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Old-age pension

Retirement age limit rises gradually

The lower age limit for old-age pension will rise by three months for each age group. The age limit for those born in 1957 is 63 years and 9 months, for those born in 1958 64 years, an so on, until the age limit for those born in 1962 is 65 years.

The age limit for those born in 1965 or later will continue rising if general life expectancy increases.

Pension accrues until the upper age limit which is 68 for those born before 1958, 69 years for those born in 1958-1961 and 70 years for those born in 1962 or later.

The retirement age is flexible

As a rule, the employee decides her or his retirement age within the lower and upper age limits.

If the pension is deferred past the lower age limit, it will be increased with an increment for deferred retirement of 0.4% per each deferred month.

According to the Employment Contracts Act, the employment contract ends without giving notice and without a notice period at the end of the month during which the employee reaches the upper retirement age, unless the employer and the employee agree to continue the employment relationship.

The employer's obligation to insure ends at the upper age limit.

Retiring on an old-age pension requires that the work contract ends

The prerequisite for granting an old-age pension is that the employee is no longer in the employment relationship from which he or she is retiring.

Important to report the end date of the work contract

The final payroll must be reported to the Incomes Register during the month that the employee's pension begins, at the latest.

Although the end date is voluntary information in the Incomes Register, it is essential for the granting of old-age pension. If earnings are reported more than once during the month when the pension begins, the end date of the employment relationship must be given each time.

Pension application

The employees can check the amount of their monthly pension at varma.fi at any time.

The old-age pension application must be submitted approx. 2 weeks before the start of the pension, and 6 months before if the applicant has lived or worked abroad.

The quickest way to apply is online using Finnish online banking codes at Varma's eServices. Appendix U is needed if the applicant has worked abroad.

Pdf-forms can be printed out at etk.fi/en/forms. Varma's adress is Varma, PB 3, 00980 VARMA. The application can also be sent by secure email.

Working is not restricted while on old-age pension

How ever, if the employee continues working immediately after retiring, there must be a significant change in the conditions - e.g. working hours or salary - as the prerequisite for granting an old-age pension is that the present employment contract ends.

New pension accrues until the upper age limit and can be applied for when the employee reaches the upper pensionable age.

Read more: Employee retiring - What should the employer do? (pdf)
Old-age pension (pdf)

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