Iceland: Pensions and Investment News and Analysis
Two court cases – one likely pending, the other settled – dominate Icelandic pension fund news. In one, the country’s Supreme Court has ruled that pension funds can bake in expected liability increases following the revision of longevity rates. In the other, pension funds are battling the Ministry of Finance over the relationship between social security payments and disability pension payments.
Pension Funds in the Nordic region - Country Report
Nordic Region Report 2024: Denmark’s government urges pension funds to support defence
Danish schemes embrace defence – as long as ESG criteria and international conventions are adhered to
TOP ICELANDIC PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Lífeyrissjóður starfsmanna ríkisins | 9,339,640
- Lífeyrissjóður verslunarmanna | 8,557,521
- Gildi lífeyrissjóður | 6,592,618
- Birta lífeyrissjóður | 4,145,973
- Frjálsi lífeyrissjóðurinn | 3,020,898
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
Icelandic pension funds warn pensions bill offends against constitution
Gildi warns pension fund money needed for a big rise in disability pensions ‘will not be plucked out of thin air’
Iceland’s Pension Fund of Commerce swaps custodian as portfolio evolves
JP Morgan wins competitive tender, taking over custody of LV’s foreign assets from BBH
Almenni and Lífsverk eye merger to create Iceland’s fifth-biggest pension fund
Negotiations at early stage, say funds, aiming to complete talks by the summer
Iceland’s pension funds post 6.5% real return in 2024
Almenni Pension Fund sees mixed outlook, with uncertainty around global impact of new US regime, while earthquakes in Iceland may blight domestic economy
Iceland’s LV hails Supreme Court ruling liability increase was legal
Almenni Pension Fund calls the ruling ‘a precedent-setting decision for other pension funds’
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.16.23, **15.11.23, ***10.6.22
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
Icelandic pension funds warn pensions bill offends against constitution
Gildi warns pension fund money needed for a big rise in disability pensions ‘will not be plucked out of thin air’
Iceland’s Pension Fund of Commerce swaps custodian as portfolio evolves
JP Morgan wins competitive tender, taking over custody of LV’s foreign assets from BBH
Almenni and Lífsverk eye merger to create Iceland’s fifth-biggest pension fund
Negotiations at early stage, say funds, aiming to complete talks by the summer
IPE Nordic Briefing: Sweden’s national pensions buffer funds to be trimmed down
Plus: ATp on guarantee-based business model; Norway’s SWF returns
Iceland’s pension funds post 6.5% real return in 2024
Almenni Pension Fund sees mixed outlook, with uncertainty around global impact of new US regime, while earthquakes in Iceland may blight domestic economy
IPE Nordic Briefing: Norway’s SWF calls for lift of general freeze on Russian assets
Plus: Clarity for Icelandic pension funds on legal situation around provisions for changed life expectancy; Sweden’s financial watchdog on increased pension transfers
Iceland’s LV hails Supreme Court ruling liability increase was legal
Almenni Pension Fund calls the ruling ‘a precedent-setting decision for other pension funds’
Key benefit of Iceland’s additional pension extended ahead of election
Almenni board member says government would need to provide clear legislation in order for auto-enrolment of additional pension to work
IPE Nordic Briefing: Iceland preps review of national pensions sytem
Plus: Iceland schemes reject banking rules; Sweden’s watchdog warns of risks for consumers on pension transfers
Iceland’s pension funds reject idea of subjecting them to bank rules
Central bank says given expected growth of pension funds, they should have rich opportunities for investing in diverse assets at home and abroad
IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
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