News - 27.03.2026
VR Contingency Fund
The VR Contingency Fund has now been updated following approval at VR’s annual general meeting on 25 March. On My Pages you can see your current balance in the Fund. Please note that each VR member’s reimbursement depends on their accrued entitlement.
At VR’s annual general meeting, held on 25 March, it was approved that the contribution to the VR Contingency Fund will total ISK 1,100 million for the year 2025. It was also approved at the annual general meeting that members may use the VR Contingency Fund for the benefit of their children.
The Contingency Fund can be used for various training fees such as gym memberships, swimming, and golf clubs, as well as for the purchase of fitness-related equipment such as running shoes, golf clubs, and more. The Fund can also be used for various medical-related services such as dental treatment, psychology costs, laser procedures, and more.
Payments from the Fund are generally subject to withholding tax, and withholding tax is deducted from the amount before payment.
There are three exceptions to payments subject to withholding tax:
- Gym and rehabilitation that is comparable to other sports participation, up to a maximum of ISK 85,000 per year (based on the year 2026)
- Payment of accommodation costs while on holiday, up to a maximum of ISK 79,000 per year. This applies only to payment for accommodation, such as a holiday home, hotel, or guesthouse.
- Job-related education, grants from the Fund for vocational education.
More information about the Contingency Fund can be found here.
Your balance and applications in the VR Contingency Fund can be found on My Pages.
