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+354 420 2100

festa

festa@festa.is

Krossmói 4a, 260 Reykjanesbær

Mon – Thu: 09 – 16 & Fri: 09 – 15

Kirkjubraut 40, 300 Akranes

Mon – Thu: 09 – 16 & Fri: 09 – 15

Austurvegur 56, 800 Selfoss

Mon – Thu: 09 – 13 & Fri: 09 – 12

Id.No: 571171-0239

Pension fund 800 /Private Pension Fund 801

Krossmói 4a, 260 Reykjanesbær

Mon – Thu: 09 – 16 & Fri: 09 – 15

Kirkjubraut 40, 300 Akranes

Mon – Thu: 09 – 16 & Fri: 09 – 15

Austurvegur 56, 800 Selfoss

Mon – Thu: 09 – 13 & Fri: 09 – 12

Id.No: 571171-0239

Pension fund 800 /Private Pension Fund 801

© 2024 Festa Pension Fund - All rights reserved

©2024 Festa Pension Fund

All rights reserved.

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FestafestaFestafesta
  • Pension
  • Loan
  • Private Pension
EmployersAbout the Fund
    • Private Pension Savings
      • Specified Private Pension
      Specified private pension

      Specified private pension

      Premium that exceeds 12% (at present 3.5%) can be allocated in part or in full into a specified private pension account.

      Specified private pension is a different type of private pension than private pension savings and different rules apply to it. Art. 22 of the fund's Articles of Association contains provisions that apply to the specified private pension.

      Specified private pension

      Choice of provision of additional premium and informed consent

      In order to place part of the minimum premium in the specified private pension, a fund member must give his informed consent to Festa pension fund.

      • All premiums for minimum insurance protection go to the mutual insurance fund, unless the fund member requests that up to 3.5% be allocated to specified private pension.
      • It is important that fund members realize that entitlements in the mutual insurance fund can include valuable insurance entitlements.
      • By allocating a part of your premium to the specified private pension, the entitlement to a lifetime pension, or a disability and spouse's pension with extrapolation is not acquired, as far as those premiums are concerned, but the fund member builds up a fund that is the specified private pension of the person concerned.
      • A fund member must make an informed decision about the allocation of the premium and notify the pension fund of the decision.
      • A fund member may at any time change the allocation of the premium in excess of 12%.
      • Festa offers two options for saving in the specified private pension. See more about their investment strategies.
      • Fund members can begin withdrawing specified private pension five years before the reference retirement age (i.e. from the age of 62), but not at the age of 60, as is the case with private pension savings.
      • Under certain conditions specified private pension can be used to pay off a mortgage or as a down payment for first home purchase. If conditions are met the payments are tax exempt.
      • Specified private pension is inheritable.

      Fund members can find a link to an electronic application here. They can apply for the premium that exceeds 12% to be allocated in part or in full to the specified private pension. To use this option, fund members must have an Icelandic electronic ID.

      For fund members that do not have an electronic ID, they must fill out this form and submit the original to the pension fund to apply.

      The application form contains detailed information about the specified private pension and what factors the fund member needs to consider before making a decision on how to allocate the premium.

      The fund member is permitted to allocate the premium he chooses to go into the specified private pension, in part or in full, to another pension savings custodian. On this page, you can find a form to notify the fund regarding the allocation of a premium to another pension savings custodian.

      All further information is provided by Festa at 420-2100. You can also send inquiries to the email address festa@festa.is.

      FAQ

      • Can everyone pay into specified private pension?
      • What is the difference between specified private pension and private pension savings?
      • When can specified private pension be withdrawn?
      • Are payments from specified private pension taxable?
      • Is specified private pension inheritable?
      • Does the specified private pension affect payments at TR (Social Insurance Administration)?
      • Does specified private pension reduce pension from TR?
      • What happens if I get sick or have an accident?
      • Does the specified private pension affect the disability and spouse's pension?
      • Can I use the specified private pension for installments on a loan??

      • Disposition of the premium in specified private property with electronic IDs.

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