You can retire on a partial old-age pension as of age 61. you can choose to take out 25% or 50% of the pension funds that you have accrued so far.
There is one important rule for how much you can get if you decide to take out a part of your pension early (before you reach your retirement age):
- The part of your pension that you take will be permanently reduced by 0.4% for each month from when you start drawing your pension to the month after which you reach your retirement age.
In other words, if you take out your partial old-age pension one year early, the part that you take will be reduced by 4.8 per cent.
If you choose to take 25% of your pension, you can later increase it to 50%. If you choose to take 50%, you cannot reduce that to 25%.
You cannot take the partial old-age pension retroactively. You can cancel it within three months from when the pension was granted, but in that case you have to pay back the pension that you have been paid. You cannot suspend the payment of your partial old-age pension, nor can you terminate it.
The partial old-age pension is a pension type that is paid only from the earnings-related pension scheme. You can apply for the partial old-age pension online via most pension providers’ websites. Check if your own pension provider offers that service (and in English).
You can also apply for a partial old-age pension either by filling in and submitting a paper form or by filling in and printing out the online application form (2021e).
Before you apply for a partial old-age pension, contact
- your pension provider to find out how much pension you will get, and
- the tax administration to find out how your earnings and your pension will be taxed.
Changes in age limits
You age determines when you can take part of your pension if you decide to retire early.
|Early retirement age|
|Year you were born||Age when you can retire|
|After 1964||Three years before you reach your retirement age|
Apply for your old-age pension separately
If you are drawing a partial old-age pension, you have to apply for your full old-age pension separately. You can apply for it at any point between your retirement age and the age when your insurance obligation ends. To get your full old-age pension, you have to stop working.