All workers between the ages of 16 and 70 are required by law to be members of a pension fund. Pension funds pay old-age pensions, disability pensions and pension payments to surviving spouses and/or children. The funds are governed jointly by the social partners but regulated by the Ministry of Finance and supervised by the Financial Supervisory Authority. A Public Pension system is operated by the State.
See also: The Icelandic Pension Funds Association