• About 14%, or close to 10,000 individuals, have credit. The median amount of credit is just above ISK 73,000.

• Around 78% of the group, or over 52 thousand individuals, received overpayments and will have to repay accordingly, as of 1 September. The median amount of overpayments is just above ISK 122,000.

The number of over-borrowed pension funds is similar between years, with 78% in 2023 compared to 74% in 2022. This is mainly due to inflation and interest rates, which have had a major impact on pension fund payments and capital gains.

Why does the discrepancy exist?

The payments from the Social Insurance Administration are based on pensioners’ income estimates, i.e. what they think they will earn in the coming year. The re-calculations that are now being published are based on income information from the tax returns for 2023. This comparison reveals whether the pensioner has received payments in accordance with his/her rights, or whether an irregularity caused an underpayment or overpayment in the past year. It is normal that irregularities in payments occur during the re-calculation, as it can be difficult to estimate earnings ahead of time.

TR seeks ways to reduce discrepancies

Although pensioners are responsible for the most accurate income reporting, TR staff are constantly looking for ways to reduce the discrepancy that can occur between the income plan and actual income. In this way, better information flow is being made between TR and pension funds as well as with tax authorities. An agreement with pension funds on digital sharing of information regarding applications to pension funds was signed in the spring. See

TR encourages pensioners to change their income plan as soon as possible on My pages if income changes. TR has also sent an encouragement to pensioners to change their income plans if information has been received about discrepancies between the income plan and the income received. By keeping an eye on the income plan, it is possible to reduce over- or under-payments.

In addition, TR has introduced a payment arrangement where the person concerned receives one payment per year, which is suitable for those pensioners who receive relatively low payments monthly.

Remedies for settlement and recovery of claims

As a general rule, claims should be repaid in 12 months, but it is especially pointed out that if it proves to be burdensome, you can always contact TR and negotiate payments for a longer period. For further information on collection resources, please contact

If a pensioner has comments on the result of the re-calculation, you can ask for a reasoning, object to the result or contact the Tax on Tax Change. For further information on the remedies, please see

Electronic service channels

Pensioners are encouraged to check out letters about the results of the re-billing and settlement on the My pages of TR and to use electronic service channels for queries and other matters. You can also check out the letter in the mailbox on Ísland.is. In the coming days, considerable loading can occur on the My pages of TR, which can cause delays in access and we respect the inconvenience that this may cause. We ask customers to be patient. We have increased the number of telephone answering and there is a special selection for the settlement in the telephone service, which is open 10.00 - 15.00 on weekdays.

Common questions regarding the re-calculations for 2023 are answered on Ísland.is.