Early old-age pension

Before reaching the retirement age, the so-called early old-pension pension may be awarded, provided that the required period of pension insurance must be accumulated, in the same manner as for the regular retirement. The award of an early old-age pension shall be irreversible and will exclude entitlement to a regular old-age pension. The entitlement to this pension then depends on reaching the age of retirement:

• If the age of retirement of the insured individual is at least 63 years, the entitlement arises not before reaching at least 60 years of age, and on condition that after reaching the retirement age on the day from which oldage pension arises, a maximum of 5 years remain until retirement age is reached, or
• If the retirement age of the insured individual is less than 63 years, the entitlement to an early oldage pension arises no earlier than on the day from which a maximum of three years remain until retirement age is reached.

The early old-age pension can be recognized from the day of submitting the application for this type of pension at the earliest, so not retrospectively.

The period of early retirement will reduce the amount of pension (the so-called reduction). This deduction (reduction) for an early retirement shall be permanent.

The percentage of the early retirement pension shall be 1.5% of the calculation base monthly for each full year of insurance, unless it coincides with the period of participation of the insured in pension savings, or 1.2 % of the calculation base monthly if it coincides with the period of participation of the insured in pension savings. The amount determined in the manner specified above shall be reduced for each 90 calendar days from the date of the award of the pension until the attainment of retirement age by:

• 0.9% of the calculation base for the first 360 calendar day period

• 1.2% of the calculation base for the period from the 361st calendar day to the 720th calendar day

• 1.5% of the calculation base for the period from the 721th calendar day

Please note : This is a pension paid out of the statutory pension insurance and is not related to the early retirement pension that can be paid out of private pension insurance (pension funds).