Settlement for over 66 thousand individuals published today.

• Around 41%, or almost 30 thousand individuals, are due a credit and will receive it on 1 June. The median credit amount is approximately ISK 58,000.

• Around 47%, or just over 31 thousand individuals, received an overpayment in 2025 and will need to repay it accordingly, starting from 1 June. The median repayment amount is approximately ISK 100,500.

Far fewer people need to repay than last year

In the settlement for 2024, the proportion of those who received an overpayment was 66%, but it is now 47% for 2025, which is a considerable decrease between years.

The reasons for overpayments in 2025 can, as before, be attributed to capital income, which was much higher than clients had estimated.

Around 77% of pensioners have a discrepancy of less than ISK 200,000 in their settlement.

Repayment claims decrease between years

The median repayment claim has decreased somewhat between years, from ISK 114,000 last year to approximately ISK 100,500 now. Overpayments that lead to repayments arise from the difference between the income plan and the actual income shown in the tax return for 2025.

Clients can object to the settlement results up to and including 27 May 2026. This can be done on My Pages at TR.

Solutions for settlement results and collection of claims

The general rule is that claims should be repaid over 12 months, but it is specifically pointed out that if this proves burdensome, it is always possible to contact TR and arrange for payments over a longer period.

Why do payments to TR clients need to be adjusted?

Payments from TR are based on clients' income plans, which estimate the income the person will have during the year. The recalculation that TR is publishing today is based on income information

from confirmed tax returns for 2025. This comparison reveals whether the person has been paid in accordance with their rights, or whether a discrepancy has resulted in an underpayment or overpayment in the past year. It can be said that it is normal for discrepancies in payments to appear during recalculation, as it can be difficult to accurately estimate future income.

Although clients are responsible for ensuring their income plan is as accurate as possible, TR staff are constantly looking for ways to reduce the discrepancy that can occur between the income plan and

actual income. Thus, work is continuously being done to improve the flow of information between clients and TR, as well as with pension funds and tax authorities.

TR has also continued to specifically promote a payment arrangement where the individual receives a single allowance per year, which is well-suited for those clients who receive relatively low monthly payments.