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Old-age pension

The minimum retirement age for those born in 1954 or earlier will stay at 63. As to those born later the age limits will rise gradually by 3 months/age class, starting in 2018. The minimum age for those born in 1955 is 63 years 3 months, for those born in 1956 63 years 6 months, etc. The lowest retirement age of those born in 1962 is 65 years.

If you continue working, pension will accrue until the age of 68 if you were born in 1957 or earlier, until 69 if born in 1958–1961 and until 70 if born in 1962 or later.

The retirement age of those born in 1965 and later will be linked to life expectancy.

Pension accrues at 1.5%/year
Your old-age pension accrues on the basis of your YEL-income. The amount of monthly pension you accrue per year is calculated according to this formula:
YEL-income x pension accrual percentage / 12.

The overall accrual percentage is 1.5. During the transition period (2017-2025), the percentage is 1.7 from the age of 53 to until 63.

You can check your accrued pension by logging in to our eServices using your online banking codes.

Increase for deferral
If you do not take out your pension at the minimum retirement age, your pension will be increased by 0.4% for each deferred month.

Your old-age pension can start at the earliest in the beginning of the month that follows the month when you reached the minimum retirement age. Submit your application 2 weeks in advance. 

If you have worked or lived abroad submit your application at the earliest six months before the start of your retirement and fill in the appendix U, Residence and Employment Abroad. You can send the appendix electronically at the same time as you apply for pension on Varma’s eServices.

Entrepreneurs can receive old-age pension even if they continue working. Staying insured or taking out YEL-insurance for entrepreneurial activities is voluntary when retired on old-age pension.

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