Retirement age

The lower age limit for old-age pension will be raised by three months for every birth year until the age limit is 65. The first age group whose pensionable age will rise is those born in 1955. They can retire on old-age pension at the age of 63 years, 3 months. Those born in 1962 are the first age group for whom the retirement age is 65 years.

The upper pensionable age limit is five years higher than the lower limit, i.e. if the lower age limit for old-age pension is 65, the upper limit is 70.

After 2025, the pensionable age is affected by the rise in life expectancy. The need to raise the pensionable age is assessed every five years. The first possible increase, which can be no more than two months, will be in 2030.