Iceland Investment and Pensions
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 pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
TOP ICELANDIC PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Lífeyrissjóður starfsmanna ríkisins | 10,844,672
- Lífeyrissjóður verslunarmanna | 10,089,045
- Gildi lífeyrissjóður | 7,798,458
- Birta lífeyrissjóður | 4,818,311
- Brú Lífeyrissjóður starfsmanna sveitarfélaga | 3,856,585
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Icelandic pension fund returns shrink, Frjálsi cites flat domestic market
LSR says international equity portfolio performed strongly in 2025, while domestic bonds delivered solid yields
IPE Nordic Briefing: Iceland sees pension fund merger activity
The country’s second-biggest pension fund, the Pension Fund of Commerce, LV, had entered talks with Birta, the number four pension fund, over a potential merger
Icelandic pension majors eye merger, creating biggest pension fund with €15bn
Pension Fund of Commerce and Birta agree to explore feasibility of merging, increasing operating efficiency
Iceland’s pension fund consolidation has further to go
Fewer pension funds mean more robust entities, but some diversity is good too, says LL chief
Frjálsi, Farmers’ Pension Fund emerge as latest Icelandic pensions fusion
Frjálsi Pension Fund set to boost its AUM to ISK622bn after signing letter of intent to merge with LSB
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
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Icelandic pension fund returns shrink, Frjálsi cites flat domestic market
LSR says international equity portfolio performed strongly in 2025, while domestic bonds delivered solid yields
IPE Nordic Briefing: Iceland sees pension fund merger activity
The country’s second-biggest pension fund, the Pension Fund of Commerce, LV, had entered talks with Birta, the number four pension fund, over a potential merger
Icelandic pension majors eye merger, creating biggest pension fund with €15bn
Pension Fund of Commerce and Birta agree to explore feasibility of merging, increasing operating efficiency
Iceland’s LV pension fund pulls off major strategy overhaul
CIO Arne Vagn Olsen explains to Rachel Fixsen how Iceland’s second-largest pension fund has fundamentally changed how it operates
Iceland’s pension fund consolidation has further to go
Fewer pension funds mean more robust entities, but some diversity is good too, says LL chief
Frjálsi, Farmers’ Pension Fund emerge as latest Icelandic pensions fusion
Frjálsi Pension Fund set to boost its AUM to ISK622bn after signing letter of intent to merge with LSB
Frjálsi to merge with LTFÍ after unanimous member vote
In latest Icelandic pension fund merger to be approved by scheme members, fifth-largest provider Frjálsi to add 2% to total assets
Almenni-Lifsverk to become Iceland’s fifth largest pension fund after vote
Brú and Akureyri pension funds receive confirmation of their merger from ministry
IPE Nordic Briefing: Norway’s Council on Ethics comes to a halt
Norway withdraws ethical investment rules for its sovereign wealth fund
Iceland’s LV shifts entire foreign equities portfolio to segregated accounts
Pension Fund of Commerce completes three major investment management exercises - pooled funds to SMAs, new custodian, and SAA
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