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Premium ehf.
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Premium ehf.
Premium ehf. was founded in 2010 to handle the collection of premiums from employers for the German insurance company Versicherungskammer (Bayern Life). Premium is located in Siglufjörður and Premium has 9 employees. It was decided by the founders of Premium to have the company located in Siglufjörður, but Siglufjörður has developed considerable knowledge and skills in premium collection.
The company takes care of the registration of premiums, the initial recovery and the intermediate collection for pension fund contributions. Premium uses Jóakim from Init, which is the most widespread pension and association system in Iceland. In August 2015, Premium became a regulated collection company and is therefore subject to the supervision of the Financial Supervisory Authority.
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Disbursements
Disbursement of private property savings
The disbursement of private equity savings can begin at the age of 60 and a completed and signed application must be submitted to the fund as well as a copy of the identification documents.
Disbursements are paid on the last working day of each month. Income tax is deducted upon payout.
Due to age
The right to withdraw is at the age of 60 and the total credit is then available for withdrawal. However, payouts may never begin until two years after the first payment was received by the Fund.
Due to death
Private equity savings are inherited and are available for disbursement upon the death of fund members.. Income tax is deducted from private property savings on payout and not inheritance tax. Heirs must first apply for a division of private property according to the “Summary of Progress of the Divide” (from the Commissioner).
In the absence of a legal guardian, the private property savings flow into the death estate.
Due to disability
It is possible to receive personal savings paid before the age of 60 in the case of disability. The credit shall then be distributed evenly over 7 years, based on 100% disability. A fund member that has acquired the right to a disability payment may request a lump-sum payment if the credit is below a certain threshold amount. The reference amount changes in proportion to the change in the CPI. The reference amount is kr. 1,616,427 in January 2023.
Disbursement of specified private property
Payments from the insurance contract in respect of specified private property are governed by the provisions of Act No 129/1997 on compulsory insurance of pension rights and the activities of pension funds and Article 7 of Regulation 391/1998 (the same rules apply to the disbursement as for the private equity part of the co-insurance fund of fund companies).
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