You can retire on a part-time pension
- if you are born before 1953 and have turned 58
- you are born in 1953 or later and have turned 60
- you transfer from full-time work to part-time work
- you have worked full time for 6 months immediately before transferring to part-time work and your earnings are at least 1,231 euro/month at the 2010 level (1,077.11 euro/month for family day care providers and family carers)
- you have received a salary or wages equalling a minimum of 14,772 euro/year at the 2010 level over at least 3 calendar years during the 5 calendar years preceding the starting year of your part-time pension (12,925,50 euro/year for family day care providers and family carers)
- you have made part-time work arrangements with your employer
- you do not receive a statutory earnings-related pension (a survivors’ pension or voluntary pension insurance taken out by you are not, however, an impediment to receiving part-time pension).
In your part-time work you may earn 35–70% of the established income level from your full-time work, which is your average income over five years. Your working time and income must decrease in proportion to each other. You cannot be absent from work consecutively for more than six weeks, not including annual holidays and sick leaves.
Amount of part-time pension
The amount of part-time pension is half of the difference between the full-time and part-time wages, in other words half of the loss of income resulting from the transfer to part-time work. The pension calculator will provide you with an estimate of the amount of pension you will receive and how a part-time pension would affect your old-age pension.
The income from part-time work must remain on the same level as it was when the part-time pension began. Inform Keva if your income from part-time work changes more than 10 per cent so that the amount of part-time pension can be recalculated. Any excess pension paid will be collected from you.
Pension accrues on both part-time work and loss of income
Pension accrues from part-time work at the same rate as for full-time work, i.e.
- 1.9% annually for 58–62-year-olds (2% annually if you were born before 1950)
- 4.5% annually between the ages of 63 and 67.
Pension accrues from the loss of income as follows:
- 2% annually for persons born in 1946 or before
- 0.75% annually for persons born in 1947 - 1952 (1% annually if you were born between 1947 and 1951 and you retire on a part-time pension for the first time after turning 60).
- For persons born in 1953 or later does not accrue any pension from the loss of income.
