Festa Pension Fund | Results of the 2023 annual meeting

8 May 2023

The annual meeting of Festa pension fund was held last May 4. at the Grand Hotel Reykjavík. At the meeting, the annual report of the fund was presented, as well as the annual accounts for the year 2022. It was stated, among other things, that there were a total of 19,234 fund members who paid premiums during the year. Premiums to the fund amounted to almost 13.3 billion ISK and increased by 19.9% ​​from the year 2021. Pension payments during the year amounted to almost 5.9 billion ISK and increased by 14.0% from the previous year. The total number of pensioners was 11,738.

The fund’s total assets at the end of 2022 totaled over ISK 251.9 billion, an increase of 1.81% from the previous year or almost ISK 4.5 billion. The mutual insurance department’s assets were just over 250.8 billion, and the private property department’s assets were around ISK 1.2 billion. The net nominal yield of the fund’s mutual insurance division was -1.41%, the net real yield was -9.83%. The net nominal yield of the fund’s private property division, savings path 1 was -5.14%, the net real yield was -13.24%. The net nominal yield of the fund’s private equity division, savings path 2, was -12.14%, the net real yield was -19.65%. The actuarial situation was such that the fund’s liabilities exceeded the fund’s assets by 4.6% at the end of 2022. For those who want to learn more about the results of the fund’s operations in 2022, the full annual report can be found here on the website.

At the meeting, proposals were made for changes to the fund’s articles of association and they were approved. Changes to the fund’s articles of association come into effect after receiving confirmation from the Ministry of Finance and Economy.

Board elections

After the meeting, the board of the Festa pension fund is composed as follows:

Representatives of member organizations of employees:

• yrún Jana Sigurðardóttir – principal
• Silja Eyrún Steingrímsdóttir – principal
• Þór Hreinsson – main man
• Anna Ágústa Halldórsdóttir – Alternate

Representatives of business associations:

• Kristín Magnúsdóttir – principal
• Sigurður Ólafsson – main man
• Örvar Ólafsson – main man
• Einar Steinthórsson – substitute

At the first meeting of the new board, which was held following the annual meeting, the board divided tasks in such a way that Kristín Magnúsdóttir, representative of the trade association, was elected chairman and Eyrún Jana Sigurðardóttir, representative of the workers’ association, was elected vice-chairman.

PricewaterhouseCoopers ehf. the fund’s external auditor

The board’s proposal was approved that the audit office of PricewaterhouseCoopers ehf. would be the fund’s external auditor for the year 2023.

Source: Festa