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Prospects of Icelandic pension funds

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  • Guðmundur Guðmundsson
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    Abstract

    The Icelandic pension system is so designed that the bulk of old age pensions, disability compensations and support for children when parents die will be provided by savings funds. Private sector funds collect fixed contributions but benefits depend upon the financial position of the respective fund. In the funds for public sector employees the benefits are predetermined and premiums of members fixed, but the contributions from the employer are adjusted to actuarial requirements of the funds. Benefits or premiums are sensitive to retirement age and long term development of interest rates and productivity growth. The total assets of the funds are now about 450 billion kr. or 71% of GDP and will eventually reach a size of the order of one and a half to twice the value of annual GDP.

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    Paper provided by Department of Economics, Central bank of Iceland in its series Economics with number wp06.

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    Date of creation: Jan 2000
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    Handle: RePEc:ice:wpaper:wp06

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    1. Bratberg, Espen, 1999. " Disability Retirement in a Welfare State," Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(1), pages 97-114, March.
    2. Manfred Koch & Christian Thimann, 1999. "From Generosity to Sustainability: The Austrian Pension System and Options for its Reform," Empirica, Springer, vol. 26(1), pages 21-38, March.
    3. Koustas, Zisimos & Serletis, Apostolos, 1999. "On the Fisher effect," Journal of Monetary Economics, Elsevier, vol. 44(1), pages 105-130, August.
    4. Chadha, Jagjit S & Dimsdale, Nicholas H, 1999. "A Long View of Real Rates," Oxford Review of Economic Policy, Oxford University Press, vol. 15(2), pages 17-45, Summer.
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