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Name: Act No. 29 of 1963 on the pension fund for civil servants.
Country: Iceland
Subject(s): Public and civil servants
Type of legislation: Law, Act
Adopted on: 1963-04-29
Entry into force:
ISN: ISL-1963-L-36715
Bibliography: Lagasafn, 1991, Ministry of Justice, Reykjavik, Iceland, Vol. I, pp. 170-178
Abstract/Citation: Members of the Fund are civil servants who have a fixed one-year contract or at least a position with three months notice. If the member works part-time, he shall receive at least half of the wages estimated for a full-time position. Articles 8 and 9 set out the rules for the investment of the Fund's assets. The employee contribution to the Fund is 4 percent of total wages; the employer contribution is 6 percent. Contributions shall cease after 32 years of work. Workers, younger than 16 years old, shall not pay contributions to the Fund. Each member who has paid contributions to the Fund can receive benefits at the age of 65 or sooner in special cases. The benefit shall be 2 percent for each year in full-time service. Article 12 contains special provisions for people working on shifts. Article 13 sets out rules concerning the benefits of invalids. Articles 14-18 contain provisions concerning the survivor's benefits. The main rule is that the spouse has a right to half of the acquired benefit of the deceased member. The State guarantees the payments of the benefits from the Fund. Amends Act No. 64 of 1955 with the same title.
Amending text(s):

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