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Old-age pension

The earliest that you can retire on old-age pension is when you reach your lowest pensionable age. Each age group has a specific pensionable age, which is determined by one’s year of birth.

Lowest pensionable age for old-age pension:

Year of birth                       Pensionable age

1954 or earlier                   63
1955                                  63 yrs 3 mos.
1956                                  63 yrs 6 mos.
1957                                  63 yrs 9 mos.
1958                                  64 yrs
1959                                  64 yrs 3 mos.
1960                                  64 yrs 6 mos.
1961                                  64 yrs 9 mos.
1962–1964                        65 yrs

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Handle your pension matters online

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In Elo's Online Service, you can for example do the following:

  • Get an estimate of your old-age pension amount.
  • Review your pension record.
  • Apply for old-age pension.
  • Take the paperless service into use and access your documents electronically.
  • If you are a pension recipient, you can print out a pension certificate, report any changes that affect the payment of your pension and request a new pension card.

Login to the Online Service

Conditions for getting the old-age pension

You can begin to receive old-age pension from the beginning of the month following the month in which you reach your lowest pensionable age. The application for pension should be submitted approximately two weeks before the intended retirement.

Your employment relationship must have ended in order for you to receive old-age pension. Notify your employer of your intention to retire well in advance and resign with the normal period of notice. If you retire on old-age pension at the highest pensionable age, your employment relationship does not need to end in order for you to receive the pension.     

Entrepreneurial activities do not need to end in order for old-age pension to begin. Even though a self-employed person is receiving old-age pension, he or she may continue to carry out entrepreneurial activities without restriction and without the obligation to take YEL insurance or pay insurance contributions. If desired, a self-employed person can opt to take voluntary YEL insurance alongside the pension, whereby he or she will earn additional pension for the continuing activities. 

The longer you work, the higher a pension you will accrue. Pension accrues up until the highest pensionable age, which is:

  • 68 years for those born in or before 1957
  • 69 years for those born in 1958-1964
  • 70 years for those born in or after 1962.

Retiring on old-age pension in different life situations

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