Specified personal savings

It is possible to deposit some or all of the premium that exceeds 12% (at present 3.5%) into a specified personal savings account.

Specified private pension is a different type of private pension savings and different rules apply to it. Article 22 of Gildi’s Statues contains a provision that applies to the specified private pension.

  • The entire additional premium (above a 12% premium and up to 15,5%) goes to the mutual insurance division, unless the fund member requests that it be allocated to the specified private pension division.
  • It is important that fund members understand that rights in the mutual insurance division can contain valuable insurance rights.
  • By choosing to pay a premium to the specified private division, the right to a lifetime old-age pension, or a disability and spouse's pension based on a projection of future entitlements is not acquired, as far as those contributions are concerned, but the fund member builds up a fund that is the private property of the person concerned.
  • The fund member must make an informed decision about the disposition of the premium and notify its pension fund of the disposition of the premium.
  • The fund member may at any time change the way it disposes of premiums in excess of 12%.
  • Fund members in Gildi can choose between three different investment schemes.
  • A Fund member is permitted to begin withdrawals from the Specified Personal Savings Department from the age of 62
  • On the decease of a Fund member, his or her relatives acquire the right to the balance according to the rules of the Inheritance Act
Apply for private pension

Good to know

  • How do I apply for a personal pension payout?

    Umsóknareyðublöð er að finna hér á vef Gildis. Einnig er hægt að hafa samband við sjóðinn og fá eyðublað sent eða koma og sækja um útgreiðslu. Greitt er út síðasta virka dag mánaðar og þarf umsókn að berast sjóðnum fyrir 21. dag þess mánaðar.

  • How are private pension savings invested?

    At Gildi, you can choose between three different investment methods which are based on the interaction of returns and risk together with the different needs and risk appetite of fund members.

  • Are private pension savings inherited?

    Private pension savings are the personal property of the individual and are fully inheritable by legal heirs and divided according to rules stated in the Inheritance Act. If a fund member does not leave a spouse or children, the private pension goes to the estate.