Practital Pension Pointers
Practital Pension Pointers
This video explains how the pension system works in Iceland and what you need to keep in mind when you work in Iceland.
Self-employed people
Like all wage earners, self-employed people pay into a pension fund from age 16 to age 70. They can choose a pension fund that is open to everyone or one tied to their occupation. Every month, you pay the minimum premium of 15,5% of your calculated earnings. The Directorate of Internal Revenue monitors that premiums are deposited into a pension fund. A self-employed person can also elect to pay up to 4% of calculated earnings into supplementary savings in addition to a matching contribution.
