In December 2011, the Althingi agreed that the own contribution to private pension savings would be a maximum of 2%, instead of 4% . This was to apply until 2014. Recently, the government announced special measures to reduce loans and allow private pension savings premiums to be paid into loans from mid-2014. They also announced that 'own contribution' could return to a maximum of 4%. This change took effect on July 1, 2014. It is the employer's responsibility to increase the 'own contribution' of its employee who have 4% contracts from 2% to 4%. There will be no change in the employers' contribution, which is 2% of your wage according to most agreements. Fund members who have contracts with a 2% own contribution but want to increase their own contribution to 4% are advised to contact Íslandsbanki.