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The earnings-related pension system was reformed in 2017. In the reform, the part-time pension has been partly replaced by an early old-age pension, which has been available since 1.2.2017. Part-time pensions granted before 2017 will remain unchanged. An employee may retire on partial early old-age pension at the earliest from the beginning of the calendar month following the date of reaching the minimum age limit determined by his or her year of birth.
The minimum age limit for an employee’s partial early old-age pension is determined as follows:
For persons born in 1963 or earlier, the minimum age is 61 years
For persons born in 1964 or earlier, the minimum age is 62 years
For persons born in 1965 or later, the minimum age limit for partial early old-age pension will be adjusted to the change in life expectancy in accordance with sections 82 and 83 of the Earnings-related Pensions Act.
The partial early old-age pension is based on the pension earned under the earnings-related pension acts by the end of the calendar year preceding the start of the pension. According to the employee’s application, the amount of the pension share is 25 or 50 per cent of the amount of pension on which the partial early old-age pension is based.
The pension portion of the partial early old-age pension is permanently reduced by 0.4 per cent for each month for which the starting date of this pension share is brought forward before the beginning of the calendar month following the employee’s lowest old-age pension age (reduction for early retirement).
The pension portion of the partial early old-age pension is permanently increased by 0.4 per cent for each month for which the starting date of this pension share is postponed after the beginning of the calendar month following the employee’s lowest old-age pension age (increase for early retirement).
A partial early old-age pension becomes an old-age pension when an employee is granted an old-age pension.
Partial early old-age pension brings flexibility to the pension system. Under the new system, it is possible to withdraw part of the pension even before the actual old-age retirement age. The partial early old-age pension is not dependent on working, but the pension recipient can decide for himself or herself whether to continue working or not.
