Iceland: Pensions and Investment News and Analysis
Iceland’s small but well-formed pension sector is one of the top scoring systems internationally, regularly taking the top slots in the Mercer CFA Institute Global Pension Index study. The country’s DC pension funds invest just under 40% of assets abroad. The current foreign holdings limit of 50% is set to be raised to 65% by 2036. The system is not without controversy – a recent contentious issue has been the liquidation of the government’s Housing Finance Fund without compensation for bondholders, which were mainly pension funds. A green paper on pensions was expected towards the end of 2024 – this should set the terms for a discussion on the future of the system.
Pension Funds in the Nordic region - Country Report
Nordic Region Report 2024: Denmark’s government urges pension funds to support defence
Danish schemes embrace defence – as long as ESG criteria and international conventions are adhered to
TOP ICELANDIC PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Lífeyrissjóður starfsmanna ríkisins | 9,339,640
- Lífeyrissjóður verslunarmanna | 8,557,521
- Gildi lífeyrissjóður | 6,592,618
- Birta lífeyrissjóður | 4,145,973
- Frjálsi lífeyrissjóðurinn | 3,020,898
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
Nordic FSA chiefs urge EU regulators to simplify financial rulebook
Simpler rules should be enforced by ‘risk-based supervision with strong discretionary tools’, Nordic watchdogs tell EIOPA, ESMA, EBA heads
Netherlands retains top spot in Mercer pension ranking
Top three countries retain places despite slightly lower ranking compared with 2023 figures
Iceland pensions lobby calls uncertainty over actuarial opinions ‘intolerable’
At LL’s AGM, pension funds discuss issues facing the sector, including prospect that reform plans will get going this year, after delay
Iceland’s Almenni sees Q1 global equity returns boosted by krona weakness
Pension fund reports local currency slide almost doubled foreign equity returns, while most domestic stock prices fell in first quarter
Icelandic pension funds agree mortgage support for Grindavík
LSR, Gildi, Festa among 12 pension funds signing pact on government support for volcano-hit townsfolk struggling with mortgage obligations
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 65,000*
- BlackRock | 61,541
- DNB Asset Management | 53,712**
- Nordea Asset Management | 52,442
- Storebrand Asset Management | 35,386***
- State Street Global Advisors | 29,768
- Nykredit Asset Management | 26,163
- Northern Trust Asset Management | 22,607
- Morgan Stanley Investment Management | 8,936*
- Amundi | 8,344
As at 30.9.3.23, *30.16.23, **15.11.23, ***10.6.22
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IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
Nordic FSA chiefs urge EU regulators to simplify financial rulebook
Simpler rules should be enforced by ‘risk-based supervision with strong discretionary tools’, Nordic watchdogs tell EIOPA, ESMA, EBA heads
Netherlands retains top spot in Mercer pension ranking
Top three countries retain places despite slightly lower ranking compared with 2023 figures
Iceland pensions lobby calls uncertainty over actuarial opinions ‘intolerable’
At LL’s AGM, pension funds discuss issues facing the sector, including prospect that reform plans will get going this year, after delay
Iceland’s Almenni sees Q1 global equity returns boosted by krona weakness
Pension fund reports local currency slide almost doubled foreign equity returns, while most domestic stock prices fell in first quarter
Icelandic pension funds agree mortgage support for Grindavík
LSR, Gildi, Festa among 12 pension funds signing pact on government support for volcano-hit townsfolk struggling with mortgage obligations
Iceland’s Gildi draws ire as pensions lobby works on loan relief for volcano town
Amid direct action from aggrieved Grindavik residents, pensions association explores following example of banking sector’s moratorium on interest and repayments granted to evacuated people
Iceland’s LV: Coping with disruption
Arne Vagn Olsen, CIO of Lífeyrissjóður verzlunarmanna (LV), Iceland’s Pension Fund of Commerce, talks to Carlo Svaluto Moreolo about strategy and the prospects for financial markets
Almenni makes 5% nominal H1 return, but inflation means zero real return
Icelandic pension fund says foreign equity prices rose between January and June, while domestic stock prices fell
Iceland’s pension funds fear €1bn losses under housing bond plan
Pension fund group says on firm legal ground, and warns the government of years in court
Icelandic pension funds decry government reneging on housing bond terms
Pension funds are collectively largest owner of HFF bonds, which Icelandic government plans to terminate
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