When can I retire early?

You can retire early if you have reached the age of 60 and have 40 years of pensionable service.

The qualifying conditions for an early retirement benefit are the same for women and men.

The age limit of 60 years for acquiring an early retirement benefit may not be reduced on any of the grounds applicable to the lowering of the age limit for entitlement to an old-age pension.

The following questions are answered below:

How is the early retirement benefit amount determined?

Am I entitled to a higher assessment rate for children?

Why postpone early retirement?

How is the early retirement benefit amount determined?

As with an old-age pension, entitlement to an early retirement pension is assessed from the pension base, on the basis of the number of years of pensionable service.

A pension assessed in this way is then reduced by 0.3 % for every month prior to the recipient reaching the age of 65.

A pension may not be reduced by more than the amount corresponding to the reduction in the retirement age of 5 years, i.e. 18 %.

Any pension reduction is permanent. Reaching the age prescribed for qualifying for an old-age pension at a later date does not affect the entitlement acquired.

The recipient of an early retirement benefit is not entitled to the payment of a guaranteed pension.

Am I entitled to a higher assessment rate for children?

The assessment rate of an early retirement benefit may be increased due to the insured person’s care for their own or an adopted child, who is an EU citizen, in their first year of their life. The additional assessment rate for each child is 1.36 %, to a maximum of 4.08 %. An increase in the pension based on the care of a child may only be claimed by one of the parents (generally the mother). Entitlement to an increase in a pension may, under certain conditions, and by agreement, be claimed by the father, if he was entitled to a parental allowance lasting at least 120 days, or if neither parent took parental leave.

Why postpone early retirement?

An early retirement benefit is permanently lower by a corresponding percentage due to failure to meet the conditions for an old-age pension(either 40 years of pensionable service without purchase at the lowest possible age; or 38 years of pensionable service without purchase at a higher age; or 15 years of insurance and 65 years of age).

When you meet the conditions for an early retirement benefit and remain in the compulsory insurance scheme on a full-time employment, or insurance, basis, you may, upon completing 40 years of pensionable service without purchase, or 38 years of pensionable service without purchase at a lowered age , or upon reaching the age of 65, claim an old-age pension that is more favourable than an early retirement benefit.

In addition, you will also be entitled to a more favourable valuation of years of pensionable service without purchase.

The method of obtaining an informative calculation of an early retirement benefit, the procedure prior to finishing your working career and the filing of an application are the same as when claiming an old-age pension.