Partial old-age pension
The lowest age limit is 61.
Amount of pension
is 25 or 50% of the pension accrued until the end of the previous year.
Reduction for early retirement
If the partial pension is taken out before the minimum age for old-age pension, the part that is taken is reduced by 0.4% for every month of early retirement. Example: the minimum age for old-age pension is 63 years and 6 months for a person born in 1956. If the person takes out partial old-age pension at 61, the reduction is:
30 (months) x 0.4% = 12%. The reduction is permanent and thus it also affects the final old-age pension.
If the partial pension is taken after the minimum age for old-age pension, there will be an increase of 0.4% per deferred month.
An estimate can be calculated using personal online banking codes.
Working while drawing pension
Working is neither restricted nor required when drawing a partial old-age pension.
If an employee wishes to work fewer than the regular working hours in order to retire on partial old-age pension, the employer shall organize the work so that the employee may do parttime work. Accoring to the Working Hours Act the working hours shall be reduced in a manner agreed upon by the employer and the employee, taking into consideration the needs of the employee and the production and service activities concerned.
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