• About 26%, or nearly 19,000 individuals, have a credit balance and will receive payment on June 1st. The median credit amount is about 66,000 krona.

• About 66%, or over 45,000 individuals, were overpaid in 2024 and will need to repay accordingly, starting from June 1st. The median repayment amount is about 114,000 krona.

Fewer Need to Repay Compared to Last Year

In last May's settlement for the year 2023, the percentage of those who were overpaid was 78%, but it is now 66% for the year 2024, which is a significant decrease year-on-year.

The reasons for overpayments in 2024 can primarily be attributed to capital income, as capital income was much higher than clients had estimated.

About 82% of pensioners have a discrepancy of less than 200,000 krona in their results, compared to 60% in 2023.

Repayment Claims Decrease Year-on-Year

The median repayment claim decreases somewhat year-on-year, from 118,000 krona last year to about 114,000 krona now. Overpayments leading to repayments occur due to the difference between estimated income and actual income as reported in tax returns for 2024.

It should be noted that collection now begins on June 1st, whereas it previously started on September 1st. This aligns the collection of claims with the repayment of credit balances, which also takes place on June 1st. The delay in collecting claims until September 1st often caused misunderstandings and inconvenience for clients when starting repayments so long after the claim was published. This way, the publication of the decision and its implementation coincide.

Clients can object to the settlement results until May 31, 2025. This is done on TR's My Pages.

Measures Regarding Settlement Results and Claim Collection

The general rule is that claims should be repaid over 12 months, but it is specifically noted that if this proves burdensome, it is always possible to contact TR and arrange for payments over a longer period. More information about collection measures can be found here.

It is noted that if a client has comments on the recalculation result, they can request a justification or object to the result. More information can be found here.

TR clients who have not received settlement results published on TR's My Pages will receive them by September 1st. This mainly applies to individuals residing abroad.

Why is it Necessary to Adjust Payments to TR Clients?

Payments from TR are based on clients' income estimates, where the individual's income for the coming year is estimated. The recalculation TR publishes today is based on income information from confirmed tax returns for 2024. This comparison reveals whether the individual received payments in accordance with their entitlements, or whether discrepancies caused under- or overpayments in the past year. It can be said that it is normal for payment discrepancies to appear during recalculation, as it can be difficult to estimate income accurately in advance.

Although clients are responsible for ensuring that income registration is as accurate as possible, TR staff are constantly looking for ways to reduce the discrepancy that can occur between income estimates and actual income. Thus, work is continuously being done to improve the flow of information between TR and pension funds as well as with tax authorities.

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

Electronic Service Channels

TR customers are encouraged to carefully review the letters regarding the results of recalculations and settlements on My Pages TR and to utilize electronic service channels for inquiries and other matters. The letter can also be viewed in the mailbox on Iceland.is.

In the coming days, there may be considerable traffic on My Pages TR, which could cause delays in access. We apologize for any inconvenience this may cause. We ask customers to be patient.

We have increased our phone support staff, and there is a special extension for the settlement in our phone service, which is open from 10:00 AM to 3:00 PM on weekdays.

Common questions regarding the recalculation for the year 2024 are answered on TR's service website Iceland.is.