension and voluntary private pension savings. Collect the payment forecasts from all relevant funds. Pension fund payments can reduce TR payments; copying a fund forecast and a full TR rate into separate fields can therefore overstate income.

03

Give private payments a time limit

Private pension savings can provide a different payment pattern from a lifelong pension. If you plan regular payments for a limited period, enter both start and end ages. Do not also count the savings funding those payments as accessible capital. Future lump-sum withdrawals are outside this calculator.

Using the calculator

  1. Collect pension fund estimates, then confirm the corresponding TR estimate and start date.
  2. Convert each payment to a net monthly amount in today's krónur. Check whether a quoted sum is monthly, annual or a capital balance.
  3. Give temporary private payments an end age, then compare the savings gap before and after they finish.
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Official sources & pension overviews

Sources checked . Manual pension amounts. No eligibility, tax calculation or future benefit reassessment. This model assumes steady returns and is not a probability of success.