Senior members

Old-age pensioners, who were VR members prior to their retirement, are entitled to various services from VR regardless even if they are no longer in the work market. VR offers a course to members aged of 63-72 who are considering retirement or who have recently retired.

Course date will be advertised later.

Basic rights of senior members:

VR Contingency fund

Senior members can apply for a grant, as long as they have a credit balance in the VR Contingency fund.

Sick Pay fund

Relatives can apply for death benefits if the member has been a member for the last 5 years prior to retirement.

Holiday fund

Senior members can apply for a holiday cottage as long as they were members for the last 5 years prior to their retirement.

Vocational training fund

Senior members can apply for a grant because of vocational training courses and studies for 12 months and a leisure grant for 36 months after ceasing membership payments.

The new regulations of the SVS vocational training fund have been in effect from the beginning of 2014. A two-year adaption period applies to 2016 and members can then apply according to older and new regulations, depending on what benefits them most. See more here (In Icelandic only).

Other
Senior members receive the VR magazine.

Senior members’ rights

Those who retire at the age of 67 or older, and who have been full members for 5 consecutive years prior to their retirement, are considered full senior members for the rest of their lives. 5 consecutive years are considered paid when premiums have been paid for at least 50 months or during a 5-year period.

Senior full members can take advantage of their credit balance in the vocational training fund, according to current regulations and they can rent VR holiday cottages.

Death benefits are paid with regards to senior full members according to the VR sickness fund regulations.

Members who retire at the age of 65 and have been full members for 5 consecutive years prior to their retirement are authorised to pay a membership fee to VR from their pension payments until the age of 67, for the purpose of maintaining full rights thereafter.

All those who are 60 years and older can have their credit balance in the VR reserve fund paid out. This is independent of whether they are full members or not.

Approved by the VR board of directors 8 October 2008, amendments approved by the board of directors 20 March 2013.