Prospects of Icelandic pension funds
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.
|Date of creation:||Jan 2000|
|Date of revision:|
|Contact details of provider:|| Postal: Kalkofnsvegi 1, 150 Reykjavik|
Web page: http://www.sedlabanki.is/
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Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(1), pages 21-38, March.
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