Early withdrawal of old-age pension due to seafaring

If you have worked as a fisherman, you may be entitled to an early old-age pension from social insurance, or from the age of 60. At the age of 67, the pension changes to regular retirement pension payments. It is necessary to apply for any potential entitlements from pension funds before applying to TR.

Eligibility

You may be entitled to a early old age pension due to seafaring if:

• you have been working as a fisherman on a legally registered Icelandic vessel or a vessel operated by Icelandic parties for 25 years or more

• the number of registered days at sea is a minimum of 180 days on average per year over 25 years

Pension amounts

The full old age pension before taxes from July 1st 2023 is:

• 365.592 ISK krónur per month, or

• 4.387.104 ISK krónur per year

You may also be entitled to household allowance and other payments, for example carer's allowance, child pension or car allowance.

Age supplement for old-age pension

The age supplement for old-age pension took effect on January 1st 2026.

The age supplement is paid to those who were entitled to an age supplement for a disability pension at retirement age and were aged 18-43 at the time of their first disability assessment or when the benefit conditions for a rehabilitation pension were first met.

The age supplement for old-age pension is income-related. The combined amount of the old-age pension and the age supplement is reduced by 45% of income exceeding the exemption limit, until the allowance is discontinued.

The maximum age supplement for old-age pension can be 32.917 ISK for individuals who received their first disability assessment between the ages of 18 and 24. The amount decreases by 5% from the age of 25 up to the age of 44. It is not paid to those who receive their first disability assessment after the age of 43.

The age supplement is paid to those who were entitled to an age supplement for a disability pension at retirement age and were aged 18-43 at the time of their first disability assessment or when the benefit conditions for a rehabilitation pension were first met.

The age supplement for old-age pension is income-related. The combined amount of the old-age pension and the age supplement is reduced by 45% of income exceeding the exemption limit, until the allowance is discontinued.

The maximum age supplement for old-age pension can be Age supplement for old-age pension

The age supplement for old-age pension took effect on January 1st 2026.

The age supplement is paid to those who were entitled to an age supplement for a disability pension at retirement age and were aged 18-43 at the time of their first disability assessment or when the benefit conditions for a rehabilitation pension were first met.

The age supplement for old-age pension is income-related. The combined amount of the old-age pension and the age supplement is reduced by 45% of income exceeding the exemption limit, until the allowance is discontinued.

The maximum age supplement for old-age pension can be 32.917 ISK for individuals who received their first disability assessment between the ages of 18 and 24. The amount decreases by 5% from the age of 25 up to the age of 44. It is not paid to those who receive their first disability assessment after the age of 43.for individuals who received their first disability assessment between the ages of 18 and 24. The amount decreases by 5% from the age of 25 up to the age of 44. It is not paid to those who receive their first disability assessment after the age of 43.

Income plan

The old age pension amount is linked to your income. Exemption thresholds determine how much the old age pension is reduced in proportion to other income. Therefore , it is important that your income plan is always correct.

You can change your income plan on My pages of the Social Insurance Administration.

Application process

You must apply for pension allowances from all pension funds from which you may be entitled to receive an allowance. If this has not been done, your application cannot be processed.

Confirmation of the number of days you have been legally registered at sea must be submitted, for example:

• an overview of the position registration of a seafarer from the Icelandic Transport Authority

• sea travel books published by Icelandic Maritime Administration

• tax returns

• navigation certificate from The District Commissioner

In addition:

• confirmation that an application for old age pension has been submitted to all pension funds to which you are entitled

• to plan your future income (income plan)

• information on the use of personal tax credit (tax card)

How to apply

Applications may also be made:

• at the Social Insurance Administration service centre

• with agents, who are stationed with the District Commissioners outside the capital area.

Processing time for applications

The processing time for old age pension for fishermen is up to four weeks after all relevant documents have been handed in.

You can follow the status of applications on My pages under the Application status. If data or documents are missing, you will receive an email and notification on My pages under My documents.

You can withdraw your application 30 days after the application is approved. If you have already received a payment of old age pension during the period, you will have to pay it back.

Conclusion

Once you have the outcome, you will receive an e-mail and notification on My pages under My documents.

There you can see the amounts for the year in the payment schedule and change your income plan if needed.

If you disagree with the decision, you can:

• request a justification on My Pages TR,

• send a request to review the case to the Client Ombudsman,

• or sue with the The Welfare Appeals Committee.

Arrangement of payments

Old age pension is prepaid on the first day of each month and you receive the amount in your bank account, which is stated on My pages.

You can receive one payment per year if there is credit after the yearly recalculation of benefits, this is done after tax returns have been completed. You can apply for one payment per year on My pages.

The advantage of getting paid once a year based on your tax return is that you get exactly what you are entitled to. Then there is no risk of receiving a claim during settlement due to overpaid pension.