The Iceland Ministry of Finance and Economic Affairs has published an update stating that Alþingi has approved amendments to the law on compulsory insurance of pension rights and the operation of pension funds, widening pension funds' investment powers. The changes are intended to give funds more scope to apply the prudent person rule when managing members' assets, taking account of the circumstances and composition of each individual fund so assets can better support pension payments. The amendments reduce restrictions that had limited funds' return opportunities. They include broader permission to invest in unlisted assets, while retaining an emphasis on a clear legal framework and active supervision of pension fund activities. The law takes effect on July 1.

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