Byr takes over additional Pension Savings Transfer free of charge for customers ICELAND - The Financial Supervisory Authority in Iceland has approved plans so Byr Savings Bank can become the depository for the additional pension savings of former clients of SPRON and nb.is. The pension savings will be transferred automatically to Byr, free of charge, two weeks after the customers receive a notice in the mail. The notice will be sent out in the next few days. According to a deal with the winding up board of SPRON and nb.is, Byr Savings Bank will manage the rate of return for inflation-adjusted savings as well as providing customer service, while Icelandic Securities ltd. will manage stock related assets. The winding up board entered negotiations with Byr and Icelandic Securities following an invitation to tender. Icelandic Securities ltd. is a specialized asset management firm established in 1987. It has 90 billion ISK under management on behalf of its clients, ranging from individuals to institutional investors such as pension funds and insurance companies. As stated earlier, the additional pension savings will transfer automatically from SPRON and nb.is to Byr, two weeks after the customers receive a letter regarding the matter, unless they request something else. The savings will transfer to Byr free of charge for the customers. Owners of the additional pension savings in SPRON and nb.is will now receive all the service they need through Byr's internet bank. Those who do not have access already, can reach their username and password in their current internet bank under "electronic files". All further information will be provided at Byr's local branches. Further information, Atli Örn Jónsson, Byr Savings Bank, Tel. 575 4000
- Byr takes over additional Pension Savings - Transfer free of charge for customers
| Source: Byr sparisjóður