Birta pension fund is the fourth largest pension fund in Iceland. Birta Pension Fund operates pursuant to its Articles of Association and Act No. 129/1997 on Mandatory Pension Savings and the Activities of Pension Funds. It also operates on the basis of agreements between unions and employers of 19 May 1969 and 12 December 1995.
The purpose of Birta Pension Fund is to ensure that pension benefits are available to its members, their surviving spouses and children in accordance with the Fund's Articles of Association as well as the Act on Mandatory Pension Savings and the Activities of Pension Funds.
The Fund is divided into two main departments, a Mutual Pension Division and a Private Pension Division. The Mutual Pension Division offers constancy to fund members and their families in the face of unexpected traumas as well as sickness and old age. Both divisions operate under the same Board but are financially separate from each other.
Birta Pension Fund was created by the merger of the pension funds Sameinaði lífeyrissjóðurinn and Stafir lífeyrissjóður, which was approved at extraordinary annual meetings of the funds on 29 September 2016 and entered into effect on 1 December 2016.
The funds were merged as of 1 January 2016, but the pension rights section of the Birta Articles of Association entered into effect on 1 January 2017. The members of Birta pension fund are mainly carpenters, chefs, electricians, engineers, mechanics, plumbers and also include many more tradesmen who have finished their journeyman's test.
The members of the fund and their employers pay their share of the mandatory premium for as long as the employee is employed in a position that qualifies him/her for membership. A contribution ceases to be paid to the fund at the end of the month in which the member reaches 70 years of age.
The annual financial statements of the Fund have been prepared in accordance with the new rules of the Icelandic Financial Supervisory Authority on the annual financial statements of pension funds, no. 335/2015.
Birta is a signatory to the Principles for Responsible Investment as initiative of UNEP Finance and the UN Global Compact. That involves for example that the fund will ask its business partners/investing companies to answer a few basic questions regarding these rules and to use them as a part of their investing decisions.
Office hours are Monday through Thursday 9:00 a.m. to 4:00 p.m and on Fridays 09:00 a.m. to 3:00 p.m. GMT.
Concerning foreign nationals temporarily employed in Iceland