Access to the pension calculators at Tyoelake.fi has been blocked until further notice for age groups which reach their retirement age in 2022 or have reached it earlier. Due to the exceptional index development, the calculators would provide incorrect pension estimates when comparing retirement in 2022 and 2023.
If you were born in 1958 or earlier, you cannot use the old-age pension calculator. If you were born in 1961 or earlier, you cannot use the partial old-age calculator.
Due to the rapid rise in prices, the earnings-related pension index will grow clearly more than the wage coefficient at the beginning of 2023. As a result, if you retire in 2022, you will get a higher index increment than if you retire after the turn of the year, in 2023.
The time of retirement on a partial old-age pension also makes a difference due to the exceptional index development. It affects not only your partial old-age pension but also your consequent old-age pension.
Examples of effect of index increase
You may consider retiring on an old-age pension at the turn of the year if you were born in 1958 or earlier.
In this example, we have assumed that you reach your retirement age in November 2022 and have accrued a monthly pension of 1,500 euros by the beginning of December 2022 (including the effect of the life expectancy coefficient).
Retiring on an old-age pension in December 2022:
You have accrued a monthly pension of 1,500 euros.
If you retire on an old-age pension in December 2022, you will get an increment to your pension in January 2023 based on the earnings-related pension index.
After this, your monthly old-age pension will be 1,602 euros.
Retiring on an old-age pension in January 2023:
If you retire on an old-age pension in January 2023, your previous earnings will be multiplied with the wage coefficient to the 2023 level when calculating your pension amount.
The size of your earnings-related pension depends on your wage before retirement. In this example, we have assumed that your monthly wage is 3,000 euros. This means that your starting monthly old-age pension in January 2023 will be 1,567 euros.
You might consider retiring on a partial old-age pension at the turn of the year if you were born in 1961 or earlier.
In this example, we have assumed that you have accrued a monthly pension of 1,500 euros by the end of 2021 (including the effect of the life expectancy coefficient). We further assume that you turn 62 in December 2022. Your age group’s retirement age is 64 years and 6 months.
On a partial old-age pension in December 2022:
In December 2022, your monthly partial old-age pension (at 50%) will be 657 euros.
If you retire on a partial old-age pension in December 2022, the amount of your partial old-age pension is calculated based on the pension you have accrued by the end of 2021. In January 2023, your pension will be incremented by the earnings-related pension index.
Your monthly partial old-age pension will then be 702 euros.
On a partial old-age pension in January 2023:
If you retire on a partial old-age pension in January 2023, your previous earnings will be multiplied with the wage coefficient to the 2023 level when calculating your pension amount. Your partial old-age pension is calculated based on the pension you have accrued by the end of 2022.
In this example, we have assumed that your monthly wage is 3,000 euros. This would mean that your monthly partial old-age pension in January 2023 will be 705 euros.
Old-age pension after the partial old-age pension:
In this example, we assume that you work with a monthly wage of 3,000 euros until the end of 2022. You retire on an old-age pension when you reach your retirement age in 2025. If your partial old-age pension began in December 2022, your monthly old-age pension will be 1,602 euros. However, if your partial old-age pension began in January 2023, your monthly old-age pension will be 1,582 euros.
You might consider retiring on a partial old-age pension in 2022 if you were born in 1961 or earlier.
In this example, we assume that you reach your retirement age in April 2023 and intend to retire on an old-age pension in May. You consider taking out a partial old-age pension in December 2022.
In this example, we have assumed that you have accrued a monthly pension of 1,500 euros by the end of 2021 (including the effect of the life expectancy coefficient).
Retiring on an old-age pension in 2023:
You work with a monthly wage of 3,000 euros until you reach your retirement age, without taking out a partial old-age pension. Your monthly old-age pension will be 1,616 euros.
Retiring on a partial old-age pension in December 2022 and an old-age pension in May 2023:
Your monthly partial old-age pension in December 2022 is 735 euros. In January 2023, your pension is increased with the earnings-related pension index and your monthly pension is 785 euros.
You work alongside your partial old-age pension with your previous monthly wage of 3,000 until you retire on an old-age pension. Your monthly old-age pension will be 1,622 euros.
The growth of the earnings-related pension index used in the examples is 6.8 per cent. The growth of the wage coefficient is around 3.8 per cent. The Ministry of Social Affairs and Health confirmed the indexes on 20 October 2022.
Read more about indexes affecting pensions
You should plan your retirement based on your own personal situation. The examples do not consider any calculation rules relating to public sector pension accrual that date back to the time before 1995. Go to your pension provider’s website or contact your pension provider’s pension customer service for more information on how to plan your retirement.
Go to your pension provider’s service
When can I claim my pension?
To get the increase to your starting pension in line with the earnings-related pension index, your pension must start at the beginning of December 2022 at the latest.
The earliest your old-age pension can start is at the beginning of the month following the month in which you reach your retirement age. If you reach your retirement age for the old-age pension in November at the latest, your pension can start at the beginning of December.
If you are a wage-earner, your employment relationship must have ended before your old-age pension can start. So take note of your period of notice. If you are self-employed, you don’t have to end your self-employment.
The retirement age for a partial old-age pension is 61 years. If you turn 61 in November 2022 at the latest, your partial old-age pension can start at the beginning of December.
That means that you must claim your pension in November at the latest as your pension can start at the earliest at the beginning of the month following the month in which you have claimed your pension.
How do I claim my old-age pension?
How do I claim a partial old-age pension?