The third paragraph of Article 8 of Act no.129/1997 (in Icelandic) on Mandatory Pension Insurance and the Activities of Pension Funds stipulates which entities can receive pension savings in accordance with Chapter II and accept contributions under a contract for supplementary insurance coverage pursuant to this Act. Those entities are commercial banks, savings banks, investment firms, life insurance companies and pension funds. Under paragraphs 4, 5 and 6 of the same article, foreign commercial banks and savings banks, investment firms and life insurance companies are authorised to do the same.
Article 10 of Act no. 129/1997 stipulates that commercial and savings banks, insurance companies, investment firms and pension funds, desiring to offer agreements on supplementary insurance benefits and individual pension savings as provided for under the provisions of the Act, must in advance seek confirmation from the Minister that their Rules concerning insurance benefits are in accordance with the provisions of the Act.
The entities that offer that offer agreements for supplementary insurance coverage and private pension savings are the following:
- Allianz Lebensversicherung AG
- Almenni lífeyrissjóðurinn
- Arion banki hf.
- Bayern-Versicherung Lebensversicherung AG
- Birta lífeyrissjóður
- Festa - lífeyrissjóður
- Frjálsi lífeyrissjóðurinn
- Gildi – lífeyrissjóður
- Íslandsbanki hf.
- Íslenski lífeyrissjóðurinn
- Kvika banki hf.
- Landsbankinn hf.
- Lífeyrissjóður Rangæinga
- Lífeyrissjóður verzlunarmanna
- Lífeyrissjóður Vestmannaeyja
- Lífsverk lífeyrissjóður
- Sparisjóður Austurlands hf.
- Sparisjóður Höfðhverfinga hf.
- Sparisjóður Strandamanna hf.
- Sparisjóður Suður-Þingeyinga ses.
- Stapi lífeyrissjóður
- Söfnunarsjóður lífeyrisréttinda
- VPV Lebensversicherungs-AG
Pension fund members are free to choose to which entity the portion of their contributions which is to be devoted to supplementary insurance benefits or personal pension savings, goes to, pursuant to the third paragraph of Article 4 of Act no. 129/1997, cf. the first sentence of Paragraph 1 of Article 5 of the Act, which stipulates that the fund member may decide to allocate it to a party other than the pension fund which accepts its contributions.
In the case of specified personal pension savings, pension fund members are allowed to allocate them to a custodian other than the pension fund which accepts their contributions, pursuant to the second sentence of the first paragraph of Article 5 of the Act. However, this is on condition that the specified personal pension is governed by the same payout rules that apply to the pension fund to which the fund members pay their mutual pension fund contributions. Moreover, the recipient must keep the specified personal pension savings separate from other personal savings created by the contribution base to the pension fund, pursuant to the first paragraph of Article 2 and the portion of personal savings that have accumulated on the basis of supplementary pension savings.
Below is a list of the parties that offer agreements for supplementary insurance coverage and private pension savings, and the Financial Supervisory Authority is informed that they expect to receive specified personal savings:
- Allianz Lebensversicherung AG
- Almenni lífeyrissjóðurinn
- Bayern-Versicherung Lebensversicherung AG
- Birta lífeyrissjóður
- Festa - lífeyrissjóður
- Frjálsi lífeyrissjóðurinn
- Gildi – lífeyrissjóður
- Íslandsbanki hf.
- Íslenski lífeyrissjóðurinn
- Lífeyrissjóður Rangæinga
- Lífeyrissjóður verzlunarmanna
- Lífeyrissjóður Vestmannaeyja
- Lífsverk lífeyrissjóður
- Stapi lífeyrissjóður
- Söfnunarsjóður lífeyrisréttinda
- VPV Lebensversicherungs-AG