Old-age pension

Within earnings-related pensions, old-age pension is possible once you have reached your personal minimum retirement age. In order to receive the pension, your employment relationship must be terminated. Self-employed persons can continue their entrepreneurial activities during retirement, but their YEL insurance ends when they retire. The longer you remain in working life, the more pension you will accrue.

When should you retire on old-age pension?

When the time comes to retire based on your age and you are ending your career, you can apply for old-age pension as an earnings-related pension. Your minimum retirement age depends on your year of birth. You can choose when to retire on old-age pension at the earliest starting from the first day of the month after you reach your personal minimum retirement age. For those born in 1958, the minimum age of retirement is 64 years, and for those born in 1959, the minimum age of retirement is 64 years and 3 months.

Receiving the pension is conditional on your employment relationship ending. As a self-employed person, you can continue your entrepreneurial activities during your retirement, but your YEL insurance will be terminated at the end of the month before your pension begins. Voluntary YEL insurance is possible also during retirement.

Old-age pension

Index changes at the turn of the year 2022/2023

If you retire on 1 December 2022, earned income affecting your pension is adjusted by using the 2022 wage coefficient. The earnings-related pension index for 2023 increases the amount of pension paid to you as of 1 January 2023.

If you retire on 1 January 2023, the earned income affecting your pension is adjusted by using the 2023 wage coefficient. 

Read more about earnings-related pension index and the wage coefficient

Old-age pension from Kela

Earnings-related pension is supplemented by Finnish national pension. National pension is possible if your earnings-related pension falls below the income limit specified by Kela. The retirement age is 65. You can apply for early old-age pension as of age 64. Old-age pension for long-termed unemployed is possible for persons born 1958. You can apply for earnings-related pension and national pension using the same application.


Read more about amount and payment of national pension on Kela’s website

Check your retirement age using the pension calculator

You can freely enter a date of retirement. It can start at the earliest at the beginning of the month following the month in which you reach your minimum retirement age. If you were born in 1962 or before, your minimum retirement age is already confirmed. For people born after 1962, the retirement ages are estimates. The longer you work, the more your pension grows. The maximum retirement age is the age at which your pension accrual ends, even if you continue working.

Check your retirement age using the pension calculator


Retiring on old-age pension

In our online service, you can calculate an estimate of your old-age pension in advance. Once you have applied for pension, it is no longer possible to calculate an estimate.


Calculate a pension estimate in Varma Online Service

How to apply for old-age pension

  1. Decide when you want to retire.
  2. Agree on terminating your employment relationship with your employer well in advance. Your employment relationship must end before your pension begins. Pension can be granted to a person who has reached the maximum retirement age, even if the person remains employed.
  3. Apply for pension 2 weeks before the start of your retirement. If you have lived or worked abroad, apply for pension no earlier than 6 months before the start of your pension and also fill in Appendix U (Residence and employment abroad). 
  4. You will receive a final decision on your pension only once your employer has notified the Incomes Register of the end date of your employment relationship and your salary information.
  5. You will receive a message when the decision is made and you will be able to see the decision in the electronic archive. If you have not opted for our electronic service, the decision will be sent by post to your home address.

Fill in the electronic pension application

Fill in a pension application online. You can use this application to apply also for national pension. If you have lived or worked abroad, you can fill in the application six months in advance. In that case, you must also fill in Appendix U (Residence and employment abroad). Appendix U must be filled in even if you are not yet applying for a foreign pension. Based on the information in Appendix U, the impact of your time abroad on your earnings-related pension and national pension will be determined.

Be sure to have your bank account number in IBAN format on hand, as it will be requested in the application. The application also asks you when you will stop working. You do not need to attach your letter of resignation to your application.

You will receive your pension decision in your electronic archive, if you choose electronic service. You will receive a notification when the decision is made. You can check your personal documents in your electronic archive.


Apply for old-age pension in Varma Online Service

Decision on old-age pension

You will usually receive a provisional decision on your application. The average processing time varies, but right now it is four days. If you have lived or worked abroad the processing time may be longer. A provisional decision is issued before all the information that affects the amount of your pension is known; for instance, the amount of your final salary. The final pension decision takes into account all factors, such as the increase for deferred retirement, that affect the amount of your pension.

Along with the decision, you will receive instructions that include important matters for pensioners, as well as a reminder to apply for a new tax card for your pension as soon as possible after your pension begins.

If you choose the electronic service, you will see the decision concerning your pension in your electronic archive. Otherwise, the decision will be sent by post to your home address.

Working during retirement and the maximum retirement age

If you have been working while drawing old-age pension, you can apply for pension for that part at the earliest starting from the beginning of the month following the month in which you turn 68 (those born 1958 from the beginning of the month in which you turn 69). You do not have to stop working even if you apply for the pension that has accrued on your employment during retirement. You will no longer accrue pension, however. Your maximum retirement age, meaning the age when your pension accrual ends, depends on your year of birth. You apply for the pension that has accrued on your employment during retirement using an old-age pension application.

Read more on page Working during retirement

Help with using our services

Take care of your pension matters online

In our online service, you can, for instance

  • calculate an estimate of the amount of your pension in advance
  • fill in an application for old-age pension 
  • see how the processing of your application is progressing
  • see the decision on your pension in the electronic archive
  • use the services for pensioners once you have received a decision
  • send and receive messages and attachments.
Log in to Varma Online Service