Employers are obliged to send Gildi declaration reports on employee pension premiums. The employer or self-employed person must also notify if they no longer have to pay the pension premium, as the activity has ceased or the employee has retired.
|Gildi Pension Fund
|Gildi’s private pension fund
|Gildi’s ID No.
|Due date of premiums
|10th day of the following month
|Final due date of premiums
|Last working day of the month after due date
Nine trade unions are members of Gildi, in addition to the Confederation of Icelandic Employers. All employers with operations in the professions for which the nine unions have entered into collective wage agreements are under obligation to pay the pension premiums of their employees to the Gildi mutual pension division. It is not permitted to pay into mutual insurance funds of other pension funds.
According to the law, all employees are required to be members of the pension fund of the respective profession. Payments to the pension fund begin the month after your 16th birthday and end in the month of your 70th birthday.
Nine trade unions are members of Gildi, as is the Confederation of Icelandic Employers. All employers with operations in the professions for which the nine trade unions have concluded a collective wage agreement are obliged to pay their employees’ pension contributions to Gildi’s mutual insurance. It is not permitted to pay into mutual insurance funds of other pension funds.
The employer is responsible for ensuring that the premiums are deposited, 4% from the employee and 11.5% from the employer. However, there are exceptions to this, e.g. contribution according to fishermen’s collective wage agreements is lower.
To ensure the correct payment of the premium, the employee must compare their payslips and the payment statement from the Pension Fund. If there is a failure, pension rights may be lost. On Gildi’s fund member website, you can also find information about all premiums that have been paid into the fund and statements that fund members have been sent.