Annual Report 2019-2020

28 in the pension were 11.182 retirement pensioners, 5.268 disability pensioners, 953 spouse pensioners and 158 who received a children’s pension benefit. The total number of people who received a pension payment was 24.550. In 2019, 6.431 employers paid contributions to the fund for 54.679 members, and total contributions amounted to 30,630 billion ISK. There were 242.048 members with rights to the mutual pension fund at year-end and 36.630 beneficiaries in the fund’s private equity department. Of these, 748 members were enti- tled to defined benefit private pension funds. ASSETS AND OPERATING EXPENSES The Gildi Pension Fund is divided into three divisions – the mutual pension fund, private pension fund and specified private pension fund. The net assets for the mutual pension fund amounted to 655,385 billion ISK at the years end 2019, increasing by 99,062 billion ISK during the year. The net assets of the private pension fund amounted to 5,422 billion ISK at the end of 2019. The net assets of the defined benefit private pension fund consist of the same three portfolios as the private pension fund. The returns for Gildi Pension Fund were favorable in 2019, however both domestic and foreign equities increased in price, the development of bond mar- kets were favorable, and there have been favorable exchange rate developments. Due to these factors, the actual return per the Mutual Pension Fund amounted to 12.1% in 2019, representing the best return since 2005. The fund’s pension payments totaled 17,716 billion ISK in 2019, up from 16,293 billion in 2018. The retirement pension amounted to 11,333 billion ISK. The disability pension amounted to 5,271 billion ISK. The spouse pension amounted to 954 million ISK and the chil- dren’s pension amounted to 158 million ISK. Included Net Return- and Actual Return Mutual Pension Fund 15.1% 12.1% Scenario 1 13.7% 10.1% Scenario 2 10.8% 7.9% Scenario 3 4.3% 1.6% NET RETURN ACTUAL RETURN Gildi Pension Fund 2019