Regulation on the Pension Research Institute Iceland at the University of Iceland
Article 1. General provisions.
The Pension Research Institute Iceland (PRICE) is a scientific research institute at the University of Iceland School of Social Sciences. PRICE is established on the basis of an agreement between the University of Iceland, the Icelandic Pension Funds Association, the Central Bank of Iceland and the Ministry of Finance and Economic Affairs signed 20 December 2023.
PRICE is a forum for research and development in pensions and related areas. It is also an academic community and collaborative platform for domestic and international scholars. It is intended to advance research and analysis in the field of pensions and promote the future development of the Icelandic pension system.
PRICE is academically independent but will work closely with PeRCent (the Pensions Research Centre) at the Copenhagen Business School (CBS).
Article 2. Role.
PRICE is intended to support and oversee the research of a group of scholars with expertise in pensions; these scholars will be members of the Institute.
The role of PRICE is:
- to acquire knowledge and understanding of pensions-related issues,
- to facilitate academic collaboration between domestic and international scholars in the field of pensions research,
- to acquire information and ideas about the organisation of pension systems in other countries and alert the authorities to potential reforms and solutions to the challenges faced by pension funds in Iceland, through research, workshops, and conferences,
- to strengthen links between research and teaching and coordinate pension research in Iceland,
- to support teaching and training in scientific methods and to provide graduate students with research facilities and equipment as far as possible,
- to publish and otherwise disseminate research findings and maintain a website about PRICE's work, including information on members and events. The website will also provide access to reports, essays and other material produced with the support of PRICE, as well as recordings of conferences organised by PRICE,
- to organise an annual conference in collaboration with the Icelandic Pension Funds Association, at which research findings will be presented, particularly to pension fund managers.
PRICE provides annual grants for one PhD student and one employee to conduct research to benefit the Icelandic pension system.
PRICE as an institute will not negotiate on the provision of services in competition with private parties. However, pension funds and other parties may negotiate directly with PRICE members and hire them to provide such services.
Article 3. Facilities.
The School of Social Sciences shall provide PRICE with working facilities, such as premises and equipment, to the extent possible.
Article 4. Advisory group and executive board.
PRICE has a special advisory group, comprising representatives from the University of Iceland, the Ministry of Finance and Economic Affairs, the Central Bank of Iceland, and the Icelandic Pension Funds Association. Its role is to advise PRICE members on research and analysis that could be used to inform decisions about the development of the Icelandic pension system.
The advisory group is made up of six members: one nominated by the rector of the University of Iceland, who shall chair the group and must be an internationally recognised pension scholar; one nominated by the dean of the UI School of Social Sciences; two nominated by the Icelandic Pension Funds Association; one nominated by the Ministry of Finance and Economic Affairs; and one nominated by the Central Bank of Iceland. The advisory group proposes members to sit on the board of PRICE.
The rector appoints a two-member executive board for PRICE, in accordance with proposals from the advisory group and in consultation with the dean of the School of Social Sciences. The board is appointed for a two-year term and the rector determines which member shall be the chair. One board member must be an academic staff member in the Faculty of Economics. All administrative and board expenses are covered by the Institute's income.
The chair of the board is also the director of the Institute, see Article 7. The director handles day-to-day operations at PRICE and acts as its public representative.
Article 5. Executive board meetings.
The executive board holds regular meetings, as often as considered necessary, with predetermined agendas which are sent with the meeting notice. In the event of a tie vote, the chair shall cast the deciding vote.
A register of board meeting minutes shall be maintained, and attested minutes shall be entered into the register. A copy of meeting minutes shall be sent to the dean of the School of Social Sciences within a month of the meeting.
Article 6. Responsibilities of the executive board.
The executive board makes all policy-related decisions for the Institute and sets a research strategy. The executive board shall resolve any uncertainties that may arise concerning the internal operations of the Institute.
The executive board is accountable for the operations and finances of the Institute, answerable to the dean of the School of Social Sciences. The board makes decisions concerning events, dissemination of research, and allocation of funding in accordance with the objectives set for the Institute.
The executive board meets regularly, at least once a year, with representatives of the advisory group to review research priorities and outputs currently in progress, the main challenges facing the pension system and topics that deserve further analysis and research.
The research agenda should be adapted to the needs of the pension system. Meetings shall also cover dissemination of completed research and upcoming PRICE events.
When selecting research projects to receive funding from PRICE, the needs of the pension system shall be taken into account. The executive board shall have the ultimate decision-making authority regarding selection of research projects, publication of research findings and allocation of funding.
At the end of each year, the executive board reports to the advisory group and the dean of the School of Social Sciences to account for the Institute's operating income and outgoings, delivers a written report about the Institute's work over the past year and presents the main conclusions of the report.
Article 7. Director and staff.
The director manages day-to-day operations at PRICE and acts as its public representative, see Article 4.
The hiring of other personnel shall be in accordance with the provisions of the Regulation for the University of Iceland. If a new employee is to be hired to a position not mentioned in this Regulation, the dean of the School of Social Sciences or the director under the authority of the dean shall manage the hiring process.
Article 8. Finances.
The income of the Pension Research Institute Iceland is as follows:
- contribution from the Icelandic Pension Funds Association by agreement,
- contribution from other partners with representatives in the advisory group,
- research grants from Icelandic or international parties,
- grants for individual projects,
- other income, e.g. donations.
The accounts of the Institute shall be part of the University's accounts. The executive board shall submit next year's budget to the dean of the School of Social Sciences for approval before the end of November each year. Care must be taken to ensure that the allocation of funding is consistent with the agreement between the University of Iceland, the Icelandic Pension Funds Association, the Central Bank of Iceland and the Ministry of Finance and Economic Affairs, see Article 1.
PRICE will use support services at the School of Social Sciences for accounting and day-to-day operations.
The provisions of Article 73 of the Regulation for the University of Iceland shall apply to overhead charges on non-governmental income.
Article 9. Entry into force.
This Regulation, established by the University Council on the basis of the authority of Paragraph 3, Article 11 of the Act on Public Higher Education Institutions no. 85/2008, shall enter into force immediately.
University of Iceland, 1 February 2024.